[Special Stock] GS Retail Weakens on Q2 Earnings Slump
[Asia Economy Reporter Song Hwajeong] GS Retail is showing weakness due to poor performance in the second quarter.
As of 10:42 AM on the 5th, GS Retail was trading at 34,300 KRW, down 1,000 KRW (2.83%) from the previous day.
The previous day, GS Retail announced that its second-quarter sales reached 2.2856 trillion KRW, a 3.4% increase compared to the same period last year, but operating profit decreased by 27.7% to 42.8 billion KRW.
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Lee Jinhyup, a researcher at Yuanta Securities, analyzed, "The poor performance was due to the sluggish convenience store and supermarket divisions, expanded losses in other business units, and one-time expenses." Yuanta Securities downgraded GS Retail's investment opinion from 'Buy' to 'Neutral' and lowered the target price from 50,000 KRW to 41,000 KRW, citing uncertainties about cost increases amid a slow recovery in the core business.
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