Hyundai Department Store, Last Year's Sales Reach 3.5724 Trillion Won 'All-Time High'
Operating Profit (264.4 Billion KRW) Approaches Pre-COVID-19 Level (292.2 Billion KRW)
[Asia Economy Reporter Yuri Kim] Hyundai Department Store recorded its highest sales ever last year.
Hyundai Department Store announced on the 10th that its consolidated sales last year reached 3.5724 trillion KRW, an increase of 57.2% compared to the previous year. Operating profit recorded 264.4 billion KRW, up 94.6%.
A Hyundai Department Store official said, "Both the department store and duty-free shop showed strong performance last year, achieving the largest sales in history," adding, "Operating profit (264.4 billion KRW) also showed a sharp recovery, approaching the pre-COVID-19 level in 2019 (292.2 billion KRW)."
The department store division posted sales of 566.6 billion KRW in the fourth quarter, up 12.7% year-on-year, and 2.1032 trillion KRW for the full year, an increase of 20.2%. Operating profit was 104.9 billion KRW in the fourth quarter, up 28.3%, and 304.8 billion KRW for the year, up 53.5%.
Core product categories of the department store, such as luxury goods and overseas men's and women's fashion, led the external growth. Hyundai Department Store's total overseas luxury sales increased by 38%, with watches and jewelry up 54.2%, and overseas men's fashion up 59.6% respectively by category.
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Hyundai Department Store Duty-Free also recorded its highest-ever annual sales of 1.5912 trillion KRW last year, an increase of 155.7% compared to the previous year. During the same period, the operating loss narrowed to 40.8 billion KRW from 65.5 billion KRW the previous year, improving the deficit by 24.7 billion KRW. Sales doubled compared to the pre-COVID-19 period, and the deficit was reduced by nearly half. The company expects Hyundai Department Store Duty-Free's sales to surpass 2 trillion KRW this year and anticipates a possible turnaround to profitability in the future.
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