THE WHAT? Shinsegae has posted its largest Q2 operating profit on record, according to a report published by Pulse News.
THE DETAILS The Korean retailer reported an operating profit of KRW96.2 billion for the three months to June 30, a sharp increase on the KRW48.5 billion loss it posted in the same period in 2020.
Revenue was up a respectable 5.7 percent compared to the first quarter and 37.6 percent yoy, to KRW1.39 trillion. The retailer’s department store unit saw sales grow 15 percent while the fashion and beauty business put on 18.6 percent and duty-free soared 80.4 percent.
THE WHY? Shinsegae attributed its success in the second quarter to pent up demand for luxury goods and cosmetics after prolonged lockdowns.