The laps and distance do not match?

I noticed when I was running yesterday that after I ran 4 laps, it was showing 1.60 miles for the distance. Obviously that is incorrect because 4 laps equals 1 miles (although sometimes I wish it worked that way). Also, it was showing me at a speed of 8.6 and I know that is WAY wrong. My fastest speed while running is in the mid to upper 7's when I am running for long distances. Does anyone know how to fix this? I tried taking out the batteries and pushing the reset button while still on the treadmill, but nothing seems to work. Thanks for your help.