Lockdowns lead to weak sales for AmorePacific; Q1 profit down 25 percent yoy

Lockdowns lead to weak sales for AmorePacific; Q1 profit down 25 percent yoy

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.”

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