Discount retailer Kmart has filed its first quarterly results since it emerged from bankruptcy protection in May.
Go deeper with GlobalData
The reorganised Kmart posted a net loss of US$5m for the second quarter to 30 July, compared to a loss of $293m in the year-ago quarter amid bankruptcy restructuring. Sales were down 21% to $5.65bn.
The company said the different accounting methods the new company was using meant that year-earlier comparisons were not generally valid.
Same-store sales, however, fell 5.4%, compared with an 11% fall a year earlier.
As part of the restructuring process, Kmart cut its selling, general and administrative costs by 20%, partly by closing 600 underperforming stores, reported Dow Jones News Service.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
