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(2nd LD) Shinsegae swings to black in Q2 on robust cosmetics, duty-free sales

All News 15:33 August 12, 2021

(ATTN: ADDS more details in last 2 paras)

SEOUL, Aug. 12 (Yonhap) -- Shinsegae Inc. said Thursday it has swung to the black in the second quarter from a year earlier on robust sales of cosmetics and duty-free goods.

Its net profit stood at 16.6 billion won (US$14.3 million) in the April-June period, swinging from a net loss of 107.9 billion won a year earlier, the company said in a regulatory filing.

Sales in the April-June period jumped 37.6 percent on-year to 1.4 trillion won on a consolidated basis, the largest of all its second-quarter readings.

The company logged an operating income of 96.2 billion won in the second quarter, swinging from an operating loss of 48.6 billion won a year ago.

The logo of Shinsegae Inc. (PHOTO NOT FOR SALE) (Yonhap)

During the three-month period, Shinsegae Department's sales rose 13 percent on-year to 399.7 billion won in the second quarter, according to a regulatory filing. The unit's operating profit increased to 47.4 billion, up from an operating income of 33.1 billion won a year ago.

E-Mart, the discount store chain of Shinsegae, registered 5.9 trillion won in sales, up 13 percent over the cited period. Its operating profit stood at 7.6 billion won, swinging from an operating loss of 47.4 billion won a year ago.

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