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[Alpha Biz=(Chicago) Reporter Kim Jisun] E-Mart recorded more than 29 trillion won in sales last year based on the even growth of its affiliates, but its operating profit decreased due to worsening profitability due to high exchange rates and Starbucks summer carryback refund issues.

E-Mart announced on the 14th that last year's sales rose 17.7% year-on-year to KRW 29.335 trillion on a consolidated basis, but its operating profit last year was KRW 145.1 billion, down 54.2% from the previous year. 

 

E-Mart analyzed that operating profit decreased, reflecting one-off costs from Starbucks carryback refunds, worsening profitability due to record high exchange rates, and reflecting depreciation costs and gains and losses from the acquisition of Starbucks and G markets.

On a separate basis, E-Mart's total sales rose 4% to 4.1859 trillion won in the fourth quarter. Annual sales rose 2.7% to 16.9 trillion won. Operating profit in the fourth quarter rose KRW 39.1 billion to KRW 81.3 billion, while annual operating profit fell KRW 7 billion to KRW 258.9 billion.

Operating profit in the fourth quarter was good due to sales in November last year and strong year-end events in December, and it was analyzed that discount stores improved due to profitability efficiency of no-brand-oriented specialty stores. Existing discount stores grew to 7.8% in the fourth quarter, continuing to grow for 10 consecutive quarters, while customers also increased 4.3% from the previous year.

Online subsidiaries have improved their profitability. SSG.com and Gmarket have narrowed their deficit. Net sales of SSG.com rose 8.3% to 455.9 billion won in the fourth quarter, and operating losses were 21.9 billion won, down from a year earlier. Gmarket lost 13 billion won in operating losses during the same period, down 1.9 billion won from the previous quarter. In the case of W Concept, the total product sales (GMV) in the fourth quarter was 155.3 billion won, up 28% from the previous year, recording a surplus of 3.2 billion won per year.

E-Mart 24 and Chosun Hotel achieved an annual surplus. E-Mart 24 recorded an annual operating profit of 6.8 billion won, succeeding in turning into an annual surplus for the first time in history. As of the fourth quarter, the operating loss was 2.9 billion won, with a total of 6,365 stores, up 76 from the previous quarter.

Chosun Hotel & Resort posted an operating profit of KRW 14.7 billion in the fourth quarter due to improved accommodation rates due to With COVID-19. As a result of expanding its appearance through aggressive investment during the COVID-19 period, annual operating profit increased by KRW 71.5 billion to KRW 22.2 billion, achieving an annual surplus in nine years since 2013.

E-Mart expects sales to reach 31.29 trillion won in 2023, up 6.7 percent from a year earlier.

 

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