[Special Stock] Shinsegae Rises on Expectations of Turnaround This Year
[Asia Economy Reporter Song Hwajeong] Shinsegae is showing strength amid expectations of performance recovery this year.
As of 9:55 AM on the 18th, Shinsegae was trading at 266,000 KRW, up 15,000 KRW (5.98%) from the previous day.
Last year's fourth-quarter results met market expectations, and a recovery trend has also appeared this year. Shinsegae recorded consolidated net sales of 1.3404 trillion KRW and operating profit of 103.1 billion KRW in the fourth quarter. These figures represent decreases of 24% and 47%, respectively, compared to the same period last year, but both met market expectations.
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Lee Ji-young, a researcher at NH Investment & Securities, said, "The fourth-quarter results met expectations due to profitability-focused management," adding, "Currently, sales at department stores and duty-free shops are both recovering in the first quarter, and the turnaround intensity is expected to strengthen through the second quarter."
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