TROY, Mich. -- Kmart Corp. here said the first quarter ended May 2 was characterized by positive trends in same-store sales, merchandise in-stock position and customer service.
with net income of $22 million, or 6 cents per share, last year.
Excluding a charge for employee severance and the company's voluntary early retirement program, Kmart reported a net loss of $10 million, or 2 cents per share.
The company said its in-store stock levels improved from 79% in October to 88% at the end of the first quarter.
Also, Kmart's Super Service Index, the company's measure of service excellence, increased from 40% last fall to 57% by mid-May.
In the first quarter, Kmart opened 10 new discount stores and one new supercenter. In the same period, the company closed three discount stores.
Commented Chuck Conaway, Kmart chairman and chief executive officer, "These results are in-line with our plan to fix our business by taking decisive, aggressive and focused steps to transform our company. We continue to strive to provide world-class execution, deliver superior customer service and differentiate ourselves from our competitors."
