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May 19, 2011

SOUTH KOREA: Lotte profits jump 13% on sales gains

South Korean retailer Lotte Shopping has booked a 13% jump in first-quarter profits, boosted by a strong sales and operating performance.

South Korean retailer Lotte Shopping has booked a 13% jump in first-quarter profits, boosted by a strong sales and operating performance.

The company revealed yesterday (18 May) that net profit rose to KRW354.5bn (US$326m) in the three months to 31 March, up from KRW314.3bn a year earlier.

Operating profit at the multi-channel retailer rose 24% to KRW379.5bn, the company said.

A strong performance at its department store and discount outlets drove an increase in sales during the period, Lotte revealed. Revenued rose 29% year-on-year, rising to KRW5.55trn, the company said. 

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