Hyundai Department Store Reports 77.9 Billion KRW Operating Profit in Q1, Down 12.4%

Sales of 1.0977 Trillion Won, 17.5% Increase

Hyundai Department Store announced on the 9th that its consolidated operating profit for the first quarter of this year was 77.9 billion KRW, a decrease of 12.4% compared to the same period last year. During the same period, sales increased by 17.5% to 1.0977 trillion KRW. Net profit for the period decreased by 7.8% to 69.5 billion KRW.

Operating profit in the department store division decreased by 7.4% to 95.2 billion KRW. Sales increased by 5.4% to 572.7 billion KRW. With the endemic (periodic outbreak of infectious diseases), the fashion·and cosmetics product categories showed strong performance, leading to increased sales in the department store division. However, operating profit declined due to increased fixed costs such as promotional expenses and labor costs.

The duty-free division recorded an operating loss of 15.7 billion KRW in the first quarter. Sales also decreased by 21.8% to 332 billion KRW. Jinus's operating profit sharply fell by 70.6% to 8.3 billion KRW. Sales also dropped by 21.2% to 229.1 billion KRW.

The Hyundai Seoul exterior view [Photo by Hyundai Department Store].

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