What: Hyundai Department Store’s consolidated net profit more than doubled on year to KRW 55.85 billion (USD 49.9 million) in the first quarter as new stores were opened and consumption recovered.

Why is it important: Operating profit surged 336.3% during the same period to KRW 65 billion.

The company’s net profit in the January-March period jumped 133.8% on year to KRW 55.85 billion won from KRW 23.89 billion. Its sales increased 52% during the same period to KRW 683.23 billion from KRW 450 billion during the same period a year ago.

Opening of new duty free stores in Dongdaemun in central Seoul and Incheon International Airport and increased sales of imported cosmetics have also helped, according to the spokesperson.

Hyundai Department Store's net profit more than doubles