Shinsegae hits record Q1 figures in shopping sectors
3 Articles
3 Articles
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 store…
Shinsegae recorded its highest-ever performance in the first quarter of this year. The department store business, which achieved double-digit growth compared to the same period last year driven by an increase in foreign tourists, led the group's overall results. On the 12th, Shinsegae announced that it recorded consolidated sales of 3.2144 trillion won and an operating profit of 197.8 billion won in the first quarter of this year. These figures …
[Digital Daily Reporter Jang Joo-young] Major department stores collectively posted strong results in the first quarter of this year, driven by an increase in foreign tourists and a recovery in luxury and fashion consumption. While expanded purchasing power from foreigners due to the weak won and increased sales of high-margin fashion products drove these performances, the department store industry is also accelerating competition to secure VIP …
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