"Lotte Duty Free Sees Domestic Sales ↑ and Overseas Store Improvements, Q3 Operating Profit 35.8 Billion KRW... Returns to Profitability"

Recorded Quarterly Operating Profit of 35.8 Billion Despite China Lockdown
Strong Performance Through Domestic and Foreign Sales Growth and Cost Reduction Efforts
Increased Sales at Overseas Locations Including Changi Airport and Brisbane Airport Branches

[Asia Economy Reporter Yuri Kim] Lotte Duty Free announced on the 14th that its consolidated operating profit for the third quarter of this year reached 35.8 billion KRW, turning profitable compared to the same period last year. Sales during the same period increased by 32.9% to 1.2766 trillion KRW.

Although the company recorded operating losses of 75.3 billion KRW in the first quarter and 13.9 billion KRW in the second quarter due to the prolonged lockdown in China and the accounting reflection of inventory asset valuation losses in the first half of this year, it succeeded in turning a profit in the third quarter.

By strengthening marketing promotions, domestic sales grew by 150% compared to the same period last year. The company explained that it is making efforts to revitalize sales, including attracting more than 10,000 group tourists from Southeast Asia this year. Lotte Duty Free also stated that the rapid recovery and profitability of overseas stores, including the largest overseas location at Singapore Changi Airport after reopening, was an important factor in improving performance.

Lotte Duty Free plans to open an additional store in downtown Hanoi following the Danang downtown store in Vietnam, and the grand opening of the Changi Airport store is also scheduled, expecting the global sales growth trend to continue. Currently, Lotte Duty Free operates 13 stores in 6 countries overseas.

A Lotte Duty Free official said, "We recorded a profit in the third quarter through revitalizing sales from both domestic and foreign customers and our own cost-cutting efforts," adding, "We will achieve intelligent management efficiency to overcome internal and external adversities such as the global economic downturn and rising market interest rates and prepare for a leap forward."

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