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(LEAD) Shinsegae Q3 net shoots up 37 pct on department store, duty free businesses

Retail/Tourism 16:10 November 12, 2019

(ATTN: CHANGES headline, lead; UPDATES with more info throughout; ADDS photo)

SEOUL, Nov. 12 (Yonhap) -- Shinsegae Inc., a major South Korean retailer, said Tuesday that its third-quarter net profit surged 37 percent from a year earlier on the back of stellar performances from its department store and duty-free units.

Net profit came to 52.1 billion won (US$ 44.7 million) on a consolidated basis during the July-September period, compared with 38 billion won a year earlier, the company said in a regulatory filing.

Operating income shot up 36.6 percent to 95.9 billion won, and sales rose 17.3 percent to a quarterly high of 1.63 trillion won over the cited period, it said.

The better-than-expected bottom line was due to its department store business and its subsidiaries, including its fashion arm, Shinsegae International Inc.

The company said increased sales from its duty-free unit, Shinsegae Duty Free, also helped it log positive results.

Shares of Shinsegae were up 2.17 percent to 259,500 won on the Seoul bourse. Its earnings report was released before the market closed.

This undated photo provided by Shinsegae Department Store shows its outlet in central Seoul. (PHOTO NOT FOR SALE) (Yonhap)

khj@yna.co.kr

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