Shinsegae Q3 net income soars 146.4% to $88.5 mil.
By Yonhap
Crowds take photos of the facade of Shinsagae department store in central Seoul, Friday. Yonhap
Shinsegae Inc., the operator of Korea's major department store chain, on Tuesday reported its third-quarter net profit of 119 billion won ($88.5 million), a 146.4 percent jump from a year earlier.
The retailer said in a regulatory filing that operating profit for the July-September period increased 64.7 percent on-year to 164.3 billion won. Revenue also inched up 1.2 percent to 1.65 trillion won.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 84.5 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.