Seoul: Shinsegae Inc., the operator of South Korea's major department store chain, reported a significant rise in its second-quarter net income, reaching 107 billion won (US$75.7 million). This marks an increase of 1186.7 percent compared to the same period last year.
According to Yonhap News Agency, Shinsegae's operating income for the April-June period was recorded at 167.1 billion won, reflecting a 121.8 percent increase from a year ago. Additionally, the company's sales rose by 5.1 percent, totaling 1.78 trillion won.
The retailer's earnings surpassed market expectations, with the average net profit estimate by analysts being 51 billion won. This estimate was derived from a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.