WEST CALDWELL, N.J. (FNS) -- Kings Super Markets here said operating profit rose 33.1% on a 3.5% sales increase in the first half ended Oct. 1.
Sir Richard Greenbury, chairman of Marks & Spencer, said Kings made "good progress" in the first half. The company had 19 stores at the end of the first six months, the same as during the previous year, a spokeswoman said.
Overall, Marks & Spencer reported an increase in after-tax profit to $389.61 million on a rise in sales to $4.97 billion in the first half. Currency conversions were made at the rate of $1.62 per pound.
The results compare with an after-tax profit of $339.23 million on sales of $4.65 billion in the corresponding period a year earlier. Marks & Spencer said its food sales during the period rose 3.9% to $1.78 billion despite "fierce competition." It said the improvement resulted from continued product innovation, building on the company's reputation for "quality, freshness and convenience."