THE WHAT? AmorePacific has reported its results for the first quarter of the current financial year. The K-beauty behemoth said that weak sales in Asian markets resulted in net profit tumbling 25 percent to KRW132.2 billion compared to last year’s figures, according to a report published by Yonhap News.
THE DETAILS Operating profit dropped 13 percent to KRW171.2 billion while sales dipped 9 percent to KRW1.26 trillion versus the prior-year period.
THE WHY? AmorePacific said in a statement, per Yonhap News, “Decreased sales in China and other Asian markets had an impact on the quarterly bottom line amid the reemergence of the Covid-19 pandemic despite increased sales in North American markets.”