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.
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.