South Korean retailer Lotte Shopping expects profits to rise almost 9% this year as the business continues to expand at home and abroad.
The company yesterday (11 March) forecast an 8.9% increase in net profit in 2010 to KRW780bn (US$691.2m).
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The retailer, which is digesting two significant acquisitions made in the last four months, is targeting an 11.5% rise in turnover to KRW13.4trn.
In January, Lotte won the race to buy local convenience store chain Buy The Way for around KRW275bn.
The acquisition of Buy The Way came a month after Lotte won regulatory clearance in China for its HK$4.87bn (US$627.7m) purchase of local supermarket group Times.
Lotte is planning to spend KRW2.3trn on capital expenditure in 2010 to boost its store networks in South Korea and overseas.
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By GlobalDataIn China, Lotte is planning to open 13 stores, taking its estate in the country to 92 outlets. The retailer is also planning openings in Indonesia and Vietnam.
