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KMART CORPORATION ANNOUNCES 1992 SALES AND OPERATING INCOME AT PACE MEMBERSHIP WAREHOUSE

 TROY, Mich., March 2, 1993 /PRNewswire/ -- Kmart Corporation
 (NYSE: KM) today announced 1992 sales and operating income for its
 PACE Membership Warehouse subsidiary.
 For the 1992 year ended January 27, 1993, PACE Membership Warehouse
 operating income declined to $3 million from $39 million in 1991.
 Operating income included goodwill amortization of $12 million in
 1992 and 1991. Sales for the full year reached $4.36 billion, an
 increase of 19.5% over the $3.65 billion for the year ended
 January 29, 1992. Comparable warehouse sales increased 6.7% over
 the same period.
 "The 1992 year was extremely disappointing," said Thomas R. Grimm,
 recently appointed president and chief executive officer of PACE
 Membership Warehouse. "The erosion of profitability was primarily
 the result of poor performance of the warehouses opened during 1991
 and 1992. We opened 28 new warehouses and closed one in 1992. Also
 contributing to the profit shortfall was a general warehouse club
 industry softness during the second half of 1992."
 "Looking into 1993, our efforts will be to focus on the basics of
 our business -- improved quality, pricing and service," said Grimm.
 "This should drive sales which, in turn, should result in an
 improvement in results by late 1993."
 PACE Membership Warehouse, a wholly owned subsidiary of Kmart
 Corporation, operates 114 PACE warehouses in 29 states. Kmart
 Corporation serves America with over 4,000 retail outlets in all
 50 states in the United States and in Puerto Rico, Canada, the Czech
 Republic and Slovakia. Kmart, currently operating 2,409 Kmart
 stores, is also the parent company for Builders Square, PayLess Drug
 Stores, Waldenbooks, The Sports Authority, OfficeMax and Borders.
 Kmart Corporation's stock is listed on the New York, Pacific and
 Midwest Stock Exchanges. Its trading symbol is KM.
 -0- 3/2/93
 /CONTACT: Orren F. Knauer or Lois M. Connelly of Kmart Investor Relations, 313-643-1040; or Thomas R. Grimm, President & Chief Executive Officer, PACE Membership Warehouse, 303-843-8500/
 (KM)


CO: Kmart Corporation; PACE Membership Warehouse ST: Michigan, Connecticut IN: REA SU: ERN

SB -- DE010 -- 1814 03/02/93 09:34 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 2, 1993
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