Lotte Buying sinks into pink with web lack of 95.1 billion received in Q3

 
Lotte Buying logged a major web lack of 95.1 billion received ($67.1 million) within the third quarter, a significant miss of the market expectations for a 56.6 billion received web revenue complied by FnGuide.
 
The web revenue 305.8 billion received in the identical interval a yr earlier.
 
The web loss was largely as a result of low on-year efficiency of its electronics items retailer Lotte Himart, in line with the corporate.
 
Lotte Buying reported income of 4.01 trillion received, up 0.2 % on yr however falling wanting analyst expectations of 4.03 trillion received.
 
Lotte Buying runs varied retail and leisure manufacturers, comparable to Lotte Division Retailer, Lotte Cinema, Lotte Mart and Lotte On.
 
Lotte Division Retailer’s income rose 17.3 % on yr to 769 billion received, and its working revenue rose to 109 billion received from an working lack of 21 billion received in the identical quarter final yr.
 
Excessive gross sales of vogue gadgets, together with girls’s put on and worldwide designer merchandise, drove the rise in gross sales, in line with the corporate.
 
Gross sales from branches in China fell 22.5 % to five billion received as shops needed to be quickly closed from Aug. 29 to Sept. 15 attributable to Covid-19. The autumn, nonetheless, was offset by gross sales from its branches in different nations.
 
Gross sales from Indonesia rose 152.4 % to five billion received, and people from Vietnam grew 318.8 % to five billion received. The surging gross sales have been primarily as a result of reopening of shops in Indonesia and Vietnam within the third quarter, which have been each quickly shut down for some a part of the third quarter final yr.
 
Gross sales at Lotte Cultureworks, which operates Lotte Cinema, rose 139 % to 188 billion received. The working revenue was 21 billion received, in comparison with a 32-billion-won working loss in the identical quarter final yr.
 
The corporate mentioned the premiere of hit movies led to greater field workplace gross sales. The excessive efficiency of flicks distributed by the corporate, comparable to “Prime Gun: Maverick” (2022), additionally drove gross sales and helped flip the loss right into a revenue.
 
Its hypermarket division, which incorporates Lotte Mart and Lohbs, logged gross sales of 1.56 trillion received, up 5.3 %. Its working revenue was 32 billion received, up 178.6 % on yr.
 
Excessive gross sales in its house meal replacements drove gross sales and led to excessive working earnings.
 
Its Lotte On e-commerce enterprise reported gross sales of 25 billion received, up 4.2 % on yr. Working loss was 38 billion received, in comparison with a 46 billion received working loss the earlier yr.
 
Month-to-month lively customers on Lotte On amounted to 26.53 million within the third quarter, up 18.9 % on yr.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]