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Shinsegae Q1 net profit jumps 149 pct on-year

All Headlines 17:04 May 10, 2018

SEOUL, May 10 (Yonhap) -- Shinsegae Inc., a major South Korean retailer, said Thursday its net profit surged 149 percent in the first three months of this year on the back of stellar performances from its department store and duty-free units.

Net profit came to 84.2 billion won (US$78.4 million) on a consolidated basis in the January-March period, compared with 33.8 billion won a year earlier, the company said in a regulatory filing.

Operating income shot up 45.9 percent to 113 billion won, and sales rose 19.8 percent to 1.1 trillion won during the cited period, it said.

The figures reflect the performance of Shinsegae and its subsidiaries, including its apparel arm, Shinsegae International Inc.

The company said sales from Shinsegae Department Store rose 2.7 percent on-year to 425.7 billion won, with operating profit advancing 13.7 percent to 59.2 billion won.

Shinsegae DF Inc., operator of the retailer's duty-free business, swung to the black during the first quarter, reporting 23.6 billion won of operating profit and 339.5 billion won of sales, up a strong 85.4 percent from the same period in 2017, it added.

Shares of Shinsegae closed up 6.72 percent at 421,000 won on the Seoul bourse Thursday, outperforming the broader KOSPI's 0.84 percent gain. The earnings were released during the stock market's trading hours.

This file photo shows Shinsegae Department Store in downtown Seoul. (Yonhap)

scaaet@yna.co.kr
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