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


The Associated Press and Reuters contributed to this report.

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