Shinsegae Reports 2% Increase in Q1 Total Sales... Operating Profit at 132.3 Billion Won

Operating Profit Drops 19% Due to Sluggish Consumer Spending

Shinsegae announced on May 13 that its consolidated total sales for the first quarter of this year reached 2.878 trillion won, marking a 2.1% increase compared to the same period last year.

Net sales, after deducting discounts and returned sales, stood at 1.6658 trillion won, representing a 3.81% increase year-on-year. Operating profit was 132.3 billion won, a decrease of 19%. Net profit for the period was approximately 77 billion won, down about 40%.

A Shinsegae representative stated, "Despite a challenging business environment and expenditures for investments aimed at strengthening our core business competitiveness and future growth, we maintained an operating profit of over 100 billion won." The representative added, "We will continue to pursue solid growth through structural improvements at each affiliate."