LG Electronics Achieves Record High Sales of 74.7 Trillion Won Last Year... Surpasses 70 Trillion Won for the First Time (Update)

[Asia Economy Reporter Jeong Hyunjin] LG Electronics recorded its highest-ever sales exceeding 70 trillion KRW last year, driven by strong sales of home appliances and TVs.

On the 7th, LG Electronics announced its preliminary earnings, reporting consolidated sales of 74.7219 trillion KRW for the previous year, a 28.7% increase compared to the previous year. This sales figure is the largest ever, marking the first time annual sales have surpassed 70 trillion KRW. Operating profit for last year was 3.8677 trillion KRW, a 1.0% decrease from the previous year.

In the fourth quarter of last year, LG Electronics’ sales reached 21.0089 trillion KRW, the highest quarterly sales ever recorded. LG Electronics stated that this is the first time quarterly sales have exceeded 20 trillion KRW. Operating profit for the fourth quarter was 681.6 billion KRW, down 21.0% compared to the same period last year.

LG Electronics’ record-high sales are attributed to the effectiveness of its sales strategy focused on premium home appliances with high profitability, such as home appliances and organic light-emitting diode (OLED) TVs. LG Electronics has actively targeted the premium market last year, centering on the Objet Collection for home appliances and OLED TVs.

The market expects that LG Electronics has surpassed its competitor, the U.S.-based Whirlpool, to become the global number one in home appliance sales on an annual basis for the first time. The cumulative sales of LG Electronics’ H&A Division, which handles home appliances, reached 20.5841 trillion KRW in the first three quarters, exceeding Whirlpool by more than 2.2 trillion KRW. The fourth quarter sales forecast suggests that Whirlpool’s sales may be about 100 billion KRW higher than LG Electronics’, indicating that the gap of over 2 trillion KRW is unlikely to be closed.

The preliminary results are estimates based on the Korean International Financial Reporting Standards (K-IFRS). LG Electronics plans to announce net profit on a consolidated basis and performance by business division at the earnings conference scheduled for the end of this month.

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