Kmart Corp has posted its second consecutive quarterly loss of more than $1 billion - although James B Adamson, Kmart's chairman and chief executive, said the company is making progress. On Friday the discount retailer revealed it lost $1.45 billion for the first three months of this fiscal year, its first full quarter since it filed for federal bankruptcy protection on 22 January 2002. During the same period last year, Kmart lost $233 million.