Shinsegae’s net profit jumps 149% in Q1
[THE INVESTOR] Shinsegae, a major Korean retailer, said on May 10 its net profit surged 149 percent in the first three months of this year on the back of stellar performances from its department store and duty-free units.
Net profit came to 84.2 billion won (US$78.40 million) on a consolidated basis in the January-March period, compared with 33.8 billion won a year earlier, the company said in a regulatory filing.
Operating income shot up 45.9 percent to 113 billion won, and sales rose 19.8 percent to 1.1 trillion won during the cited period, it said.
The figures reflect the performance of Shinsegae and its subsidiaries, including its apparel arm, Shinsegae International.
The company said sales from Shinsegae Department Store rose 2.7 percent on-year to 425.7 billion won, with operating profit advancing 13.7 percent to 59.2 billion won.
Shinsegae DF, operator of the retailer’s duty-free business, swung to the black during the first quarter, reporting 23.6 billion won of operating profit and 339.5 billion won of sales, up a strong 85.4 percent from the same period in 2017, it added.
By Song Seung-hyun and newswires (firstname.lastname@example.org)