Lotte Shopping reports dismal 2020 results

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Lotte Shopping reports dismal 2020 results

Lotte On mobile app. [JOONGANG ILBO]

Lotte On mobile app. [JOONGANG ILBO]

 
Lotte Shopping lost more than 600 billion won ($535 million) on a net basis last year, although the loss narrowed from a year earlier.

 
The company on Monday reported a 670.94-billion-won net loss last year, 17.8 percent less than a year earlier, according to a preliminary report released Monday.  
 
Its annual revenue was down 8.8 percent on year to 16.08 trillion won.  
 
Lotte Hi-Mart and Lotte Home Shopping grew as people spent more time at home since the Covid-19 outbreak, while Lotte Cultureworks, the entertainment unit of the company, suffered a major blow from the as pandemic kept people away from movie theaters.  
 
Revenue for department store businesses declined 15.2 percent on year to 2.66 trillion won.  
 
Lotte Shopping said the Covid-19 outbreak and a fiercer retail environment, both online and offline, contributed to its aggravated earnings.  
 
The company vowed to strengthen its online business while trying to improve profitability in the offline business.  
 
BY JIN MIN-JI   [jin.minji@joongang.co.kr]
 
 
 
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