Emart's Sales Reach 22 Trillion Last Year... Operating Profit Also Up 57.4% (Comprehensive)

[Asia Economy Reporter Lim Chun-han] Emart announced on the 18th that its consolidated operating profit for last year was preliminarily estimated at 237.2 billion KRW, a 57.4% increase compared to the previous year. Sales increased by 15.6% year-on-year to 22.033 trillion KRW.

Fourth-quarter sales rose 18.5% year-on-year to 5.7265 trillion KRW, and operating profit turned positive at 84.9 billion KRW. This is largely attributed to Emart's existing store renovations, innovations in grocery and non-food stores, and increased home dining due to strengthened social distancing measures.

Emart's standalone performance also improved significantly. Total sales in the fourth quarter of 2020 were 3.9881 trillion KRW, up 10.6% year-on-year, and operating profit was 84.4 billion KRW, an increase of 59.1 billion KRW compared to the previous year.

The strong performance of major subsidiaries also contributed to improved profitability. SSG.com’s fourth-quarter sales grew by 30% due to online-offline synergy and strengthened grocery competitiveness, and operating profit improved by 25.8 billion KRW. Annual total sales increased by 37% year-on-year to 3.9236 trillion KRW.

Emart Everyday’s fourth-quarter operating profit increased by 3.1 billion KRW to 4.8 billion KRW, and Shinsegae TV Shopping also posted an operating profit of 9.3 billion KRW in the fourth quarter, with major subsidiaries maintaining stable growth.

An Emart official stated, "Through efforts to strengthen discount store competitiveness and improved performance of major subsidiaries, Emart surpassed consolidated sales of 20 trillion KRW for the first time in history in 2020. This year, we will strengthen online-offline collaboration and respond to the changing distribution environment through store innovation to solidify our position as a leader in the retail industry."

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