K mart Corp.: The giant retailer posted...
From Times Staff and Wire Reports
K mart Corp.: The giant retailer posted a fourth-quarter loss of $20.5 million, contrasted with a profit of $393.2 million a year earlier. Sales climbed 16% to $9.75 billion. For 1990, earnings at the the Troy, Mich., firm plummeted 60% to $322.7 million on sales of $29.5 billion, up 8% from 1989. The firm, which also owns Waldenbooks, Pay Less Drug Stores, Pace Membership Warehouse and other retail properties, attributed the quarterly results to a $640.1-million charge linked to a $2.3-billion program to restructure its discount stores. Net interest expense on debt was up 31% to $181 million.
Tables, D8
