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Kmart Corporation
(NYSE: KM) today announced 1993 sales and operating results for the
Borders-Walden Group, representing Kmart's retail book subsidiaries,
Borders and Walden Book Company, which have been combined to form
the new retail bookstore group.
For the 1993 year ended January 26, 1994, the Borders-Walden Group
operating income increased 8.7% to $50 million, exclusive of a
pretax provision of $218 million that was established to close
underperforming Waldenbooks stores and to reflect certain changes in
accounting policies at Waldenbooks related to inventory valuation,
capitalization policies and fee income, from $46 million in 1992.
Such operating income included goodwill amortization of $7 million
in 1993 and $4 million in 1992. After the restructuring provision,
there was an operating loss of $168 million in 1993. Sales for the
full year reached $1.37 billion, an increase of 14.0% over the
$1.20 billion for the year ended January 27, 1993....