P.M. BRIEFING : Weak Sales Pull K mart Down 10.9%
<i> From Times wire services </i>
TROY, Mich. —
K mart Corp. reported a 10.9% decline in second-quarter earnings today, largely because of weaker-than-expected sales in May and lower shelf prices.
The nation’s second-largest retailer said it earned $145 million, or 72 cents a share, on revenue of $7.01 billion during the company’s second quarter this year, ended July 26. That compared to earnings of $162.8 million, or 81 cents a share, on revenue of $6.68 billion during the same period last year.
