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November 15, 1994|From Times Staff and Wire Reports

Kmart Profit Plunges Almost 60%: Prompting renewed calls for the retailer to hire an outsider to help pump life into its sagging stores, Kmart Corp. said it earned $39 million, or 8 cents a share, compared to $94 million, or 20 cents a share, last year. The report was much weaker that Wall Street had expected. The retailer had warned shareholders earlier that earnings would be lower. It said then that unusually warm weather in late September and early October was hurting sales and profit on fall clothing. Troy, Mich.-based Kmart's 4,000 retail outlets include Kmart, Builders Square, Borders, Waldenbooks and Sports Authority.

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