Sales at three major discount outlets down 6.4 percent

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Sales at three major discount outlets down 6.4 percent

Sales at Korea’s major discount outlets dropped from a year earlier in February due to weak grocery demand, but department store sales grew modestly, a government report showed yesterday.

Sales at the country’s three major discount outlet chains contracted 6.4 percent last month from the same period last year, according to the Ministry of Knowledge Economy report.

The sales drop at discount outlet chains - Lotte Mart, E-Mart and Homeplus - was largely led by the 5.4 percent minus growth for groceries that accounted for more that 54 percent of all sales in the cited month.
Demand for consumer electronics, household miscellaneous goods and clothing all fell last month vis-a-vis the year before.

The combined sales of the country’s three major department store chains, on the other hand, moved up 2.9 percent on-year in February, a turnaround from a 4.1 percent loss reported for the previous month.

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