Lotte Wellfood Q1 Operating Profit 37.3 Billion KRW... Up 100.6% YoY

Domestic Gownga Inventory Depletion and Global Business Performance
Sales 951.1 Billion KRW...0.9% Decrease
"Impact of Management Rationalization After Confectionery and Food Integration"

Lotte Wellfood announced on the 3rd that its consolidated operating profit for the first quarter of this year was tentatively estimated at 37.3 billion KRW, a 100.6% increase compared to the same period last year. During the same period, sales decreased by 0.9% to 951.1 billion KRW, while net profit increased to 20.1 billion KRW.

Lotte Wellfood Headquarters
[Photo by Lotte Wellfood]

A Lotte Wellfood official explained, "In the domestic business, profits increased due to the depletion of high-cost inventory, and in the global business, operations in India and Kazakhstan showed results." He added, "Sales decreased due to management rationalization following the integration of Lotte Confectionery and Lotte Food."

Previously, Lotte Confectionery absorbed Lotte Food on July 1, 2022, and changed its company name from Lotte Confectionery to Lotte Wellfood in April last year.