Shinsegae's Q1 OP jumps 37 times on pent-up spending at department store

Shinsegae’s consolidated first-quarter operating income hit a fresh record of 123.6 billion won ($109 million), up a whopping 37 times from a year ago, as pent-up demand boosted sales at its department stores and fashion retail operations. Department store division’s income tripled on year to an all-time quarterly best of 82.3 billion won, and even duty-free business delivered 23.1 billion won in profit despite a plunge in big-spending foreign tourists thanks to a fall in travel retail outlet rent expenses at airport following an adjustment in terms. The company’s overall revenue was 1.3 trillion won, up 10.3% on year.

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