Absorbing BlueLight.com Darkens Kmart's 2Q
Hit by the absorption of its online store, Kmart Corp. reported a net loss of $95 million on sales of $8.917 billion for the 13 weeks ending Aug. 1.The Troy, MI, mass merchandiser would have reported a $22 million net loss if not for the charge for BlueLight.com LLC, San Francisco. Kmart recently bought back the 40 percent it did not own in BlueLight.com from Japan's Softbank Venture Capital and Martha Stewart Living Omnimedia Inc.
Though Kmart's sales dipped 0.9 percent this second quarter, same-store sales rose 1 percent versus the same period last year. Kmart last year reported a second-quarter loss of $448 million.
Kmart recorded nearly $40 billion in revenue last year. It has 2,100 Kmart and Kmart supercenter stores nationwide.
