Kmart Corporation today reported that same-store net sales for the four-week period ended November 22, 2000 increased 3.3 per cent. Net sales were $2.930 billion, up 2.2 per cent from $2.865bn for the same period in the prior year.

Net sales for the 43 weeks ended November 22, 2000 were $28.322bn, up 2.3 per cent from $27.685bn for the first 43 weeks of fiscal 1999. On a same-store basis, net sales year-to-date increased 0.8 per cent.

"November achieved positive sales gains and we are building momentum with increased traffic," said Chuck Conaway, chairman and CEO of Kmart. "We continue to focus on our top priority of working capital improvement. We will use the holiday selling season to expedite the liquidation of non-strategic inventory which will add pressure to sales and gross margin. We are still comfortable in achieving our primary goal of reducing inventory by $1bn during the current year."

Kmart Corporation serves America with 2,106 Kmart retail outlets. Kmart Corporation common stock is listed on the New York, Pacific and Chicago Stock Exchanges.