Kmart Posts $483 Million Loss for March

Troy, MI, May 7–Kmart Corp. said it posted a $483 million loss for March, its third straight month of losses.

The company, which emerged from Chapter 11 bankruptcy protection on Tuesday, said March sales at stores open at least a year dropped 7.4 percent, while total sales came in at $1.896 billion.

Kmart has closed some 600 of its 2,100 stores since it filed for bankruptcy in January 2002. It has called 2003 a “transition” year and does not expect to return to profitability until next year.