Lotte Shopping targets 20 trillion won in sales by 2030
Published: 11 Oct. 2024, 18:18
Lotte Shopping, an affiliate of Korean retail giant Lotte Group, said Friday it is targeting to achieve 20 trillion won ($14.8 billion) in sales in 2030 through the "value-up" program.
Lotte Shopping aims to earn 3 trillion won of the sales target in 2030 from overseas markets, while targeting an operating profit of 1.3 trillion won in the same year, the company said in a statement.
The 2030 targets are up from sales of 14.55 trillion won and an operating profit of 508.4 billion won it reported last year.
To achieve the goals, Lotte Shopping will upgrade its eight major department stores into luxury goods-focused ones, develop next-generation complex shopping malls, strengthen e-commerce platforms, and open more shopping malls in Southeast Asia, the statement said.
Lotte Shopping is the operator of the country's biggest department store chain and the third-biggest discount store chain.
Its businesses also include home shopping, movie theaters, and online shopping malls.
In the short term, the company aims for an operating income of 800 billion won on sales of 15.2 trillion won in 2026.
To enhance shareholder value, the company plans to increase shareholder returns to 35 percent of its annual net profit starting this year from 30 percent. It also plans to provide at least 3,500 won per share in dividends.
Yonhap
with the Korea JoongAng Daily
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