SEOUL, Shinsegae, the operator of South Korea’s second-biggest department store chain, said Wednesday its first-quarter net profit rose 0.8 percent from a year earlier on equity gains from its affiliates.
Net profit for the three months ended in March rose to 129.6 billion won (US$95 million) from 128.58 billion won during the same period of last year, the company said in a statement.
“Increased shareholding gains from (Shinsegae’s) online shopping channel, sleeping gear firm, and other affiliates propped up the bottom line. The department store division also posted robust sales in the past quarter,” a company spokesperson said.
Operating profit rose 7 percent to 163 billion won in the first quarter from 152.41 billion won a year ago. Sales were up 2.6 percent to 1.6 trillion won from 1.56 trillion won.
Faced with a growing demand for online shopping platforms, Shinsegae will focus on improving synergies between its existing Shinsegae Department Store outlets and the department store’s online malls, the
statement said.