GS Retail Reports Q2 Operating Profit of 47.4 Billion KRW, Up 10.8% YoY (Comprehensive)

[Asia Economy Reporter Lim Chunhan] GS Retail announced on the 9th that its consolidated operating profit for the second quarter of this year was tentatively estimated at 47.4 billion KRW, a 10.8% increase compared to the same period last year.

Sales increased by 23.2% year-on-year to 2.8169 trillion KRW, and net profit rose 77.6% to 45.1 billion KRW.

By business segment, convenience store sales amounted to 1.9532 trillion KRW, up 7.6% year-on-year, and operating profit increased by 600 million KRW to 66.9 billion KRW. GS Retail explained that sales increased due to the recovery of daily sales at existing stores and the increase in new stores.

Supermarket sales rose 5.3% year-on-year to 313.3 billion KRW, while operating profit decreased by 2.8 billion KRW to 300 million KRW. The decline in operating profit was due to increased consumable expenses and advertising promotion costs related to Yogiyo.

Home shopping transaction volume grew 2.9% year-on-year to 1.2108 trillion KRW. Operating profit increased by 400 million KRW to 32.1 billion KRW despite a sharp rise in transmission fees.

Parnas Hotel sales increased 55.5% year-on-year to 81.8 billion KRW, and operating profit rose by 15.6 billion KRW to 8.1 billion KRW. This is attributed to increased food and beverage and banquet sales following the lifting of social distancing measures.