Shinsegae Inter's Operating Profit Drops 59% Due to COVID-19 Impact (Update)
[Asia Economy Reporter Jo Yujin] Shinsegae International announced on the 12th that its consolidated operating profit for the first quarter of this year was 11.955 billion KRW, a decrease of 59.0% compared to the same period last year.
During the same period, sales amounted to 323.354 billion KRW, down 11.6%, and net profit fell 79.6% to 4.679 billion KRW.
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Shinsegae International explained the decline in operating profit by stating, "Due to warm weather and the impact of the novel coronavirus disease (COVID-19), domestic brand clothing sales and cosmetics sales in duty-free channels decreased, and investment costs increased due to the expansion of our own distribution network."
This content was produced with the assistance of AI translation services.
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