Amorepacific Group shifts to black in Q2
Amore Beauty Park in Osan, Gyeonggi Province / Courtesy of Amorepacific
Korean cosmetics giant Amorepacific Group said Wednesday it swung to the black in the second quarter on improved overseas sales.
Amorepacific logged a net profit of 29.4 billion won ($23.1 million) in the April-June period, shifting from a loss of 26 billion won a year earlier, the company said in a regulatory filing.
Revenue rose 0.4 percent on-year to 1.03 trillion won, and operating income was 11.7 billion won, swinging from a loss a year ago.
Amorepacific attributed the swing to the black to an increase in overseas sales, especially in North America and Europe, the Middle East and Africa (EMEA).
The company's overseas sales reached 372.3 billion won in the second quarter, up 27.5 percent from a year ago.
In North America, quarterly sales soared 105 percent on-year, thanks to the strong performance of Amorepacific's flagship brands, Sulwhasoo and Laneige.
In the EMEA region, sales jumped 123 percent due to the popularity of Laneige, which entered British cosmetics retailer, Space NK, and some of global beauty retailer Sephora's shops in the Middle East in April.
In Japan and China, sales rose more than 30 percent and 20 percent, respectively.
But Amorepacific's domestic sales retreated 11.6 percent to 555 billion won due to a slump in sales at duty-free shops. (Yonhap)