Kmart’s Holiday Comps Decline 4.6%
Troy, Mich., Kmart said its same-store sales declined 4.6% for November and December and declined 2.6% for December alone. The news was seen as good news by new CEO Aylwin Lewis. “We are pleased with the significant improvement in the rate of our same-store sales decline,” he said. “We are implementing numerous initiatives to grow sales and increase profits in 2005.”
The chain, which expects to merge with Sears early this year, said operating income should increase 10% in November and December to $250 million.