TROY, Mich. -- Kmart Holding Corp. here said last week better controls enabled the company to report a net profit for the fourth quarter ended Jan. 28 -- its first profit since emerging from Chapter 11 last May 6.
k year, Kmart reported net income of $248 million, compared with a loss of $1.8 billion for the prior year. Sales fell 23% to $17.1 billion, and same-store sales fell 9.5%.
Kmart said its fiscal year covered only 39 weeks and excluded financial data from the predecessor company for the periods ended before May 1, 2003, in accordance with Fresh-Start accounting provisions.
"By giving careful thought to the processes of sourcing, logistics, pricing, inventory management and in-store presentation, we have significantly improved the profitability of our market basket," said Julian C. Day, president and chief executive officer.
