"Hyundai Department Store's Q3 Operating Profit 92.2 Billion Won Driven by Endemic Recovery and Jinus Integration Effect (Update)"

Q3 Operating Profit 92.2 Billion KRW, Up 94.1%
Sales 1.3721 Trillion KRW, Up 48.4%
Department Store Q3 Operating Profit 96.5 Billion KRW, Up 64.6%
Strong Sales of High-Margin Products Including Fashion, Sports, and Cosmetics

The Hyundai Seoul (Photo by Hyundai Department Store).

[Asia Economy Reporter Kim Yuri] Hyundai Department Store posted results exceeding market expectations for the third quarter of this year, driven by eased consumer sentiment in department stores amid the endemic phase (periodic outbreaks of infectious diseases) and the effect of consolidating Jinus's performance.

On the 8th, Hyundai Department Store announced that its consolidated operating profit for the third quarter of this year reached 92.2 billion KRW, a 94.1% increase compared to the same period last year. During the same period, sales rose 48.4% to 1.3721 trillion KRW, and net profit increased by 10.0% to 69.3 billion KRW. The results include Jinus, which has been consolidated from the third quarter of this year, along with department store and duty-free shop performances. The cumulative operating profit for the first three quarters was 252.3 billion KRW, up 48.3%, and sales increased 38.8% to 3.4317 trillion KRW.

The department store division's operating profit for the third quarter was 96.5 billion KRW, a 64.6% increase compared to the same period last year. Sales during this period were 560.7 billion KRW, up 13.2%. For the cumulative third quarter, operating profit was 284.2 billion KRW, and sales were 1.6928 trillion KRW, increasing by 42.2% and 10.2% respectively.

The duty-free shop recorded an operating loss of 15 billion KRW, widening the deficit by 3.7 billion KRW compared to the same period last year. Sales increased by 22.1% to 558 billion KRW.

Jinus, included in the consolidated results from the third quarter, posted an operating profit of 10.6 billion KRW for the third quarter, down 46.3% compared to the same period last year. Sales increased by 4.0% to 286.2 billion KRW.

A Hyundai Department Store official stated, "The easing of social distancing measures, recovery of consumer sentiment, and the effect of newly consolidating Jinus led to a significant increase in consolidated sales and operating profit in the third quarter." He added, "In particular, the department store division saw a substantial increase in operating profit due to strong sales of high-margin product categories such as fashion, sports, and cosmetics." He further explained, "Although the duty-free shop division recorded an operating loss due to continued lockdown policies in China, sales increased steadily thanks to core product categories such as imported cosmetics."

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