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December 6, 2001
Contact
Troy, Michigan, December 6, 2001 -- Kmart Corporation (NYSE: KM) today reported that for the four-week period ended November 28, 2001, net sales decreased 2.6% on a same-store basis. Total net sales were $3.293 billion, a decrease of 1.9% from $3.358 billion for the same period last year. Net sales for the forty-three-week period ended November 28, 2001, increased 0.1% on a same-store basis. Total net sales were $28.567 billion, a decrease of 1.2% from $28.905 billion for the same period last year. "Our sales performance for the month of November fell short of our expectations as our planned reductions in advertising and promotional activity decreased customer traffic more significantly than we anticipated," said Chuck Conaway, Chairman and CEO. "Recognizing the impact, we have adjusted our advertising and marketing strategy appropriately for the holiday season and over the Thanksgiving weekend we recognized significant sales increases compared to last year. We continue to transform Kmart to provide an in-stock, competitively priced, convenient shopping experience for our customers."
Cautionary Statement Regarding Forward-looking Information Statements herein related to future performance are forward-looking statements and are subject to risks and uncertainties that are set forth in the Company’s filings with the Securities and Exchange Commission, which are incorporated herein by reference. Actual results may materially differ from anticipated results described in such statements. Statements herein speak only as of the date of this release and the Company does not undertake to update such statements.
Kmart Corporation is a near-$40 billion company that serves America with more than 2,100 Kmart and Kmart Supercenter retail outlets and through its e-commerce shopping site www.bluelight.com. More information about Kmart sales is available by calling (248) 614-0480 and general information is available at www.bluelight.com under the "About Kmart" section.
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