Lotte Hi-Mart Makes First Ever Share Buyback Since Establishment...185 Billion KRW Scale
[Asia Economy Reporter Lim Chun-han] Lotte Hi-Mart is undertaking its first-ever company-wide share repurchase since its establishment.
On the 7th, Lotte Hi-Mart announced that it will acquire 472,000 treasury shares through on-market purchases to enhance shareholder value. This corresponds to 2% of the issued shares and amounts to approximately 18.5 billion KRW. The acquisition period is scheduled from May 10 to August 7.
Hwang Young-geun, CEO of Lotte Hi-Mart, stated, "The share repurchase expresses our commitment to growing the company and enhancing shareholder value despite an unstable environment," adding, "We plan to continue implementing various medium- to long-term shareholder-friendly policies."
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Lotte Hi-Mart has been continuously striving to improve performance through offline store optimization, strengthening its online shopping mall, and efficient sales and administrative expense management. In particular, offline stores have opened large-scale megastores with enhanced experiential features following last year, while the online shopping mall operates various services such as an expanded product lineup, the 'Next Generation Lifestyle Section,' and live commerce 'Heart Live.'
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