"Poor Winter Clothing Sales" GS Home Shopping Reports Operating Profit of 120.1 Billion KRW Last Year... Down 12.6% (Update)

Warmer Weather Than Usual

Decline in Winter Clothing Sales

4th Quarter Operating Profit Down 28.6%

[Asia Economy Reporter Lim Hye-sun] GS Home Shopping announced on the 14th that its operating profit for last year recorded 120.1 billion KRW, a 12.6% decrease compared to the previous year. Sales increased by 11.3% to 1.1946 trillion KRW, but net profit decreased by 11.6% to 106.6 billion KRW.

Looking at the 4th quarter alone, operating profit was 29.4 billion KRW, down 28.6% compared to the same period last year. This was due to somewhat sluggish winter clothing sales caused by warmer-than-usual winter weather. Sales increased by 10.2% to 328.5 billion KRW.

Annual transaction volume reached 4.2822 trillion KRW, a 0.8% increase compared to the previous year. By channel, mobile shopping transaction volume led overall growth with 2.2946 trillion KRW, up 14.3%. The share of mobile shopping in total transaction volume reached 53.6%. During the same period, TV shopping transaction volume decreased by 7.4% to 522.4 billion KRW.

GS Home Shopping has shifted its business capabilities to focus on mobile in response to changing customer needs and shopping trends. On an annual basis last year, mobile transaction volume surpassed TV shopping for the first time and has continued to grow steadily. The GS Home Shopping mobile app has been downloaded 35 million times (excluding duplicates).