SEOUL– Shinsegae, the operator of South Korea’s second-biggest department store chain, said Wednesday its first quarter net profit jumped 69 percent from a year earlier on improving consumer demand amid eased virus curbs.
Net profit for the three months ended in March rose to 150.93 billion won (US$118 million) from 89.22 billion won during the same period of last year, the company said in a statement.
“Increased sales at Shinsegae’s department store outlets, digitalization drive, and equity gains from its affiliates boosted the quarterly results amid hopes that COVID-19 will become an endemic disease,” the statement said.
Operating profit climbed 32 percent to 163.64 billion won in the first quarter from 123.58 billion won a year ago. Sales were up 34 percent to 1.77 trillion won from 1.32 trillion won, it said.
Source: Yonhap News Agency