10 May 2022
The Weekly
South Korea

Hyundai Department Store realised a 75.4-bn-won ($59mn) net profit in the first quarter, up 35.1% on year, as shoppers returned. Revenue rose 36.8% on year to 934.4bn won. Sales from its department store division rose 9.2% on year to 543.3bn won due to shopping demand rising as daily Omicron cases fell. Operating profit rose 35.2% to 102.7bn won thanks to more purchases of clothes and sportswear, products with a high profit margin that had less demand during the past few years due to less people going outside. The duty-free division’s sales jumped 97% on year to 424.3bn won, with sales of imported cosmetics leading the increase. Despite the rise, its operating loss grew 25% to 14bn won, compared to an operating loss of 11.2bn won the previous year. The company said its operating margin was affected by the Shanghai lockdown and rising Covid-19 cases in China discouraging international travel.