AmorePacific Q4 2023: Operating profit plummets 63.7 percent to KRW20.7 billion

AmorePacific Q4 2023: Operating profit plummets 63.7 percent to KRW20.7 billion

THE WHAT? AmorePacific has announced its results for the fourth quarter of fiscal 2023. The K-beauty behemoth saw revenue drop 14.9 percent to KRW926 billion while operating profit plummeted 63.7 percent to KRW20.7 billion.

THE DETAILS Both the Domestic and Overseas units lost ground, with revenue down 11.6 percent yoy for the former and for the latter, diving 18.3 percent.

THE WHY? AmorePacific revealed that, on the domestic front, while its multi-brand shop channel sales posted more than 50 percent growth, travel retail experienced a double-digit decline. Meanwhile, the overseas business continued to be hit by loss from the China business.

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