Kmart 2001 results
This article was originally published in The Rose Sheet
Executive Summary
Net sales for fiscal 2001 (ended Jan. 30) decreased 2.4% to $36.15 bil. and retailer reports a net loss of $2.42 bil., compared with a $244 mil. deficit the previous year. Kmart also restates losses reported during first three quarters of the year based on "an adjustment for an indeterminate amount of supplemental or incremental vendor allowances that were initially recorded" during the quarters prior to having been documented, Kmart says. Performance attributed to unsuccessful marketing initiatives and erosion in supplier confidence. Firm also took $979 mil. charge to write down assets in Q4 related to store closings...
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