GS Retail Reports Q3 Operating Profit of 102.5 Billion KRW, Up 29.8% YoY (Comprehensive)

[Asia Economy Reporter Lim Chun-han] GS Retail announced on the 5th that its consolidated operating profit for the third quarter of this year was tentatively estimated at 102.5 billion KRW, a 29.8% increase compared to the same period last year. Sales reached 2.7254 trillion KRW, up 16% year-on-year. Net profit surged by 1041.6% to 754.8 billion KRW.

By business segment, convenience store sales amounted to 1.9252 trillion KRW, a 2.5% increase compared to the same period last year, while operating profit decreased by 6.7% to 74.3 billion KRW.

Supermarket sales were 326.4 billion KRW, down 0.9% year-on-year, and operating profit declined by 1.6 billion KRW to 13.8 billion KRW. With large discount stores and corporate supermarkets excluded from the 5th disaster relief fund usage, some customers shifted to traditional markets and neighborhood marts, causing a decline in existing store growth rates.

Home shopping transaction volume grew 3% year-on-year to 1.1218 trillion KRW. TV shopping increased by 5.9% and online shopping by 2.5%, driven by strong growth in the T-commerce channel. Operating profit was 27.9 billion KRW, down 10.4 billion KRW year-on-year due to increased transmission fees and promotional expenses in selling and administrative costs.

Parnas Hotel sales rose 22.2% year-on-year to 49.4 billion KRW, and operating profit turned positive at 300 million KRW, an increase of 2.1 billion KRW.

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