[Special Stock] Lotte Hi-Mart Hits 52-Week Low Amid Q3 Earnings Slump
[Asia Economy Reporter Song Hwajeong] Lotte Hi-Mart recorded a new 52-week low during trading due to weak third-quarter performance this year.
As of 9:08 a.m. on the 8th, Lotte Hi-Mart was trading at 26,800 won, down 350 won (1.29%) from the previous day. During trading, it fell to 26,750 won, marking a new 52-week low.
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The stock price is interpreted to be weak as the third-quarter results fell short of market expectations (consensus). Lotte Hi-Mart's third-quarter sales decreased by 0.7% year-on-year to 1.0403 trillion won, and operating profit declined by 9% to 50.9 billion won, missing the consensus. Park Jongryeol, a researcher at Hyundai Motor Securities, stated, "Due to last year's high base effect, the third-quarter performance fell short of initial forecasts and was weak," adding, "We are lowering the target price from 44,000 won to 39,000 won by reducing profit expectations."
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