Troy, MI, Aug. 11--Kmart Holding Corp. on Friday posted audited first-quarter results that reflect the impact of "fresh start" accounting after the retailer emerged from bankruptcy protection.
The company also said sales of its Martha Stewart products have not suffered badly even after the lifestyle trendsetter was indicted on securities fraud and other charges related to investments in ImClone Systems, Inc.
Kmart said the audited results are in line with what it had originally reported in June, but it reclassified certain items from the year-ago quarter. The audited results do not have any material impact on its results, Kmart said.
Kmart sells home decorating merchandise under the Martha Stewart brand.
The company, based in, reported a net loss of $862 million, or $1.65 per share, for the first quarter ended April 30. This compares with a net loss of $1.4 billion, or $2.87 per share, a year earlier at its predecessor company. The loss before discontinued operations was $1.63 per share.
Sales fell to $6.18 billion from $7.18 billion a year ago, and the company had $1.2 billion in cash at the end of the quarter.
Kmart declared bankruptcy in January 2002, making it the largest retailer ever to file for Chapter 11. It emerged last month with 600 fewer stores, $2 billion in financing and a new management team. It emerged from bankruptcy in May 2003.
