Lotte Department Store saw its domestic sales decline due to the drop in Chinese customers, and revenue of its outlets in China sank 28.6 percent. "Sales of stores in China dropped at a faster pace amid the continued fallout of the THAAD row." "On the domestic front, a recovery in the revenue of Lotte Department Store was delayed amid a fall in the number of Chinese tourists," Lotte Shopping said. Sales of the company, which runs Lotte Department Store and discount chain Lotte Mart, dipped 4.3 percent to 6.92 trillion won, with its bottom line nose-diving 95 percent to a mere 4.1 billion won. In early March, Lotte agreed with the Seoul government to swap its golf course in the southeastern county of Seongju for a land lot near Seoul in order to allow the deployment of a Terminal High Altitude Area Defense (THAAD) battery, which China suspects could be used to spy on its military.ĭays later, Beijing banned its travel agencies from selling package tours to South Korea in a big blow to Lotte, which depends on Chinese tourists for a considerable part of its revenue.Īccording to the data by the Financial Supervisory Service, the consolidated operating income of Lotte Shopping plunged 49 percent on-year to 87.3 billion won (US$78 million) in the April-June period. 3 (Yonhap) - Subsidiaries of South Korean retail giant Lotte Group saw their earnings tumble in the second quarter, data showed Thursday, stung by China's retaliation over Seoul's decision to deploy an advanced U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |