International News - Sales and losses down as Kmart recovery builds

Kmart has posted a reduced loss in audited results handed to the US corporate watchdog, the Securities and Exchange Commission.

The loss in the quarter to April 30 was US$862 million (£538.3 million) compared with US$1.4 billion (£874.3 million) the previous year. Sales in the quarter fell by 13.9 per cent to US$6.18 billion (£3.86 million).

Kmart provided the SEC with figures audited by the company's accountants at the request of the audit committee of the board of directors.

The comparable quarter last year came in the aftermath of the retailer's descent into Chapter 11 bankruptcy protection at the end of January 2002.