Top US groceries distributor Fleming has reported a large fourth-quarter loss and said it may reject its supply contract with its main customer Kmart through the retailer’s bankruptcy process.
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Fleming reported a loss of US$89.8m in the fourth-quarter, compared to earnings of $5.7m a year earlier.
The company said earnings from continuing operations for the fourth quarter were $5.8m compared to $8.6m a year earlier, meeting its own revised earnings forecast.
Fleming also said it is in talks with its biggest customer Kmart to modify its distribution network following the retailer’s recent announcement that it would close 326 stores, reported Reuters.
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By GlobalData
