11 August 2021
The Weekly
South Korea

Lotte Shopping reported a 34.52-bn-won ($30mn) net loss in the second quarter (April-June), a significant improvement from the 199-bn-won loss a year earlier.  Sales were down by 3.5% during the same period to 3.9tn won. Lotte Shopping runs Lotte Department Store, Lotte On e-commerce app, Lotte Mart discount stores and Lotte Hi-Mart household electronics shops. Department store sales rose 10% in the first half to 1.4tn won, while the discount store sales declined 7.5% to 2.9tn won. E-commerce sales fell by 30% to 56bn won.  Lotte Shopping said the transaction amount and traffic increased on its Lotte On app, but sales fell due to a “change of accounting standards.” Lotte Shopping plans to open a new department store in Dongtan, Gyeonggi, on Aug. 20.