Shinsegae Department Store’s profits jump as customers return
Shinsegae Department Store’s net profit jumped 5,000 percent on-year in the first quarter on recovering consumption.
The company reported 89 billion won ($79.5 million) in consolidated net profit in the Jan.-March period, up 5,451.2 percent on year, according to the company's preliminary report on Tuesday.
Shinsegae Department Store’s subsidiaries include Shinsegae Duty Free and the Casamia furniture brand.
Its first quarter on-year sales were up by 10.3 percent to 1.32 trillion won.
Department store earnings improved from the first quarter last year – when the Covid-19 pandemic broke out and pulled down consumption – while the duty free business also managed to stay in the black despite the dramatically reduced international flight schedules.
A spokesperson for the company said that it expects earnings to improve this year on the opening of a new department store in Daejeon, possibly in the summer, and the redecoration of the existing store in Gangnam, southern Seoul.
BY JIN MIN-JI [firstname.lastname@example.org]