"Luxury High-End + Fashion Endemic Effect" Galleria Q3 Operating Profit 7.7 Billion KRW... Up 13%

Q3 Operating Profit 7.7 Billion KRW... 13% Increase YoY
Sales 126.5 Billion KRW... 5% Growth "Luxury + Balanced Category Expansion"
Q4 Year-End Effect Expected to Sustain Performance Improvement

Galleria Luxury Hall (Photo by Galleria).

[Asia Economy Reporter Yuri Kim] Hanwha Solutions Galleria Division announced on the 28th that its operating profit for the third quarter of this year reached 7.7 billion KRW, a 13% increase compared to the same period last year. Sales during the same period rose 5% to 126.5 billion KRW. Compared to the previous quarter, operating profit increased by 114%, while sales decreased by 4%.

Since the social distancing measures due to COVID-19 were lifted in the second quarter, the endemic era (periodic outbreaks of infectious diseases) has fully begun, resulting in balanced growth across various categories such as men's and women's fashion and leisure, in addition to the previously high-growth luxury segment. A Galleria Department Store official stated, "The continued growth in luxury sales and the overall expansion in sales across fashion and other sectors contributed to the improvement in performance."

Galleria said, "Despite a decrease in sales due to seasonal index effects in the third quarter, operating profit increased due to the base effect of property taxes," and added, "Although economic uncertainties are expected to increase in the fourth quarter, sales and operating profit are anticipated to rise due to seasonal index effects."

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