Kmart narrows Q4 loss

Troubled US retailer Kmart Corporation announced a net loss of USD 1.1bn for the fourth quarter ended January 29, compared with a net loss of USD 1.65bn the year before. Sales for Q4 fell 18.5% to USD 8.87bn on year.

For fiscal 2002, Kmart announced a net loss of USD 3.22bn, compared with a loss of USD 2.45bn in fiscal 2001. Sales dropped 14.9% to USD 30.76bn, the company said in a statement.

Kmart, which filed for Chapter 11 bankruptcy protection in January 2002, expects to emerge from Chapter 11 by April 30, 2003, according to Kmart president and CEO Julian B Day.

March 27, 2003