Seoul: Hyundai Department Store has reported a significant decline in its first-quarter net profit, with earnings falling to 64.9 billion won (US$44.6 million), marking a 26.5 percent decrease compared to the same period last year.
According to Yonhap News Agency, the luxury retailer's operating profit for the January-March period was 98.8 billion won, reflecting a 12.2 percent drop from the previous year. Additionally, the company's total sales decreased by 13.5 percent, amounting to 950.1 billion won.
The financial results did not meet market expectations, as analysts had predicted an average net profit of 72.6 billion won, based on a survey by Yonhap Infomax, the financial data arm of Yonhap News Agency. This discrepancy highlights the challenges faced by Hyundai Department Store amidst changing market conditions.