Hyundai Home Shopping Reports Q2 Operating Profit of 30.2 Billion Won, Down 9.9% Year-on-Year

Standalone Operating Profit Up 4.5% Year-on-Year
Expanded Programming of High-Margin Products Such as Fashion Accessories and Food

Hyundai Home Shopping announced on August 6 that, on a consolidated basis, its operating profit for the second quarter of this year was tentatively tallied at 30.2 billion won, a decrease of 9.9% compared to the same period last year.

During the same period, sales amounted to 923.8 billion won, down 2.9% year-on-year, while net profit for the period was 28.7 billion won, an increase of 2.2% compared to the previous year.

On a separate basis, Hyundai Home Shopping's operating profit for the second quarter was 22.2 billion won, up 4.5% from the same period last year. Sales for the same period were 274.1 billion won, a decrease of 0.5% year-on-year.

This is attributed to the increased programming of high-margin products such as fashion accessories and food. A Hyundai Home Shopping representative stated, "In response to changing customer trends, we reduced the proportion of high-priced products such as home appliances and expanded the programming and sales of beauty, fashion accessories, and food items." The representative added, "Through more efficient product operations, operating profit on a separate basis increased." The representative further explained, "On a consolidated basis, however, both sales and operating profit declined due to sluggish performance at subsidiaries, which was caused by a downturn in the construction market and abnormal weather conditions."