Business · Companies · 2 hrs ago
Lotte Shopping’s third-quarter operating profit rose 34.5%
Lotte Shopping reported higher third-quarter revenue and operating profit compared with the same period last year.
The South Korean retailer said revenue was 3.6532 trillion won, up 7.1%.
Operating profit rose 34.5% to 175.6 billion won, largely as department stores became more profitable.
Net profit was 142.4 billion won, compared with a net loss of 48.7 billion won a year earlier.
The results broadly matched market expectations, according to the report.
The company gave no details about what it expects next.
Lotte Shopping’s third-quarter operating profit rose 34.5% year on year to 175.6 billion won.
Revenue increased 7.1% to 3.6532 trillion won.
Net profit was 142.4 billion won, compared with a loss in the same quarter a year earlier.
Department stores recorded their highest third-quarter revenue, while profit also improved at the mart, home-shopping and Cultureworks businesses.
The company attributed the results to stronger department-store performance, recovering profitability in major businesses and improvements at subsidiaries.
- Who
- Lotte Shopping.
- What
- Its third-quarter operating profit rose 34.5% year on year to 175.6 billion won.
- When
- The third quarter; the results were announced on November 6.
- Where
- Not stated.
- Why
- Higher department-store revenue and improved profitability at the mart, home-shopping and Cultureworks businesses contributed.
This story does not have two clearly opposing sides.
Lotte Shopping recorded revenue of 3.6532 trillion won and operating profit of 175.6 billion won.
Lotte Shopping announced its third-quarter results.
- Operating profit
- 175.6 billion won, up 34.5% year on year
- Revenue
- 3.6532 trillion won, up 7.1% year on year
- Net profit
- 142.4 billion won; returned to profit
- Department-store revenue
- 808.1 billion won, a record for the third quarter
- Mart operating profit
- 21.6 billion won, up 87.5% year on year
What people are saying
Strong performance at department stores at home and abroad, profitability recovery in major businesses such as marts, and the results of subsidiaries’ structural improvements came together to achieve meaningful growth and improved profits in the third quarter.
We will continue to strengthen the fundamental competitiveness of our core businesses and pursue ongoing structural improvements to sustain stable growth.