Discount retailer Kmart has filed its first quarterly results since it emerged from bankruptcy protection in May.
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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.
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