Cost Cutting Helps Boost Kmart Profit
From Bloomberg News
Kmart Holding Corp., the discount retailer that is buying Sears, Roebuck & Co., reported that fourth-quarter profit rose 14% on cost cuts and the sale of real estate.
Net income increased to $309 million, or $3.09 a share, from $270 million, or $2.78, a year earlier, Troy, Mich.-based Kmart said. Sales fell 6.6% to $5.9 billion, the smallest decline in two years.
Shares of Kmart rose $2.42 to $111.66 on Nasdaq.
From Bloomberg News
* Homestore Inc., a Westlake Village-based provider of real estate information on the Internet, posted fourth-quarter net income of $6 million, or 4 cents a share, rebounding from a loss of $12.1 million, or 10 cents, a year earlier.
