Hyundai Department Store Reports Q3 Operating Profit of 44.7 Billion KRW, Down 26.5% Year-on-Year

[Asia Economy Reporter Seungjin Lee] Hyundai Department Store announced on the 5th that its operating profit for the third quarter of this year was 44.7 billion KRW, a 26.5% decrease compared to the same period last year.

Sales increased by 24.5% to 662.3 billion KRW, while net profit for the period decreased by 28% to 37.5 billion KRW.

This is considered a relatively strong performance compared to the second quarter of this year, when operating profit plummeted by 84% due to the direct impact of the novel coronavirus disease (COVID-19).

In the case of department stores, the worst situation has been avoided thanks to the recovery in consumption following the easing of social distancing measures and the opening of the 'Hyundai Premium Outlet Daejeon Branch' in June. Sales were 430.5 billion KRW, which is lower than the same period last year (457.9 billion KRW), but considering the COVID-19 situation, it is not a bad result. Operating profit for department stores was 56.4 billion KRW.

Duty-free shops recorded sales of 255.4 billion KRW, a 158% increase compared to the same period last year, due to the opening of new stores (Dongdaemun Branch, Incheon Airport Branch). Operating losses improved by 5.3 billion KRW, from 17.1 billion KRW to 11.8 billion KRW.

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