[Alpha Biz=(Chicago) Reporter Paul Lee] Handsome's operating profit fell by 40% last year in the wake of sluggish clothing consumption caused by high prices and high exchange rates.

Handsome announced on the 6th that its consolidated operating profit last year was 105 billion won, down 40.3% from a year earlier.

Sales fell 0.9 percent to 1.5289 trillion won last year.

Operating profit in the fourth quarter was 31.6 billion won, down 35.7 percent from a year earlier, while sales rose 0.3 percent to 453.2 billion won.

"Sales increased in the fourth quarter due to increased sales of products in the fall and winter seasons, but operating profit declined due to increased investment for future growth, including the launch of new brands," Handsome explained.

Handsome said it decided to pay a cash dividend of 750 won per common stock as a result of last year's settlement.

The market dividend rate is 3.86% and the total dividend is 16.5 billion won.

Handsome also announced a mid- to long-term dividend policy to allocate more than 10% of its operating profit based on separate financial statements for four years from 2023 to 2026.

 

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