12 August 2020
The Weekly
South Korea

Lotte Shopping reported KRW4.05tn ($3.42bn) in sales in the second quarter, down 9.2% on year. It swung to a KRW199bn net loss in the April-June period from a KRW76.9bn net profit in the same quarter last year. Its operating profit was down 98.5% to KRW1.39bn. Lotte Shopping said sales at department stores have started showing recovery. Sales at electronics store Lotte Hi-Mart also increased compared to the same period a year earlier, as did home shopping sales. Department store sales stood at KRW667bn in the second quarter, down 12.3% on year, but operating profit rose 54% compared to the previous quarter to KRW43.9bn due to the popularity of luxury items.