Shinsegae International Achieves Record High Performance... Operating Profit Surpasses 100 Billion Won for the First Time (Comprehensive)

Shinsegae International achieved its highest-ever performance last year, benefiting from the reopening effect.

Shinsegae International announced on the 8th that its consolidated operating profit for last year was tentatively estimated at 115.3 billion KRW, a 25.3% increase compared to the same period the previous year. Sales increased by 7.1% to 1.5539 trillion KRW. This record-high performance marked the first time operating profit exceeded 100 billion KRW.

Sales in the fourth quarter of last year reached 430.3 billion KRW, a 3% increase year-on-year. Operating profit recorded 19.3 billion KRW, down 35.8% due to increased temporary costs for brand development investments and business efficiency improvements.

The record-high performance was mainly driven by a significant increase in the fashion sector’s results as outings increased following the lifting of social distancing measures due to COVID-19. While all business sectors including fashion, beauty, and lifestyle showed balanced results, overseas fashion, which secured a solid customer base, recorded double-digit growth rates. Domestic fashion brands such as BOBB, JIGGUT, DELARANA, and Studio Tomboy saw both sales growth and significant profitability improvements.

The cosmetics sector continued its growth trend centered on imported brands, and the effects of investments in developing in-house brands also became visible. The in-house luxury cosmetics brand Poare expanded its recognition through brand campaigns, increasing sales by 181.7% compared to the same period last year, while the lifestyle beauty brand ROIBI saw sales rise by 81.7% due to expanded distribution channels and the popularity of perfumes and skincare products. The JAJU division also increased sales through the development of strategic products such as pajamas, underwear, and eco-friendly household goods.

A Shinsegae International official said, "This year, we expect good results in cosmetics due to the lifting of mask mandates and China’s reopening," adding, "We will establish new growth engines through the introduction and development of new brands and achieve sustainable growth by enhancing business efficiency."

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