Hyundai Department Store Reports Q3 Sales of 662.3 Billion KRW, Up 24.5% Year-on-Year (Comprehensive)

[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 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 COVID-19 pandemic.

In the department store segment, 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 amounted to 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 the department store was 56.4 billion KRW.

The duty-free store segment 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.

A Hyundai Department Store official said, “Sales in the department store segment are gradually recovering due to the mild recovery in consumer sentiment and the impact of new store openings, and the decline in operating profit (-27.4%) has significantly improved compared to the second quarter (-62.6%). The duty-free store segment also saw a significant increase in sales and a substantial improvement in deficit size due to new store openings.”

The official added, “In the fourth quarter, performance improvement is expected due to the opening of a new outlet (Hyundai Premium Outlet Space One) and the renewal of existing stores (Apgujeong Main Branch and Jungdong Branch).”

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