LF Reports 22.3% Increase in Q1 Operating Profit to 30.1 Billion KRW Year-on-Year
Sales Reach 430.3 Billion KRW
Down 3.67% Year-on-Year
On May 15, LF, the lifestyle and culture company affiliated with the LG family, announced that its operating profit for the first quarter of this year reached 30.1 billion KRW, a 22.3% increase compared to the same period last year.
During the same period, sales amounted to 430.3 billion KRW, representing a 3.67% decrease from the same quarter last year. Net profit for the quarter was 22.9 billion KRW, an 8.9% increase year-on-year.
An LF official explained, "Although sales saw a slight decline due to weakened consumer sentiment caused by domestic and international market uncertainties, operating profit increased as a result of more efficient inventory management in the fashion business and improved profitability of subsidiaries through business diversification, including Koramco."
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The official added, "Going forward, we plan not only to strengthen the market positions of each brand in Korea, but also to focus on expanding overseas for brands with high growth potential such as Hazzys, Dunst, and Athe, thereby further enhancing our competitiveness in the global market."
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