Shinsegae hits record Q1 figures in shopping sectors

Shinsegae Group posted record first-quarter sales and operating profit, driven by a surge in spending from foreign visitors across its businesses. According to the retailer on Tuesday, the group reported sales of 3.21 trillion won ($2.16 billion) and operating profit of 198 billion won, up 11.7 percent and 49.5 percent from a year earlier, respectively. Spending by international customers across the group’s operations — spanning department stores, duty-free shops, fashion, beauty and lifestyle brands — more than doubled from a year earlier to exceed 1 trillion won. At the main branch of Shinsegae Department Store in central Seoul, sales to foreign shoppers jumped 140 percent on-year. The company attributed the increase to the global boom in K-culture, which has been drawing more tourists to its luxury retail destinations. Department stores remain the core growth engine for Shinsegae Group. Operating 13 locations nationwide, Shinsegae Department Store recorded sales of 2.26 trillion won and operating profit of 141 billion won, up 13 percent and 30.7 percent on-year, respectively. TheWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times