Shared from Business of Fashion
The retail behemoth saw $80.7 million in consolidated net profit for the period that ended Dec. 31 – an increase of $54.4 million year-on-year.
That improvement helped convert a full-year loss of $57.8 million in 2020 to a profit of $327 million last year. Annual sales rose by 32.4 percent to $5.28 billion.
Sales at the company’s fashion and lifestyle division, Shinsegae International, rose by 9.7 percent in its latest quarter, driven by a 22 percent lift in apparel sales and 25 percent in cosmetic sales.
The Shinsegae Department Store arm achieved a 25.6 percent increase in sales to $533 million, fuelling a 59.1 percent profit lift to $117.3 million. Sales of luxury goods rose by 41.9 percent and of overseas fashion labels were up by 32.5 percent year-on-year.
Shinsegae’s share price closed the day up by 3.02 percent on Wednesday, exceeding the Korea Composite Stock Price Index’s gain of 0.81 percent.
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Images and Article from Business of Fashion