THE WHAT? LG Household & Health Care has posted record earnings, revenue and profit for the first quarter of the financial year, according to a report published by Pulse News.
THE DETAILS Operating profit was up 3.6 percent year-on-year in the January to March period to hit KRW333.7 billion, while net profit leapt 75 percent on quarter and 3.7 percent on year to KRW234.2 billion. Sales were up 1.2 percent versus the same period last year to total KRW1.9 trillion.
Stellar sales of hand sanitizers, hand wash and wipes saw the HPC unit gain an impressive 50.7 percent on last year in operating profit and 19.4 percent in sales.
Cosmetics sales, however, were down 6.4 percent to KRW1.07 trillion as travel retail sales dwindled to nothing. There were highlights, however, with premium brand su:m’s Summa line, OHUI’s The First collection and derma cosmetics marque CNP all posting growth in the double digits.
THE WHY? The K-beauty behemoth attributed its success to strong demand for hygiene products as consumers seek to protect themselves from COVID-19.