Home Appliance Industry, Global Store Reopenings... Q3 Earnings Expected to Rebound

Samsung Electronics' Family Hub, showcased earlier this year at CES 2020, the International Consumer Electronics Show in Las Vegas, USA.

[Asia Economy Reporter Dongwoo Lee] The domestic home appliance industry is expecting a performance rebound in the second half of the year as major global retail stores resume operations.

According to the home appliance industry on the 28th, Best Buy, the largest home appliance retailer in North America that had closed due to the COVID-19 pandemic, has reopened offline stores in about 600 out of its 1,000 locations.

Accordingly, Samsung Electronics and LG Electronics are preparing global marketing centered on new products. Samsung Electronics recently reopened brand experience centers in five countries?Germany, the United Kingdom, France, Japan, and Vietnam?after three months. LG Electronics is also reported to have introduced OLED Gallery TVs to major retail channels in the United States and Europe.

The industry expects that the domestic home appliance sector will be able to partially offset the sluggish performance in the second quarter through overseas retail channels in the second half of this year.

In particular, with major sales periods such as the United States' Independence Day, Labor Day, Thanksgiving, and Black Friday scheduled for the second half, a positive impact on performance improvement is anticipated.

According to financial information firm FnGuide, Samsung Electronics is expected to record an operating profit of 9.5037 trillion won in the third quarter of this year, a 22.1% increase compared to the same period last year. LG Electronics is estimated to generate about 1 trillion won in operating profit in the second half by combining the third and fourth quarters.

An industry official said, "We plan to carry out discount events and various marketing activities in the global market in the second half to achieve a rebound."

This content was produced with the assistance of AI translation services.