Kmart, the US value retailer, announced second-quarter results last week, its first since coming out of bankruptcy protection in May.
Kmart reported income before interest and reorganisation charges of US$8 million (£5.1 million) for the 13 weeks to July 30, compared with a loss of US$264 million (£168.2 million) for the same period last year. Gross margin as a percentage of sales increased to 21.8 per cent from 17.7 per cent last year.
Kmart's rescue programme included the closure of 600 stores and loss of 37,000 staff. 'We are pleased with the progress we continue to make,' said president and chief executive Julian C Day.