Shinsegae Posts Record Q2 Operating Profit on Strong Luxury Demand

The South Korean retail giant recorded 96.2 billion won (USD 83 million) in operating profit for its fiscal quarter ending June, a U-turn from the 48.5 billion won (USD 41.5 million) in losses it suffered during the same period last year, Pulse News reports.

The group saw revenue hit 1.39 trillion won (USD 1.2 trillion) — a 5.7 % increase from Q1 and 37.6 % surge year-on-year. Its department store arm also reported its largest-ever second quarter operating profit; revenue was up 15 % due to high demand for luxury and fashion.

Meanwhile, its fashion arm Shinsegae International, which distributes the likes of Celine, Acne Studios and Stella McCartney locally, saw sales of cosmetics and overseas fashion brands jump 44.6 % and 15.9 % respectively.

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