Skip navigation

KMART SUFFERS NET LOSS DESPITE INCREASE IN SALES

TROY, Mich. -- Kmart Corp. here said last week it had a net loss in spite of higher sales for the third quarter and 39 weeks ended Oct. 25.the quarter. The loss was $67 million for the quarter, compared with net income of $27 million a year ago, and $493 million for the 39-week period, compared with a $9 million loss a year ago.Chuck Conaway, chairman and chief executive officer, said overall performance

TROY, Mich. -- Kmart Corp. here said last week it had a net loss in spite of higher sales for the third quarter and 39 weeks ended Oct. 25.

the quarter. The loss was $67 million for the quarter, compared with net income of $27 million a year ago, and $493 million for the 39-week period, compared with a $9 million loss a year ago.

Chuck Conaway, chairman and chief executive officer, said overall performance in the third quarter "fell short, primarily due to soft sales as our liquidation of inventory cannibalized our regular sales. It is clear, however, that we are building momentum, as our total units increased 2.7%, even though the average retail selling price declined 1.2%."