Amorepacific Group net profit up 550 percent in Q3

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Amorepacific Group net profit up 550 percent in Q3

Amorepacific Group’s third quarter consolidated net profit jumped 547 percent on year to 45.5 billion won ($39 million), led by online sales.
The cosmetics company reported a revenue of 1.2 trillion won, up 0.5 percent on year, in a preliminary report released Friday. Operating profit was 51.7 billion won, down 15.3 percent.
Amorepacific, a subsidiary of Amorepacific Group, reported consolidated net profit of 38.5 billion won, surging 445.6 percent on year, it reported on the same day in a preliminary report. It logged 1.1 trillion won in revenue, up 1.9 percent on year. Operating profit was 50.3 billion won, down 10.2 percent on year.
Sulwhasoo, Laneige and Mamonde are some of the Amorepacific brands. 
Sales in the domestic market were up 7.3 percent on year, led by online sales jumping 30 percent and increased cost efficiency.
Sales from overseas dropped 9.2 percent on year.  
The company stated that sales in North America rose 12 percent on year, helped by Laneige selling in Sephora at Kohl’s and Sulwhasoo selling via online e-commerce websites, but fell overall due to sales in Asian markets decreasing 11 percent. The biggest problem was stores in some countries shutting down or shortening business hours due to a high number of Covid-19 cases.
Budget cosmetics brand Innisfree and Espoir continued to report an operating loss, while Espoir swung to 100 million won profit from a 1.6-billion-won operating loss a year ago.
Tea brand Osulloc reported 700 million won in operating profit, jumping 83.5 percent on year.
Amorepacific shares closed at 181,500 won on Friday, down 2.16 percent.

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