Kmart announced the company's financial results for the second quarter of fiscal 2003.
For the 13 weeks ended July 30, 2003, Kmart reported a net loss of U.S. $5 million, or ($0.06) per share. Kmart Corporation reported a net loss of $293 million for the 13 weeks ended July 31, 2002(1).
Income before interest, reorganization items, income taxes and discontinued operations was $8 million for the second quarter of 2003, versus a loss of $264 million in the same period a year ago. Last year's results include a charge of $27 million in the second quarter of 2002 in connection with store closing liquidation sales.
Net sales for the 13 weeks ended July 30, 2003, were $5.652 billion, a decrease of 21.3 percent from $7.183 billion a year ago. On a same-store basis, sales declined 5.4 percent for the second quarter of 2003, compared to the second quarter of 2002.
Julian C. Day, president and chief executive officer of Kmart, said: "We are pleased with the progress we continue to make in our business. We are focused on profitable sales, reducing SG&A and enhancing the productivity of our assets. As a result, our liquidity position remains strong."
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