"Quarterly Record High Sales" Hyundai Department Store, Q2 Operating Profit 71.2 Billion KRW... Up 23.5% (Update)

Q2 Consolidated Sales 1.1252 Trillion Won... Up 30.3%
Exceeds Market Consensus (992.9 Billion Won) by Over 130 Billion Won
Impact of Social Distancing Easing and Consumer Sentiment Recovery, Increased Sales in Fashion and Cosmetics
The Hyundai Seoul in Its 2nd Year Shows Strong Performance, Achieves Quarterly Breakeven Point

The Hyundai Seoul.

[Asia Economy Reporter Yuri Kim] Hyundai Department Store achieved the highest quarterly sales ever, surpassing market expectations for the second quarter of this year.

On the 11th, Hyundai Department Store announced that its consolidated operating profit for the second quarter of this year was 71.2 billion KRW, a 23.5% increase compared to the same period last year. Sales during the same period rose 30.3% to 1.1252 trillion KRW. Net profit was 53.7 billion KRW, up 11.2%. Operating profit met market consensus (estimates), and sales exceeded estimates (992.9 billion KRW) by more than 130 billion KRW.

During this period, the department store division's operating profit for the second quarter was 85 billion KRW, a 30.2% increase compared to the same period last year. Sales increased 8.3% to 588.8 billion KRW. The duty-free division recorded an operating loss of 13.8 billion KRW. Sales rose 62.6% to 570.3 billion KRW.

The cumulative consolidated operating profit for the first half of this year was 160.1 billion KRW, a 30.5% increase compared to the same period last year. Sales increased 33.1% to 2.0596 trillion KRW.

A Hyundai Department Store official said, "Due to the easing of social distancing and the recovery of consumer sentiment, sales of fashion, cosmetics, and handbags increased noticeably, resulting in the highest quarterly sales ever." He added, "In particular, The Hyundai Seoul has attracted great attention from the MZ generation (Millennials + Generation Z) and, as a store in its second year since opening, has unusually achieved a quarterly break-even point, showing results beyond expectations."