USA: Kmart posts massive 2002 loss but remains "cautiously optimistic"
Beleaguered US convenience store operator Kmart said it lost US$3.22bn during the fiscal year to 29 January, compared to a loss of $2.45bn in the previous year. Same-store sales fell 10.1% in 2002, while revenue fell 15% to $30.76bn. Kmart said, however, that its recent performance had been more positive. For its fiscal fourth quarter, Kmart narrowed its net loss to $1.10bn, from a loss of $1.65bn a year earlier.
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