Emart Records All-Time High Sales of 24.93 Trillion Won Last Year (Comprehensive)

Operating Profit 315.6 Billion KRW, Up 33.1% YoY

[Asia Economy Reporter Lim Chun-han] Emart recorded its highest-ever sales based on the balanced growth of its online and offline affiliates.

On the 10th, Emart announced that its consolidated sales last year reached 24.9327 trillion KRW, a 13.2% increase compared to the previous year. Operating profit rose 33.1% to 315.6 billion KRW, and net profit surged 339% to 1.5919 trillion KRW.

Operating profit for the fourth quarter was 76.1 billion KRW, down 10.4% from the same period last year. Sales and net profit for the same quarter were 6.8603 trillion KRW and 69.8 billion KRW, respectively.

By business division, total sales at discount stores in the fourth quarter grew 3.2% year-on-year to 2.9408 trillion KRW, while Traders’ total sales increased 1.3% to 770.6 billion KRW. In particular, existing discount stores grew 2.3%, marking six consecutive quarters of growth. This figure expanded compared to 1.6% in the third quarter.

SSG.com’s separate total transaction amount in the fourth quarter rose 24% year-on-year to 1.6558 trillion KRW. The total transaction amount for the entire last year increased 22% from 2020 to 5.7174 trillion KRW.

Shinsegae Live Shopping saw a 19% increase in fourth-quarter sales to 70.3 billion KRW and an operating profit increase of 300 million KRW to 9.6 billion KRW, driven by strong mobile and online business. Annual sales and operating profit rose sharply by 81.8% and 9.1 billion KRW, respectively.

SCK Company, which was incorporated as a consolidated subsidiary in October last year, recorded fourth-quarter sales of 658.3 billion KRW and operating profit of 57.5 billion KRW. Chosun Hotel & Resort is rapidly improving its performance as the impact of COVID-19 eases. Fourth-quarter sales increased 132.2% year-on-year to 103.2 billion KRW, and operating profit improved by 19.6 billion KRW to a loss of 3.7 billion KRW.

In its earnings outlook announcement on the same day, Emart projected consolidated net sales for 2022 to grow 18.9% to 29.65 trillion KRW. Separate total sales are targeted to grow 2.9% to 16.9247 trillion KRW. By business division, discount stores plan to grow 4.1%, and Traders 6.5%. To achieve this, Emart plans to continue investing 755 billion KRW on a separate basis this year. This is about 200 billion KRW more than last year’s investment target of 560 billion KRW. The company intends to focus investments on expanding PP centers for online business growth and remodeling offline stores.

An Emart official said, “Despite the challenging business environment, we achieved record-high sales through growth,” adding, “We will continue to expand our scale through balanced growth of online and offline channels.”

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