Operating profit of retail division of Lotte falls 15.4%

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Operating profit of retail division of Lotte falls 15.4%

Published: 05 Aug. 2016, 20:56

The retail unit of Lotte Group, Lotte Shopping, saw its operating profit in the second quarter shrink 15.4 percent to 171 billion won ($154 million) compared to the same period last year. According to the company on Friday, revenue grew 1.7 percent to 7.23 trillion won. Net profit fell 14 percent to 82.3 billion won.

Lotte Shopping includes the retail conglomerate’s department stores, discount marts, supermarkets as well as its movie chain Lotte Cinema

Lotte Department Store performed well, as its operating profit grew 18.7 percent to 900 billion won. This was contributed to by a sales increase, which grew 3.5 percent to 2.13 trillion won, and cuts in costs, including promotions. Its overseas businesses saw revenue grow 10.3 percent to 34 billion won. However, other business areas suffered. Its discount marts reported a 63 billion won operating loss and struggling sales.