SEOUL - Lotte Himart Co., the electronics sales arm of South Korea's Lotte Group, has reported a significant reduction in its net losses for the year 2023. The company's focus on high-end products has been credited with improving its financial performance.
According to Yonhap News Agency, Lotte Himart's net losses for 2023 totaled 27.2 billion won (approximately US$20 million), a marked decrease from the 527.9 billion won loss in 2022. This improvement was attributed to increased sales of value-added home appliances and private-brand products, which bolstered the company's bottom line despite a decline in overall sales due to an economic slowdown. Additionally, the company reported a shift to an operating profit of 8.22 billion won, compared to an operating loss of 52 billion won in the previous period, even as sales fell 22 percent to 2.61 trillion won from 3.34 trillion won.