Lotte Wellfood's Q3 Operating Profit Down 8.9%... "Impact of Voluntary Retirement"

Sales Reach 1.1568 Trillion KRW, Up 7.3%

Lotte Wellfood's operating profit declined year-on-year in the third quarter of this year.

On November 4, Lotte Wellfood announced that its consolidated operating profit for the third quarter was 69.3 billion KRW, down 8.9% compared to the same period last year. However, operating profit excluding one-off costs such as voluntary retirement expenses was 80.3 billion KRW, representing a 5.6% increase year-on-year.

Exterior view of Lotte Wellfood headquarters. Lotte Wellfood

During the same period, sales reached 1.1568 trillion KRW, up 7.3%. Net profit for the period rose 8.2% to 49.9 billion KRW.

The increase in sales was driven by a recovery in sales of dried and frozen confectionery, expanded sales of dairy products, and higher bakery product sales. The company also explained that the expansion of overseas exports of key products such as Pepero and canned ham contributed to overall business growth.

Lotte Wellfood stated, "Although profitability declined year-on-year due to the burden of one-off costs, actual business performance has shown a clear improvement compared to the first half of the year, marking a turning point. We expect this improvement trend to become even more pronounced from the fourth quarter onward."

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