"Consumer Sentiment Explodes" Hyundai Department Store Q1 Operating Profit 88.9 Billion KRW... Up 36.7% YoY

Operating Profit of Department Store Sector in Q1 102.7 Billion KRW, Up 35.2%
Strong Growth in High-Margin Categories like Fashion and Sports
Duty-Free Sales 424.3 Billion KRW, Up 97.0%, Operating Loss 14 Billion KRW

The Hyundai Seoul.

[Asia Economy Reporter Yuri Kim] Hyundai Department Store announced on the 10th that its consolidated operating profit for the first quarter of this year reached 88.9 billion KRW, a 36.7% increase compared to the same period last year. Sales during the same period rose 36.8% to 934.4 billion KRW.

The department store division saw a significant improvement in operating profit as high-margin product categories such as fashion and sports performed strongly due to the easing of social distancing measures. Operating profit in the department store division increased by 35.2% year-on-year to 102.7 billion KRW. Sales also rose 9.2% year-on-year to 543.3 billion KRW. Sales were driven by a substantial improvement in consumer sentiment following the peak of the COVID-19 Omicron variant spread.

The duty-free division's first-quarter sales reached 424.3 billion KRW, a 97.0% increase compared to the same period last year. Despite unfavorable operating conditions due to lockdown policies in China, sales grew continuously in key product categories such as imported cosmetics. However, due to a decline in profit margins, the operating loss recorded was 14 billion KRW, an increase of 2.8 billion KRW compared to the same period last year.

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