SEOUL - Shinsegae Inc., a major South Korean retail corporation, reported a significant decrease in its net income for the third quarter of the year, falling short of market expectations.
According to Yonhap News Agency, the company's third-quarter net income stood at 61.8 billion won (US$47.4 million), which is a 34.6 percent decrease from the same period last year. The company's regulatory filing revealed that the operating income for the July-September period also declined by 13.9 percent on-year to 131.8 billion won. Moreover, sales saw a substantial decrease of 23.4 percent, totaling 1.49 trillion won.
This financial performance did not meet the expectations of market analysts. A survey by Yonhap Infomax, the financial data firm of Yonhap News Agency, had the average estimate for Shinsegae's net profit at around 66.7 billion won.