Shinsegae duty-free branch posts first monthly profit
Shinsegae has turned a corner in the duty-free business as its new flagship branch posted its first turnaround last month amid fierce competition, company data showed Wednesday.Shinsegae DF, the retail chain’s affiliate in charge of its duty-free business, said the Myeongdong branch had 1.2 billion won ($1.05 million) in operating profit in January, and 75 billion won in sales.
The company said in a statement that it is the first month that the store showed in the black, nine months after its opening. Shinsegae DF reported an operating loss of 12.5 billion in the fourth quarter.
Hanwha Galleria, an affiliate of Hanwha Group, logged an operating loss of 43.8 billion won in 2016, with its staff opting to reduce their salaries. Rival Doota Duty Free Shop, run by Doosan Group, is estimated to have lost 30 billion won last year.
More in Industry
Korea Shipbuilding signs ₩87.5 billion deal to build LPG carrier
DMI to develop drone-based marine charting system
Graft regulations eased to allow for more expensive gifts
Hanwha is first Rolls-Royce supplier permitted to handle quality control
Live commerce, perfect for the pandemic, is all the rage
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)