Shinsegae's net drops 50 percent, misses expectations
Shinsegae Inc. reported a net profit of 94.5 billion won ($67.4 million) in the third quarter, down 50 percent on year.
The figure fell short of analyst expectations of 101.5 billion won as compiled by FnGuide.
The company logged revenue of 1.96 trillion won, up 17.3 percent on year. The figure beat analyst expectations of a 1.93 trillion won.
Shinsegae said higher sales at department stores helped, with Shinsegae Department Store sales rising 19.8 percent on year to 609.6 billion won.
BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]
with the Korea JoongAng Daily
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