Shinsegae International Reports Q2 Operating Profit of 38.7 Billion KRW... "Profit Improvement Through Business Efficiency" (Update)

[Asia Economy Reporter Song Seung-yoon] Shinsegae International announced on the 10th that its consolidated sales for the second quarter of this year were tentatively estimated at 383.9 billion KRW, a 12.7% increase compared to the same period last year. Operating profit increased by 46% to 38.7 billion KRW.

Thanks to business efficiency improvements carried out since last year, profits have significantly improved, and for the first time, both second-quarter sales and operating profit exceeded the first quarter's results. Sales and operating profit in the first quarter were 352.2 billion KRW and 33.1 billion KRW, respectively.

A Shinsegae International official said, "July is continuing the positive momentum from the first half of the year, so we are expecting strong third-quarter results as well," adding, "We will continuously discover new brands to create a virtuous cycle of brands and invest the profits gained from imported brands into nurturing our own brands to establish a solid growth foundation."