GS Retail Q3 Operating Profit 87.6 Billion KRW...16% Decrease YoY (Comprehensive)

[Asia Economy Reporter Lim Chun-han] GS Retail announced on the 8th that its consolidated operating profit for the third quarter of this year was tentatively estimated at 87.6 billion KRW, a 16% decrease compared to the same period last year.

Sales increased by 9.1% year-on-year to 2.956 trillion KRW, while net profit fell by 94.7% to 40.2 billion KRW.

By business segment, convenience store sales rose 8.2% year-on-year to 2.0832 trillion KRW, and operating profit increased by 700 million KRW to 75 billion KRW. GS Retail explained that "sales grew due to recovery in daily sales at existing stores and an increase in new stores."

Supermarket sales increased by 8.1% year-on-year to 352.8 billion KRW, but operating profit decreased by 4.6 billion KRW to 9.2 billion KRW. The decline in operating profit was due to increased costs from additional personnel and operating stores.

Home shopping sales decreased by 1.3% year-on-year to 289.4 billion KRW. This was due to a decline in online sales caused by the endemic (periodic outbreak of infectious diseases) and sluggish sales in the home appliance category. Operating profit fell by 1.7 billion KRW to 26.2 billion KRW.

Parnas Hotel sales surged 111.2% year-on-year to 104.4 billion KRW, and operating profit increased by 22.8 billion KRW to 23.1 billion KRW. This was attributed to increased demand for corporate banquets and wedding events following the easing of COVID-19 restrictions, leading to higher food and banquet sales.

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