10 November 2022
The Weekly
South Korea

Lotte Department Store's revenue rose 17.3% on year to 769bn won($562mn), and its operating profit rose to 109bn won($79.7mn) from an operating loss of 21bn won($15mn) in the same quarter last year. High sales of fashion items, including women’s wear and international designer products, drove the rise in sales. Sales from branches in China fell 22.5% to 5bn won($3.6mn) as stores had to be temporarily closed from Aug. 29 to Sept. 15 due to Covid-19. The fall, however, was offset by sales from its branches in other countries. Sales from Indonesia rose 152.4% to 5bn won($3.6mn), and those from Vietnam grew 318.8% to 5bn won($3.6mn). The surging sales were mainly due to the reopening of stores in Indonesia and Vietnam in the third quarter, which were both temporarily shut down for some part of the third quarter last year.


Lotte Department Store is part of Lotte Shopping which runs various retail and entertainment brands including also Lotte Cinema, Lotte Mart and Lotte On. Lotte Shopping logged a net loss of 95.1bn won ($67.1mn) in the third quarter, compared to a net profit was 305.8bn won ($223mn) in the same period a year earlier. The loss is largely due to the low performance of its electronics goods retailer Lotte Himart. Lotte Shopping reported revenue of 4.01tn won($2.6bn), up 0.2% on year. Sales at Lotte Cultureworks, which operates Lotte Cinema, rose 139% to 188bn won($137mn). The operating profit was 21bn won($15mn), compared to a 32bn won($23mn) operating loss in the same quarter last year. The hypermarket division, which includes Lotte Mart and Lohbs, logged sales of 1.56tn won($1.1bn), up 5.3%. Its operating profit was 32bn won($23mn), up 178.6% on year. Lotte On e-commerce business reported sales of 25bn won($18mn), up 4.2% on year. Operating loss was 38bn won($27.7mn), compared to a 46bn won($33.6mn) operating loss the previous year.