On the 13th, Shinsegae announced that its first-quarter consolidated revenue and operating profit were recorded at 1.666 trillion won and 132.3 billion won, respectively.
In comparison to the same period last year, revenue increased by 3.81%, while operating profit decreased by 18.81%.
Net profit for the period was 77.1 billion won, a decrease of 40.52% compared to the same period last year.
The slight decrease in operating profit was largely due to the unfavorable conditions of the duty-free shop industry. Additionally, the drop in sales for Shinsegae International (SI) fashion was attributed to weather and consumer sentiment.
In the case of department stores, revenue matched last year's peak in the first quarter, while operating profit decreased compared to the previous year.
A Shinsegae department store official noted, “Rather than increasing short-term operating profit by cutting short-term expenses, we have made investments for the future, such as the renovation of the Gangnam store’s food court and the main store, despite the difficult business environment,” adding, “We are continuing to invest for the future even amid the challenging market.”