Troy, Mich. (Dec. 11, 2002) -- Troubled retailer Kmart Corp. said it will restate results for the first two quarters of 2002 and for the three prior fiscal years to reflect errors uncovered during a review of its accounting practices and procedures.
The company said some of the adjustments related to an understatement of historical accruals for certain leases and a related understatement of rent expenses; adjustments for certain costs formerly capitalized into inventory, and the premature recording of vendor allowance transactions in fiscal 2000 and prior years. Others related to a software problem that resulted in some paid invoices from one vendor being recorded incorrectly.
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