Hyundai Home Shopping's Q3 Operating Profit Up 26.6% Year-on-Year... "Driven by Expanded Food and Jewelry Sales"

Standalone Operating Profit Soars 79.9% Year-on-Year
"Driven by Expanded Sales of Food and Jewelry"

Hyundai Home Shopping's operating profit for the third quarter of this year increased, driven by expanded sales of food and jewelry.

According to the Financial Supervisory Service’s electronic disclosure system on November 5, Hyundai Home Shopping announced that its consolidated operating profit for the third quarter of this year-including Hyundai Home Shopping, Hyundai L&C, Handsome, and Futurenet-was provisionally tallied at 24.8 billion won, up 26.6% from the previous year. In contrast, revenue for the same period was 873.9 billion won, down 2.7% year-on-year.

On a separate basis, Hyundai Home Shopping’s third-quarter operating profit surged 79.9% year-on-year to 16.3 billion won. During the same period, sales rose 3.3% to 264.3 billion won.

This is attributed to a shift in programming strategy that expanded sales of food and jewelry. A Hyundai Home Shopping representative explained, “Operating profit on a separate basis increased significantly due to a change in programming strategy that expanded sales of food and jewelry in line with changing customer trends.”

The representative added, “On a consolidated basis, although revenue declined slightly due to sluggish performance at subsidiaries affected by the downturn in the construction market and weakening consumer sentiment, operating profit increased thanks to improved earnings at Hyundai L&C.”