June 3, 1999
Robert M. Burton
KMART CORPORATION REPORTS MAY SALES RESULTS
TROY, Mich., June 3, 1999 -- Kmart Corporation (NYSE: KM) today reported that May consolidated sales increased 3.7% on a comparable store basis. Total consolidated sales increased 5.6% to $2.745 billion for the four-week period ended May 26, 1999 compared with $2.600 billion for the same period last year.
Sales from consolidated operations for the 17 weeks ended May 26, 1999 were $10.889 billion, up 7.6% from $10.115 billion for the first 17 weeks of 1998. On a comparable store basis, consolidated sales rose 5.8% for the same period.
"Kmart's sales pace for May was satisfactory given the timing of the holiday period and cooler weather mid-month which affected seasonal items," said Floyd Hall, Chairman, President, and CEO of Kmart. "For purposes of comparison with the retail industry, Kmart's May fiscal period ended the Wednesday before Memorial Day, costing us approximately 1% to 2% in sales momentum, but giving the company a strong start to June. Categories showing particular strength for May include home-related areas such as housewares, home décor, outdoor lawn and garden, as well as ladies apparel, consumables and pharmaceuticals."
Kmart Corporation serves America with 2,151 Kmart retail outlets. Kmart Corporation common stock is listed on the New York, Pacific and Chicago Stock Exchanges.