10 February 2021
The Weekly
South Korea

Lotte Shopping reported a KRW 670.94bn (US$660mn) net loss last year, 17.8% less than a year earlier. Its annual revenue was down 8.8% on year to KRW16.08tn (US$14bn). Lotte Hi-Mart and Lotte Home Shopping grew as people spent more time at home since the Covid-19 outbreak, while Lotte Cultureworks, the entertainment unit of the company, suffered a major blow from the as pandemic kept people away from movie theatres. Revenue for department store businesses declined 15.2% on year to KRW 2.66tn (US$2.5bn). Lotte Shopping said the Covid-19 outbreak and a fiercer retail environment, both online and offline, contributed to its aggravated earnings. Lotte vowed to strengthen its online business while trying to improve profitability in the offline business.