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THE SPORTS AUTHORITY, INC. ANNOUNCES RECORD THIRD-QUARTER 1993 SALES AND OPERATING INCOME

 FORT LAUDERDALE, Florida, November 15, 1993 /PRNewswire/ -- The
 Sports Authority, Inc. today announced record third-quarter sales
 and operating income. For the 13 weeks ended October 27, 1993,
 sales were $142 million, up 46.1% from the $97 million for the same
 period in fiscal 1992. Operating income for the period was
 $2 million, in contrast to a loss of $2 million for the same period
 in 1992, an improvement of $4 million. Comparable store sales for
 the quarter increased 3.7%. Adjusted for stores cannibalized by new
 store openings, the comparable store sales increase was 5.9%. Of
 the 46 stores considered comparable, eight were cannibalized in some
 manner as the company backfilled in existing markets.
 For the 39-week period ended October 27, 1993, The Sports Authority
 sales were $407 million, an increase of 50.7% from the $270 million
 in the prior year. For the nine-month period, comparable store
 sales increased 2.3%; the comparable store sales gain adjusted for
 cannibalized stores was 4.8%. Operating income was $8 million,
 versus $3 million in the same period in 1992.
 In commenting on results, Jack A. Smith, president and chief
 executive officer of The Sports Authority said, "The strong sales
 and operating income performance in the third quarter continues to
 demonstrate the strength of The Sports Authority concept. Sales
 growth has come from comparable stores as well as stores in new
 markets. We achieved 3.7% comparable sales growth despite
 aggressively backfilling existing markets. Our Hawaii and New York
 markets continue to show strong earnings performance. Additionally,
 the sales growth was translated into increased profits as we
 improved operating income for the quarter by $4.0 million from a
 $2 million loss a year ago." During the third quarter, The Sports
 Authority opened four new stores in Virginia Beach, Virginia;
 Danvers, Massachusetts; Massapequa, New York; and Alpharetta,
 Georgia, bringing to 11 the number of stores opened in the first
 nine months of the year. Another 14 stores will open in the fourth
 quarter.
 The Sports Authority, a wholly owned subsidiary of Kmart
 Corporation, operates 67 The Sports Authority stores in 17 states.
 Kmart Corporation's stock is listed on the New York, Pacific and
 Midwest Stock Exchanges. Its trading symbol is KM.
 -0- 11/15/93 R
 /CONTACT: Jack A. Smith, President & Chief Executive Officer of The Sports Authority, Inc., 305-730-4262/
 (KM)


CO: The Sports Authority, Inc. ST: Florida IN: REA SU: ERN

ML -- DE038R -- 5513 11/17/93 12:52 EST
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Publication:PR Newswire
Date:Nov 17, 1993
Words:411
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