Lotte Shopping continued to suffer net losses in the first quarter, though the loss fell slightly on year.
Lotte Mart has jumped into a price war that has intensified since Coupang went public last month. Lotte Mart has jumped into a price war that has intensified since Coupang went public last month.
Lotte Shopping CEO Kang Hee-tae on Tuesday said he expects the company’s earnings to rebound this year as consumer sentiment gradually recovers.
A customer takes a look at Riedel wine glasses at Lotte Department Store’s main branch in Myeong-dong, central Seoul on Tuesday.
Cho Young-je, head of the e-commerce business unit at Lotte Shopping, is resigning to take responsibility for the poor performance of the company’s Lotte On e-commerce shopping platform.
Emart’s net profit rose 62 percent in 2020 on strong sales even at some of its physical stores.
Lotte Shopping lost more than 600 billion won ($535 million) on a net basis last year, although the loss narrowed from a year earlier.
Lotte On has started a fashion brand in which the designs are created by a computer.
Lotte Shopping is transforming offline Lotte Marts as it struggles with the rapid rise of online shopping.
Big companies have been hit hard by the pandemic, with 11 of the 15 largest reporting revenue drops in the first half.