Zinus, 2Q Operating Profit 5.1 Billion KRW... 44% Decrease YoY

Zinus Mattress.

Last year, mattress company Zinus, acquired by Hyundai Department Store, posted poor performance in the second quarter of this year.

Zinus announced on the 7th that its preliminary figures for the second quarter showed sales of 219.539 billion KRW and operating profit of 5.16 billion KRW. Sales decreased by 16.9% and operating profit by 44.18% compared to the same period last year. Compared to the previous quarter, sales fell by 4.18% and operating profit dropped by 38.05%.

A Zinus representative explained, "The order restriction policy of major customers in the North American market, our main market, continued through the second quarter," adding, "The difference in revenue recognition timing due to the supply of some wholesale volumes caused the decrease in sales and operating profit in the second quarter." They continued, "Starting from the second quarter, mattress sales in major countries including the United States are recovering to last year's levels," and added, "With the domestic business growing at a high rate approaching 50% monthly and the impact of sales from Mexico reflected from the third quarter, performance is expected to improve from the next quarter."

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