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PACE MEMBERSHIP WAREHOUSE RECORD 1991 SALES AND OPERATING INCOME ANNOUNCED BY KMART CORPORATION

 PACE MEMBERSHIP WAREHOUSE 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 PACE Membership Warehouse subsidiary.
 For the 1991 year ended Jan. 29, 1992, PACE Membership Warehouse operating income increased 227 percent to $39 million from $12 million in 1990. Operating income included goodwill amortization of $12 million in 1991 and $8 million in 1990. Sales for the full year reached $3.65 billion, an increase of 58.9 percent over the $2.30 billion for the year ended Jan. 30, 1991. Comparable warehouse sales increased 16.5 percent over the same period. Results for 1991 included the former Price Savers stores which were acquired in December 1990.
 In commenting on results, Charles E. Steinbrueck, president and chief executive officer of PACE Membership Warehouse, said, "This has been a year of tremendous growth for PACE, both in sales and profits. We have learned to grow profitably in very competitive markets, while also improving on the value that we create for our members. The Price Savers stores have been fully integrated and have helped drive PACE's profit improvement for 1991. We now offer fresh produce, meat, and bakery items in virtually every warehouse and have refined our mix to offer more name-brand items."
 PACE Membership Warehouse, a wholly owned subsidiary of Kmart Corporation, operates 87 PACE warehouses in 25 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 Builders Square, Pay Less Drug Stores, 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, 313-643-1040/
 (KM) CO: PACE Membership Warehouse; Kmart Corporation ST: Colorado, Michigan IN: REA SU: ERN


ML -- DE006 -- 4822 03/04/92 09:18 EST
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Publication:PR Newswire
Date:Mar 4, 1992
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