K mart Profit Leaps Nearly 50% in Quarter
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K mart said its fiscal second-quarter profit rose nearly 50% over a year ago on strong sales.
Net income from continuing operations was $118.4 million, compared to $79.3 million. Sales totaled $5.98 billion, up 9.5% from the 1985 quarter.
K mart Chairman Bernard M. Fauber attributed the improved performance for the three months ended July 30 to “the result of carefully planned merchandising programs and promotions and favorable consumer response.”
K mart, which operates 3,904 retail outlets, is the nation’s second-largest retailer behind Chicago-based Sears, Roebuck & Co.
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