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Retailer’s profit tied to fewer price cuts

Monday, Aug. 16, 2004 | 10:53 a.m.

TROY, Mich. -- Kmart Holding Corp., the No. 3 U.S. discount retailer, had second-quarter earnings of $155 million after holding fewer clearance sales and closing less-profitable stores. The company's shares rose as much as 12 percent.

Net income of $1.54 a share compared with a net loss of $5 million, or 6 cents, a year earlier. Sales in the three months ended July 28 fell 15 percent to $4.79 billion, the Troy-based company said today in a statement. Kmart boosted profit margin more than 4 percentage points by keeping inventory low, which reduced the need for price cuts.

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