CHICAGO – Kmart Corp. , the No. 2 discount chain behind Wal-Mart Stores Inc., on Wednesday said sales at its stores open at least a year during the holiday came in a the low end of its forecast.
Troy, Michigan-based Kmart said in a recorded message for investors that sales from Nov. 22 to Dec. 26 were at the low end of its plan for sales growth of zero to 2 percent.
The retailer cited a reduction in the number of advertising pages in newspaper circulars in November and December compared with a year earlier as a reason for the shortfall.
In contrast, rival Wal-Mart said its same-store sales for December are expected to come in a the high end its forecast for growth of 4 percent to 6 percent.
Shares of Kmart rose 7 cents, or 1.4 percent, to $5.22. Shares of Wal-Mart rose 98 cents, or 1.7 percent, to $58.10.