Kmart Corp' losses fell a further $1.02 billion during the five weeks ended 1 May according to new figures filed with the US Securities and Exchange Commission.

These show the discount retailer has lost $1.47 billion from February through April, after losing $2.42 billion during its entire 2001 fiscal year, which ended 30 January. For the five-week period Kmart reported sales of $3.2 billion. Same-store sales were $2.08 billion, down nearly 16.4 per cent from the same period a year ago.

Chief financial officer Al Koch said the decline was due to a slow Easter and colder weather, which gave spring sales a sluggish start.

Kmart is planning a "Welcome Back Sale" in early June to draw shoppers, Koch said.