Emart books loss in 4th quarter 2020 from year-earlier profit
Emart's fourth quarter 2020 revenue was 5.73 trillion ($5.21 billion) won, up 18.5 percent on year. During the same period, it suffered a 116.4 billion won in net loss from a 68.4 billion won in net profit a year earlier.
Its full-year 2020 net profit rose 62 percent to 362.6 billion won on revenue that jumped 15.6 percent to 22 trillion won.
The growth was largely driven by big box retailer Traders, which reported 10.4 percent revenue growth to 3.22 trillion won.
Emart said 2020 revenue growth was five percentage points higher than it had projected.
Its goal for this year is 8 percent revenue growth. It will invest 560 billion won to accomplish the plan.
The investment will be largely spent on redesigning some offline stores and improving systems to accelerate the digital transformation.
SSG.com continued to report an operating loss in the fourth quarter, which stood at 10.4 billion won. But its gross revenue jumped 30 percent on year. Josun Hotels & Resorts reported a 23.3-billion-won operating loss.
“Emart’s consolidated annual revenue surpassed 20 trillion won for the first time in 2020 on the improved performance of key subsidiaries and strengthening of discount mart competitiveness,” said Emart spokesperson in a statement. “Emart will intensify the cooperation of online and offline stores, and solidify its standing as a leader of retail market by responding to the changing retail environment through store innovation.”
BY JIN MIN-JI [email@example.com]