E-Mart Q1 operating profit hits 178.3 billion won, highest in 14 years

E-Mart disclosed on May 13 that its consolidated operating profit for the first quarter reached 178.3 billion won, up 11.9% from the same period a year earlier. It was the company’s highest first-quarter operating profit in 14 years, since 190.5 billion won in 2012. Revenue, however, fell 1.3% year on year to 7.1234 trillion won. E-Mart said its customer-centered strategy built around price, product and space innovation led to improved profitability. Sales growth at stores remodeled as Starfield Market, including Ilsan, Dongtan and Gyeongsan, supported the results. Sales at the Ilsan store rose 75.1% from a year earlier, while customer visits jumped 104.3%; Dongtan store sales also increased 12.1%. The company views stronger offline competitiveness and space innovation, key parts of Shinsegae Chairman Chung Yong-jin’s paradigm shift, as producing results. Source: rss.donga.com