Printer Friendly

PAY LESS DRUG STORES RECORD 1991 SALES AND OPERATING INCOME ANNOUNCED BY KMART CORPORATION

 PAY LESS DRUG STORES RECORD 1991 SALES AND OPERATING INCOME
 ANNOUNCED BY KMART CORPORATION
 TROY, Mich., March 4 /PRNewswire/ -- Kmart Corporation (NYSE: KM) today announced record 1991 sales and operating income for its Pay Less Drug Stores subsidiary.
 For the 1991 year ended Jan. 29, 1992, Pay Less Drug Stores operating income increased 16.1 percent to $90 million from $77 million in 1990. Operating income included amortization of purchased intangibles of $8 million in 1991 and 1990. Sales for the full year reached $1.89 billion, an increase of 15.2 percent over the $1.64 billion for the year ended Jan. 30, 1991. Comparable store sales increased 2.7 percent over the same period.
 In commenting on results, Timothy R. McAlear, president and chief executive officer of Pay Less Drug Stores, said, "This has been a year of growth for Pay Less, with a 25-percent increase in the number of stores we operate, including the successful integration of the 52 acquired Osco stores. The 2.7-percent comparable sales increase was satisfying in light of increased competition and a particularly weak California economy. We are pleased with the success of our efforts to improve customer service through our association with third-party pharmacy programs, an effort which helped to generate a 22-percent comparable store increase in pharmacy sales. The year also brought a renewed focus on the traditional core drug store departments of pharmacy, health and beauty aids, and camera and photo finishing."
 Pay Less Drug Stores, a wholly owned subsidiary of Kmart Corporation, operates 401 Pay Less Drug Stores in 10 states. Kmart Corporation serves America with over 4,000 retail outlets in all 50 states in the United States and in Puerto Rico and Canada. Kmart, currently operating 2,375 Kmart stores, is also the parent company for PACE Membership Warehouse, Builders Square, Waldenbooks, The Sports Authority and OfficeMax.
 Kmart Corporation's stock is listed on the New York, Pacific and Midwest stock exchanges. Its trading symbol is KM.
 -0- 3/4/92
 /CONTACT: Orren F. Knauer of Kmart Corporation, 313-643-1040/
 (KM) CO: Kmart Corporation; Pay Less Drug Stores ST: Oregon, Michigan IN: REA SU: ERN


ML -- DE004 -- 4819 03/04/92 09:14 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 4, 1992
Words:366
Previous Article:PHH'S $114.3 MILLION 4 7/8 PERCENT NOTES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:ECONOMY NAMES ERIC PUNTNEY EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER
Topics:


Related Articles
KMART SPECIALTY RETAIL GROUP RECORD 1991 SALES AND OPERATING INCOME ANNOUNCED BY KMART CORPORATION
BUILDERS SQUARE RECORD 1991 SALES AND OPERATING INCOME ANNOUNCED BY KMART CORPORATION
KMART CORPORATION ANNOUNCES WALDENBOOKS RECORD 1991 SALES AND OPERATING INCOME
PACE MEMBERSHIP WAREHOUSE RECORD 1991 SALES AND OPERATING INCOME ANNOUNCED BY KMART CORPORATION
THE SPORTS AUTHORITY RECORD 1991 SALES AND OPERATING INCOME ANNOUNCED BY KMART CORPORATION
KMART CORPORATION REPORTS FIRST-QUARTER SALES AND EARNINGS
KMART CORPORATION ANNOUNCES RECORD 1992 SALES AND OPERATING INCOME AT PAYLESS DRUG STORES
KMART CORPORATION REPORTS 1993 FIRST-QUARTER SALES AND EARNINGS
KMART CORPORATION ANNOUNCES THE POSSIBLE SALE OF PAYLESS DRUG STORES NORTHWEST, INC.
KMART AND THRIFTY ANNOUNCE PAYLESS AGREEMENT

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters