Hyundai Department Store announced on the 11th that its consolidated operating profit for the past year was 284.2 billion won, a decrease of 6.4% compared to the previous year.
During the same period, sales decreased by 0.5% to 4.1876 trillion won. Operating profit for the fourth quarter of last year was 107.9 billion won, an increase of 12.4% compared to the same period the previous year. Sales increased by 3.5% to 1.1752 trillion won.
By institutional sector last year, the department store recorded sales of 2.4346 trillion won and an operating profit of 358.9 billion won, representing increases of 1.3% and 0.8% year-over-year, respectively. Despite sluggish domestic demand last year, the luxury, young fashion, and sports sectors achieved growth in sales, resulting in robust performance. Among major domestic department stores, Hyundai Department Store was the only one to see an increase in operating profit last year.
The duty-free shop recorded sales of 97.21 billion won, a decrease of 2.6% compared to the previous year, due to ongoing poor performance at city locations. Operating losses improved by 2.88 billion won to reach 2.88 billion won. The improvement in operating losses is attributed to the effects of expanding airport operations.
ZINUS recorded an operating loss of 5.3 billion won last year, marking a turnaround into the red. Sales also fell by 3.3% to 92.04 billion won. The simultaneous contraction in revenue and profitability was caused by delays in new product orders for the depletion of existing inventory and increasing joint promotion costs.