Hyundai Department Store's net profit more than doubles

Industry

Published: 06 May. 2021, 18:49

Hyundai Department Store's net profit more than doubles

The Hyundai Seoul in Yeouido, western Seoul [NEWS1]

Hyundai Department Store’s consolidated net profit more than doubled on year to 55.85 billion won ($49.9 million) in the first quarter as new stores were opened and consumption recovered, the company announced in a preliminary report on Thursday.

Hyundai Department Store’s business also includes Hyundai Department Store Duty Free.

The company’s net profit in the January-March period jumped 133.8 percent on year to 55.85 billion won from 23.89 billion won. Its sales increased 52 percent during the same period to 683.23 billion won from 450 billion won during the same period a year ago.

Operating profit surged 336.3 percent during the same period to 65 billion won.

“Opening of new stores like The Hyundai Seoul and Hyundai Premium Outlet Space 1, and the recovered consumption have resulted in the increase of both sales and operating profit,” a spokesperson for the company said.

Hyundai Premium Outlet Space 1 is a new outlet opened in Namyangju, Gyeonggi, in November last year.

Opening of new duty free stores in Dongdaemun in central Seoul and Incheon International Airport and increased sales of imported cosmetics have also helped, according to the spokesperson.

BY JIN MIN-JI [jin.minji@joongang.co.kr]