"Renewal Cost Increase" Hyundai Department Store, 3Q Operating Profit 74 Billion Won...19.8%↓

Duty-Free Stores Excluded, Quarterly Operating Profit Turns Positive
Sales Down 57.5% Due to Decrease in Daigou

Hyundai Department Store announced on the 7th that its consolidated operating profit for the third quarter of this year was 74 billion KRW, down 19.8% compared to the same period last year. During the same period, sales amounted to 1.0042 trillion KRW, a decrease of 26.8%, and net profit was 62.9 billion KRW, down 9.2%.

The Hyundai Seoul
Photo by Hyundai Department Store.

The department store's standalone operating profit for the third quarter was 79.8 billion KRW, down 17.4% from the same period last year. Sales increased by 3.5% to 580.2 billion KRW. The department store's sales grew 3.5% year-on-year due to strong performance in the young fashion, food, and living product categories, but operating profit decreased by 16.7 billion KRW due to increased costs from the renewal of some stores.

Separately, the duty-free shop recorded an operating profit of 1 billion KRW in the third quarter, turning to a profit. However, sales dropped 57.5% to 237.3 billion KRW. The duty-free shop turned profitable in the third quarter due to the new opening of the Incheon Airport branch and strong sales, but sales declined due to the normalization of commission fees for Chinese "ttakung" (daigou) shoppers.

Jinous's standalone operating profit was 3.2 billion KRW, down 70.1% compared to the same period last year. Sales decreased by 22.6% to 221.5 billion KRW.

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