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(LEAD) Lotte Shopping swings back to Q2 profit

Industry 19:35 August 05, 2022

(ATTN: UPDATES throughout)

SEOUL, Aug. 5 (Yonhap) -- Lotte Shopping Co. shifted to a net profit for the second quarter, as its department stores and cinema business recovered from a pandemic-driven slump, the company announced Friday.

In a regulatory filing, the retail giant reported a net profit of 45.5 billion won (US$35 million) for the April-June period, after a net loss of 34.5 billion won a year earlier.

Sales were unchanged at 3.9 trillion won, but its operating profit surged 882 percent from a year earlier to 74.4 billion won, helped by drastic business restructuring and sales growth in its department stores and cinema business due to eased COVID-19 protocols.

Lotte Shopping operates the country's biggest department store chain and the second-biggest large discount store chain, in terms of sales.

By business sectors, its department stores reported 104 billion won in operating profit, up 68.5 percent from a year before.

Its discount store unit, consisting of Lotte Mart, and LOHBS health and beauty stores, saw operating losses shrink from 26 billion won to 7 billion won during the same period.

Its e-commerce unit, Lotte ON, saw operating losses widen from 32 billion won to 49 billion won, largely due to an increase in expenses.

The company's shares rose 1.57 percent on the main bourse Friday, closing at 97,000 won. Its earnings results were released after the stock markets closed.

(LEAD) Lotte Shopping swings back to Q2 profit - 1

fairydust@yna.co.kr
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