Kmart Reports Loss, Predicts Turnaround

Fri., March 8, 1996

Compiled From Wire Services

Battered by competitors and hobbled by outdated stores, discount retailer Kmart Corp. on Thursday reported a fourth-quarter loss, but said its performance is turning around after a prolonged decline.

The nation’s second-largest retailer has posted 12 consecutive quarters of either a loss or decline in profits. In the latest quarter, Kmart posted a profit of $21 million from continuing operations but one-time charges pushed its net earnings into the red.

For the period ending Jan. 31, Kmart lost $420 million, or 91 cents a share, compared with a profit of $145 million, or 31 cents a share, a year ago when it had a $161 million one-time gain.

The latest quarter reflected a $390 million accounting change to reduce the value of Kmart’s Builders Square unit on the company’s books. There also was a $51 million charge for debt restructuring.

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Kmart Reports Loss, Predicts Turnaround

Jesse Tinsley

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