Detroit, MI, Dec. 23--Kmart posted a loss of $383 million, or $0.76 per share in the third quarter, compared to a restated loss of $249 million, or $0.50 per share in the same period a year ago.
Net sales in the quarter were $6.73 billion. In the third quarter last year, the company posted sales of $8.02 billion. In November the company¹s sales were $2.47 billion.
Same store in November were down 17.2% from the year-ago period.
Earlier this month, Kmart said it was restating earnings from the first two quarters of this year and for prior years after problems were discovered as part of the company's review of its accounting practices.
The adjustments related to several items, including a software programming error in Kmart's accounts payable system and leasing issues.
Chairman and CEO, James Adamson, said that Kmart is continuing to make progress in several areas, ³Our reorganization team is hard at work finalizing a comprehensive business plan, analyzing our store base and taking other actions necessary to fulfill our goal of filing a proposed plan of reorganization with the court and emerging from Chapter 11 court protection as early as practicable in 2003."
Kmart's review of its accounting followed anonymous letters claiming to be from employees that questioned the company's accounting practices. The letters also spawned an investigation into the way the company was managed under its former executives.
Julian Day, the company's president and chief financial officer, said December started strong but the last two weeks have been softer than expected.
Excluding non-comparable items, discontinued operations and reorganization items, the company's net loss was $390 million, or $0.78 per share, in the third quarter, compared with a net loss of $152 million, or $0.31 per share, in the same period a year ago.
