Homeplus Reports 41.8% Decrease in Operating Profit Last Year... Debt Ratio Improves
[Asia Economy Reporter Lim Chun-han] Homeplus's operating performance has been sluggish due to the impact of COVID-19. Homeplus announced on the 4th that its sales for the 2020 fiscal year (March 2020 to February 2021) amounted to 6.9662 trillion KRW, a 4.6% decrease compared to the previous year.
Sales have declined for three consecutive years since recording 7.9457 trillion KRW in the 2017 fiscal year. Operating profit fell by 41.8% to 93.3 billion KRW. On the other hand, net profit turned positive, reaching 88.3 billion KRW.
Homeplus explained that its core large-scale mart business underperformed due to the impact of COVID-19, leading to decreases in sales and operating profit. Conversely, the supermarket business, Homeplus Express, and the online business, Homeplus Online, saw sales increase by 5% and 30%, respectively.
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Homeplus stated that financial soundness has improved as total liabilities decreased due to the sale of some stores, and the debt ratio dropped by 134 percentage points.
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