Seoul: Hyundai Department Store Co. has announced a significant rise in its first-quarter net income, reporting a profit of 88.3 billion won (US$63 million). This marks a 24.7 percent increase compared to the same period last year.
According to Yonhap News Agency, the company revealed through a regulatory filing that its operating income for the January-March period experienced a substantial growth of 63.3 percent year-on-year, reaching 112.5 billion won. Furthermore, Hyundai Department Store's sales climbed by 15.4 percent, totaling 1.09 trillion won.
The reported operating profit outperformed expectations, coming in 16.1 percent above the average estimate, as per a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency. However, the estimate for net profit was not disclosed.