AmorePacific Q2: profit shifts to loss as sales fall 19.6 percent

AmorePacific Q2: profit shifts to loss as sales fall 19.6 percent

THE WHAT? AmorePacific Group has reported its results for the second quarter of fiscal 2022. The K-beauty behemoth saw its Q2 2021 net profit of KRW59.2 billion wiped out for a net loss of KRW37.2 billion in Q2 2022 (-37.2 percent).

THE DETAILS Sales dropped 19.6 percent on the prior-year period to KRW945.7 billion with both domestic and overseas reporting decreases of 15.4 percent and 33.2 percent respectively. There were a couple of bright spots on the horizon, however, with Europe revenue rising 15 percent and North America sales growing by 66 percent.

THE WHY? AmorePacific said that its domestic business suffered as travel retail sales declined due to the resurgence of COVID-19 within China. Similarly, the overseas unit was affected by a decline in China revenue; China accounts for more than 50 percent of its Asia sales.

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