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K mart Corp.: The Troy, Mich.-based retailer...

From Times Staff and Wire Reports

K mart Corp.: The Troy, Mich.-based retailer said first-quarter profit rose to $100.1 million, a 6.4% increase over the same period in 1989, while sales rose 16.1% to $7.04 billion. Sales on a comparable store basis--those stores open at least one year--were up 6.2%. However, interest expense rose 70.2% due to larger short-term borrowings, and gross margin dipped from 27.9% to 26% reflecting lower shelf prices. The company said profit improvements resulted from increased sales, cost controls and favorable weather conditions for sales of seasonal merchandise.


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