What: Shinsegae reported USD 80.7 million in consolidated net profit, an increase of USD 54.4 million year-on-year.

Why is it important: This improvement helped convert a full-year loss of USD 57.8 million in 2020 to a profit of USD 327 million last year. Annual sales rose by 32.4 percent to USD 5.28 billion.

Sales at the company’s fashion and lifestyle division, Shinsegae International, rose by 9.7 percent in its latest quarter, driven by a 22 percent lift in apparel sales and 25 percent in cosmetic sales. Sales of luxury goods rose by 41.9 percent and of overseas fashion labels were up by 32.5 percent year-on-year./nbsp]

Shinsegae’s rise in quarterly profit