Shinsegae extends record sales streak to 7 qtrs on brisk luxury fashion sales

[Provided by Maekyung Media Group]

Shinsegae extended record sales streak to the seven quarters in the third quarter led by robust growth of luxury fashion and items sales. The South Korean retail giant reported Wednesday its third-quarter sales jumped 4.2% on quarter and 17.3% on year to 1.96 trillion won ($1.4 billion). Operating income came at 153.0 billion won, down 18.3% on quarter but up 49.4% on year. Department business reported 109.4 billion won in operating income over sales of 609.6 billion won, up 50.5% and 19.8%, respectively, on year, led by strong fashion and golf apparels sales. Duty-free business reported 7.5% on year gain in sales as international travel began to recover. Shares of Shinsegae are trading at 212,000 won apiece, same as the previous day’s closing, on Tuesday morning in Seoul.

By Pulse