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Warm winter hurts Lotte Shopping

Apr 26,2007
Lotte Shopping Co., Korea’s largest department store operator, said first-quarter profit fell 4 percent on sluggish sales because of a warmer-than-usual winter.
Net income in the three months ended March 31 fell to 172.5 billion won ($186 million) from 179.7 billion won a year earlier, the company said yesterday. Operating profit fell 2 percent to 183.7 billion won. Sales rose 8 percent to 2.4 trillion won.
“Sales of winter clothes were sluggish because of the warmer-than-usual temperatures,” Lee Il-min, a director of Lotte’s investor-relations team, said in the statement. The company in February forecast profit will fall 6.8 percent to 689.6 billion won this year, the first annual drop in four years. Sales will rise 11 percent to 10 trillion won, Lotte said.


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