Thursday, March 18, 2004 | 9:26 a.m.
TROY, Mich. -- Kmart Holding Corp., the third- largest U.S. discount retailer, today reported its first quarterly profit in three years after lowering costs by closing stores and cutting jobs during its bankruptcy. Its shares rose as much as 13 percent.
Net income was $276 million, or $2.78 a share, in the fourth quarter. Kmart had a loss of $1.1 billion, or $2.13, a year earlier, before the company reorganized its finances. Revenue in the period ended Jan. 28 fell 26 percent to $6.33 billion.
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