"Hyundai Department Store Hesitates Amid Stronger Social Distancing This Summer, 3Q Operating Profit 47.5 Billion KRW... Up 6.3% (Comprehensive)"

[Asia Economy Reporter Yuri Kim] Hyundai Department Store announced on the 4th that its operating profit for the third quarter of this year was 47.5 billion KRW, a 6.3% increase compared to the same period last year. Sales reached 924.8 billion KRW, up 39.6% year-on-year. Net profit rose 67.7% to 63 billion KRW.

The department store division recorded sales of 495.4 billion KRW and operating profit of 58.6 billion KRW, increasing by 15.1% and 4% respectively. The duty-free division's sales grew 79% to 457 billion KRW. Operating loss was 11.3 billion KRW, narrowing the deficit compared to the same period last year.

The slowdown in Hyundai Department Store's sales recovery appears to be influenced by the suspension of operations at the Trade Center branch for a week in July due to a COVID-19 case.

A Hyundai Department Store official explained, "Although the department store division's sales recovery slightly declined compared to the previous quarter due to strengthened social distancing measures in July and August, sales and operating profit both increased thanks to the opening effects of new stores such as The Hyundai Seoul and the recovery of consumer sentiment." They added, "The duty-free division improved both sales and profitability due to increased buying power from expanded market share."

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