Hyundai Department Store announced on the 9th that its consolidated operating profit for the first quarter of this year amounted to 112.5 billion won, a 63.3% increase compared to the same period last year.
During the same period, sales totaled 1 trillion 98.1 billion won, marking a 15.4% increase compared to the same period last year.
Hyundai Department Store reported that its separate operating revenue and operating profit for the first quarter of this year were 589 billion won and 97.2 billion won, respectively.
This represents a decrease of 0.8% and 5.7%, respectively, compared to the same period last year.
The separate sales of its duty-free shops reached 293.5 billion won, indicating a 22.1% increase compared to the same period last year.
During the same period, the operating loss was recorded at 1.9 billion won, reducing the loss by 3.2 billion won compared to the previous year.
ZINUS reported sales of 249.9 billion won for the first quarter, a 64.2% increase compared to the same period last year. During the same period, the operating profit was recorded at 27.5 billion won, marking a return to profitability.
A representative from Hyundai Department Store noted, "Despite the economic downturn, the sales of high-end luxury items, such as watches and jewelry, have been growing rapidly, allowing sales to remain at a level similar to last year," adding, "In particular, the significant improvement in the performance of subsidiaries, including the duty-free shop and ZINUS, led to substantial increases in consolidated sales and operating profit."
He further stated, "Following ZINUS's return to profitability in the fourth quarter of last year, the company also maintained strong performance in the first quarter of this year due to the expansion of mattress demand from major customers in the U.S. and business restructuring such as inventory efficiency and expense improvements."