Troy, MI, August 16--Kmart Holding reported a profit in its second quarter with earnings of $155 million, or $1.54 per share, compared with a loss of $5 million, or $0.06 per share, a year ago.
Total sales in the quarter were off 15.3 percent to $4.79 billion from $5.65 billion last year. Same-store sales fell nearly 15 percent in the quarter,
The company has cut back on advertising, markdowns, payroll and store investments in recent quarters and has agreed to sell dozens of its stores in recent weeks, moves that will likely boost its cash holdings to nearly $3 billion.
Kmart chief executive officer Julian Day said the company "will continue our attention on our stores, product assortment and the quality of our customers' shopping experience," and he was pleased with Kmart's fall clothing.
