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Kmart Has Happy Holiday

Boosting its overall profit outlook for the all-important Christmas quarter, Kmart reported strong profitability and cash generation during the holiday season, along with an improving same-store sales picture.

Same-store sales for November and December declined 4.6 percent, with December sales looking even better, slipping just 2.6 percent. While comps continue to decline, it's at a far slower pace than earlier during the year, when same-store sales skidded down at a double-digit pace. During the third quarter, comps dropped off 12.8 percent from the same period a year ago.

“Kmart has taken actions on many fronts to reset baseline sales at a level that forms the basis for profitable growth,” said Aylwin Lewis, CEO. “It is our intention to maintain a substantial base of sales and be significantly profitable at the same time.”

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