Lotte Shopping posted strong second-quarter results, but the stock is plunging 14% on the 7th after missing market expectations.
As of 9:40 a.m. on the day, Lotte Shopping is trading at 97,800 won on the Korea Exchange, down 16,700 won (14.59%) from the previous session.
Lotte Shopping said second-quarter consolidation revenue was 3.485 trillion won and operating profit was 89.9 billion won. Those figures rose 4% and 121.2%, respectively, from a year earlier.
The increase was driven by higher department store sales. The department store division's revenue rose 9.2% on-year to 891.2 billion won. Operating profit jumped to 119.7 billion won. Revenue in the mart institutional sector and home shopping institutional sector also increased 2.6% and 3.3%, respectively, from a year earlier.
However, the stock is falling on the day after missing market expectations. The market had expected Lotte Shopping's second-quarter operating profit to reach 113.3 billion won. The result fell 20.65% short of the consensus.