P.M. BRIEFING : K mart Reports Record Sales, Profits

K mart Corp., the world’s second-largest retailer, reported record 1988 fourth-quarter and full-year sales and earnings, Joseph E. Antonini, chairman of the board and chief executive officer, announced today.

For the full year ended Jan. 25, net income increased 16% to a record high of $802.9 million, or $4 per share, compared with the prior year’s $692.2 million, or $3.40 per share. Sales for 1988 reached a record $27.30 billion, an increase of 6.5% from the prior year. Earnings for the fourth quarter rose 22.4% to a record $393.2 million, or $1.96 per share, compared with $321.2 million, or $1.58 per share, in the comparable 1987 period.