12 May 2021
The Weekly
South Korea

Lotte Shopping's first-quarter net losses narrowed from KRW43.3bn (US$ last year to KRW 40.6bn (US$ 36mn) this year on recovering department store sales. Consumer sentiment for luxury goods recovered after a year into the coronavirus pandemic. However, sales remain sluggish at Lotte's large discount store chains and supermarket chains. The retail giant's operating income soared 18.5% to 61.8bn won in the first quarter from last year's 52.1bn won. Sales dropped 4.8% from 4.07tn won last year to KRW 3.88tn (US$ 3.37bn) this year. The company's operating profit was 57.1%.

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