Korean Retailer Shinsegae Sees Upturn in Sales, Profits
One of the country's leading retailers, Shinsegae Co. recently announced its operating profit for the first three months of 2005 rose 23.4 percent year-on-year due to improved consumer spending.
Shinsegae's management noted that the retailer had sales of roughly $1.7 billion in the first quarter. That is up 10.2 percent year-on-year. Operating profit was nearly $145 million.
Shinsegae officials attributed the double-digit increase in both sales and operating profit to the good business performance of its newly opened discounter in southern Seoul,
Shinsegae is the operator of E-Mart, the country's top hypermarket chain, and Shinsegae department stores throughout the country.
"Brisk sales of high-margin products ahead of wedding season, such as clothes, electronics and furniture, also helped," an official said. "We predict the resuming of the use of BC cards at E-Mart outlets from the beginning of this month to become another source of sales increase in the future."
Shinsegae is also the operator of Starbucks Coffee in Korea.
Shinsegae's management noted that the retailer had sales of roughly $1.7 billion in the first quarter. That is up 10.2 percent year-on-year. Operating profit was nearly $145 million.
Shinsegae officials attributed the double-digit increase in both sales and operating profit to the good business performance of its newly opened discounter in southern Seoul,
Shinsegae is the operator of E-Mart, the country's top hypermarket chain, and Shinsegae department stores throughout the country.
"Brisk sales of high-margin products ahead of wedding season, such as clothes, electronics and furniture, also helped," an official said. "We predict the resuming of the use of BC cards at E-Mart outlets from the beginning of this month to become another source of sales increase in the future."
Shinsegae is also the operator of Starbucks Coffee in Korea.
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