Earnings Reports for Nov. 13

For the nine months ended Oct. 28, Gap earned $605.7 million, or 69 cents per share, on revenue of $9.09 billion. In the year-ago period, Gap earned $713.2 million, or 79 cents per share, on revenue of $7.78 billion. BACK TO TOP

Kmart Disappoints the Street

Kmart, the No. 3 U.S. retailer, reported today a third-quarter loss that was worse than Wall Street forecasts, as results were hurt by inventory liquidation, which cut into regular sales.

Kmart said it had a loss of $67 million, or 14 cents a diluted share, compared with a profit of $27 million, or 5 cents a diluted share in the same quarter a year-ago.

Analysts polled by First Call/Thomson Financial had expected the discount retailer to report a loss of 10 cents a share.

Sales in the quarter rose 3 percent to $8.20 billion, compared to a year ago.

Kmart, battling fierce competition from other discounters like Wal-Mart Stores Inc., said in July it would close 72 stores and take a $740 million pretax charge to cover the closures and make inventory adjustments. At that time, the company warned earnings for the year would fall below expectations. BACK TO TOP

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The Associated Press and Reuters contributed to this report.

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