Kmart Slashed Direct, Online Advertising in Third Quarter

Kmart Corp. reported a third quarter net loss of $383 million, an increase from the $249 million loss it took in third quarter 2001. The company’s revenue slipped from $8.02 billion a year ago to $6.73 billion.

The quarter ended Oct. 30.

During the quarter Kmart cut its selling, general and administrative expenses from $1,83 billion in third quarter 2001 to $1.51 billion. The $233 million decrease was the result of store closings in 2002, employee layoffs, and reduction in online and direct mail advertising. The company did not break out the amount it saved as a result of each action.

The Troy, MI-based retailer has been operating under bankruptcy protection since late January.