Shinsegae Premium Outlet saw both sales and operating profit rise last year on the back of increased foreign customer traffic. Net profit posted a double-digit growth rate.
Shinsegae Simon, which operates Shinsegae Premium Outlet, said on the 10th that last year's operating profit rose 7.7% year over year to 101.4 billion won. During the same period, sales increased 8.1% to 235.5 billion won, and net profit climbed 27.7% to 66.9 billion won.
The results appear to reflect an increase in foreign customer inflows centered on suburban outlets. In particular, demand is rising for the Yeoju Premium Outlet one-day tour product, which is being operated in partnership with a travel platform.
Launched last year, the product has increased its frequency from twice a week to three times a week starting this year. The number of users was about 10 times higher last month compared with April last year, the first month of operation.