Kmart Corp., Troy, Mich., reported a net loss of $118 million from continuing operations for the third quarter, compared with a net gain of $26 million for the same period in 1994. The third quarter net loss for continuing operations does not reflect a net gain of $48 million for the completed sale of The Sports Authority. Total sales in the third quarter increased 2.5% to $7.98 billion over the same period in 1994. Kmart blamed aggressive clearance of discontinued inventory, continued promotional activity, liquidating closed stores and shifts in the company's merchandise mix for its poor results.
Copyright November 1995 Crain Communications Inc.