Lotte Duty Free Posts Strong Q3 Performance... Sales Reach 845.3 Billion KRW
[Asia Economy Reporter Seungjin Lee] Lotte Duty Free announced on the 16th that its sales in the third quarter of 2020 reached 845.3 billion KRW, with an operating loss of 11 billion KRW.
Sales increased by 45% compared to the previous quarter (a 46% decrease compared to the same period last year). The operating loss significantly decreased from approximately 77.8 billion KRW in the previous quarter to 11 billion KRW, rebounding from the worst performance ever recorded in the second quarter of this year due to the impact of COVID-19.
The increase in sales was driven by a rise in purchases from commercial customers following the recovery of the domestic Chinese market. Lotte Duty Free explained that cost reduction through management efficiency and airport rent reduction policies also contributed to improved profitability.
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A Lotte Duty Free official stated, "Sales are expected to continue increasing in the fourth quarter," adding, "The rent reduction policy will be fully implemented, and the cost reduction effects through continuous efforts to improve profitability, such as lowering costs, are also expected to appear."
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