Overview
- Shinsegae, which reported results Tuesday, booked net profit of 145.4 billion won for Q1, up 88.5%, with operating profit at 197.8 billion won that topped analyst estimates.
- Foreign shopper spending drove the gains, with 4.76 million visitors to South Korea in Q1, up 23%, and Shinsegae reporting about 90% growth in foreign sales at its department stores.
- The department store unit led performance, supported by revamped spaces and luxury pop-ups, while the Myeong-dong flagship saw overseas-customer sales surge about 140% on year.
- The duty-free business returned to profit, posting 10.6 billion won in operating income on 589.8 billion won in revenue as international travel recovered.
- The board approved a first-ever quarterly dividend of 1,300 won per common share, and media reports diverged on total Q1 sales, with Yonhap at 1.84 trillion won versus roughly 3.2 trillion won in other accounts.