LONDON -- Retailer Marks & Spencer here said the new management at its Kings Super Markets division in Parsippany, N.J., is improving the sales trends at the chain.
statement discussing year-end results.
Operating profits at Kings were down about 70% at actual exchange rates, to 2.4 million pounds, or $4.3 million, compared with the preceding year. Sales were down 12.1%, to 238.8 million pounds, or about $430 million. At constant exchange rates, operating profit for the year was down 65.8% on a sales decline of 3.9%. M&S said Kings' performance was affected by competition, the weak economy, and uncertainty surrounding the disposal of the chain, negotiations for which were terminated in August.