[Photo from Hyundai Department Store Group]
Hyundai GF Holdings, the holding company of the Hyundai Department Store Group, reported strong results for the first quarter of this year, driven by improved profitability across its major subsidiaries.
According to a disclosure on May 8 from the Financial Supervisory Service, Hyundai GF Holdings announced that its consolidated operating profit for the first quarter was 117.6 billion won, marking a 23.9% increase compared to the same period last year. Revenue for the quarter was 2.0837 trillion won, a slight increase of 0.6% year-on-year.
The growth in performance was largely attributed to Hyundai Green Food and Hyundai Home Shopping. Hyundai Green Food recorded consolidated sales of 621.5 billion won and an operating profit of 46.4 billion won for the first quarter, representing increases of 8.9% and 43.9%, respectively, compared to the previous year.
The rise in demand for company cafeterias amid high inflation, along with growth in new business areas such as care food and dining, has been credited for the success of its diversification strategy.
Hyundai Home Shopping also contributed to the positive results, with consolidated sales of 978.5 billion won and an operating profit of 65.3 billion won, reflecting increases of 1.9% and 35.9%, respectively, from the previous year. The net profit for the period surged by 61.6% to 54.7 billion won.
A revamped programming strategy that reflects customer trends, along with strong performance from subsidiaries Hanssem and Hyundai FutureNet, played a significant role in these results.
A representative from Hyundai GF Holdings stated, "The increase in both revenue and operating profit was due to the strong performance of key subsidiaries like Hyundai Green Food and Hyundai Home Shopping. We expect the growth trend in our department stores and home shopping channels to continue into the second quarter."
* This article has been translated by AI.
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