Samsung C&T Fashion Division Sees 36.5% Drop in Q2 Operating Profit Year-on-Year

Sales Revenue at 510 Billion KRW... Down 0.6% Year-on-Year
"Impact of Sluggish Domestic Fashion Consumption Continues"

On July 30, Samsung C&T Fashion Division announced that its operating profit for the second quarter was 33 billion KRW, marking a 36.5% decrease compared to the same period last year. Sales revenue was reported at 510 billion KRW, which is a 0.6% decrease year-on-year.

Samsung C&T explained that the decline in domestic fashion consumption due to the economic downturn affected both sales and operating profit.

Meanwhile, Samsung C&T has recently been seeking to improve its performance through overseas expansion. The SPA brand '8Seconds' opened its first and second stores in Manila, Philippines this month. The company plans to open a third store in the second half of the year.

Samsung C&T is accelerating its entry into the Southeast Asian market through a partnership with local major distributor Suyen.

A Samsung C&T representative stated, "Recently, consumer sentiment has been recovering, and we expect to recover our performance in the second half of the year through strengthening product competitiveness of key brands and enhancing marketing efforts."