SEOUL – E-Mart Inc. reported a significant decrease in its net profit for the third quarter of 2023. The company's net profit fell to 20.1 billion won (US$15.2 million), marking an 83.8 percent decline from the same period last year.
According to Yonhap News Agency, the company's regulatory filing, E-Mart's operating profit for the July-September period also decreased, reaching 77.9 billion won, a 22.6 percent drop from a year ago. However, the company's revenue remained stable, recording 7.7 trillion won, unchanged from the previous year. The sharp decline in net profit and operating profit highlights the challenges E-Mart is facing in a dynamically changing retail environment.