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KMART CORPORATION ANNOUNCES OFFICEMAX 1992 RESULTS

 TROY, Mich., March 2, 1993 /PRNewswire/ -- Kmart Corporation
 (NYSE: KM) today announced 1992 sales and operating income for its
 93%-owned OfficeMax subsidiary.
 For the 1992 year ended January 27, 1993, OfficeMax operating income
 was $1 million, in contrast to a loss of $2 million in the prior
 full year. On November 21, 1991, Kmart acquired a 93% controlling
 interest in OfficeMax and, for the two-month period from that date
 to the end of the 1991 year on January 29, 1992, OfficeMax had
 operating income of $1 million. Operating income included goodwill
 amortization of $4 million in 1992 and $600,000 in 1991. Sales for
 the full year increased 116% to $528 million from the $245 million
 for the comparable 52 weeks a year earlier. Sales for the two-month
 period from November 21, 1991 through January 29, 1992 amounted to
 $65 million. Contributing to 1992 sales was the acquisition of OW
 Office Warehouse in June 1992 and the integration of 41 OW Office
 Warehouse stores into OfficeMax. Comparable store sales for the
 past 52 weeks increased 28.5% in 1992.
 "During the past year, OfficeMax emerged as a national office
 products superstore chain," said Michael Feuer, president and chief
 executive officer of OfficeMax. "Our focused growth strategy
 resulted in excellent top and bottom line performance. Our 28.5%
 comparable store sales gain, which was among the best in the
 industry, underscores the company's ability to significantly gain
 market share as our existing stores move rapidly through the ramp-up
 stage."
 "In addition to acquiring the OW Office Warehouse stores and
 converting them to the OfficeMax name and format, the company opened
 61 new stores during the past year," said Feuer. "At the same time,
 we continued to build a solid infrastructure which will serve as a
 base to propel OfficeMax well past the $1 billion sales markn?
 1993."
 "OfficeMax expects to have approximately 325 stores in operation by
 the end of 1993, resulting from the opening of 55 new stores
 primarily in existing markets and the soon-to-be-completed
 acquisition of BizMart, Inc., a 105-store office products superstore
 chain operating primarily in the Southwest, West and Pacific
 Northwest."
 OfficeMax, a 93% owned subsidiary of Kmart Corporation, operates 179
 office product superstores in 27 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 PACE Membership Warehouse, Builders Square,
 PayLess Drug Stores, Waldenbooks, The Sports Authority 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 Michael Feuer, President & Chief Executive Officer of OfficeMax, 216-295-6419/
 (KM)


CO: Kmart Corporation; OfficeMax ST: Ohio, Michigan IN: REA SU: ERN

KR -- DE009 -- 1804 03/02/93 09:27 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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