Korean duty-free shops post Q3 losses; no signs of recovery

Quick Summary:

The four major duty-free shop operators in South Korea on Thursday posted operating losses in the third quarter, marking the first quarter in almost two years for all the duty-free store leaders to bleed red ink.

Lotte Duty-Free Shop, operated by Hotel Lotte Co., racked up losses for the fifth straight quarter, which widened to 46.0 billion won ($33 million) in the July-September period.That compared with a 36.2 billion won shortfall in the same period.

It was the first time that the four leading duty-free shop companies in the country all posted losses in a single quarter since the fourth quarter of 2022 in the aftermath of the COVID-19 outbreak.

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Category: Economy

Markets: South KoreaChina

Topics: Shop Stores Chinese Store Quarter Korea Duty-free Hyundai Korean Losses Airport

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-14 @ 17:46:41 (4 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 600 words

Reading Time: 4 minutes read

Sentences: 34 lines

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Copyright Owner: © Korea Economic Daily

News ID: 23656351

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