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KMART CORPORATION DECLARES 2-FOR-1 STOCK SPLIT AND RAISES COMMON STOCK DIVIDEND

 KMART CORPORATION DECLARES 2-FOR-1 STOCK SPLIT
 AND RAISES COMMON STOCK DIVIDEND
 TROY, Mich., March 24 /PRNewswire/ -- The board of directors of Kmart Corporation (NYSE: KM) today declared a 2-for-1 stock split and approved an increase of 4.5 percent in its quarterly common stock dividend.
 Kmart raised the quarterly dividend on the corporation's common stock to 46 cents a pre-split share, up from the previous 44 cents, which represents an increase in the annual rate to $1.84 from $1.76. After the stock split, this new quarterly dividend rate is equivalent to 23 cents a share. The cash dividend of 46 cents is payable June 8, 1992, on the outstanding shares of the corporation's common stock prior to the stock split to holders of record on May 14, 1992.
 The additional shares of common stock will be distributed June 5, 1992, to holders of record on May 14, 1992.
 In commenting on the stock split and dividend increase, Chairman of the Board and Chief Executive Officer Joseph E. Antonini said, "This is the 28th consecutive year in which Kmart dividends have been raised. The stock split and dividend increase reflect our confidence in the long-term future of Kmart Corporation and is a demonstration of the board's confidence in the management team's ability to direct operations and meet projected goals."
 The board of directors also approved a cash dividend to be paid on June 15, 1992, on the outstanding shares of the corporation's $3.41 Depositary Shares each representing one-quarter of a share of Preferred Equity Redemption Cumulative Stock -- PERCS -- to holders of record on May 28, 1992, in the amount of 85.25 cents per share. The mandatory conversion factor and Kmart's criteria for redemption of the Depositary Shares will be adjusted to reflect the common stock split.
 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, Pay Less Drug Stores, Waldenbooks, The Sports Authority and OfficeMax.
 Kmart stock is traded on the New York, Pacific and Midwest stock exchanges. Its trading symbol is KM.
 -0- 3/24/92
 /CONTACT: Orren F. Knauer of Kmart, 313-643-1040/
 (KM) CO: Kmart Corporation ST: Michigan IN: REA SU: DIV


ML-DH -- DE005 -- 0935 03/24/92 09:39 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 24, 1992
Words:399
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