Retail stocks surge as Shinsegae and Lotte Shopping outpace Samsung Electronics

Hankyung reported on May 15 that Korean retail stocks are rising sharply as more foreign tourists visit Korea amid a prolonged weak won and China’s ‘Hanilryeong,’ a policy limiting ties with Japan. According to the Korea Exchange, Shinsegae shares have gained 131.6% since the start of the year, Lotte Shopping 144%, and Hyundai Department Store 39%. Samsung Electronics rose 108% over the same period. Lotte Shopping posted first-quarter revenue of 3.5816 trillion won and operating profit of 252.9 billion won, up 3.6% and 70.6% year on year. Shinsegae Department Store recorded first-quarter revenue of 740.9 billion won and operating profit of 141 billion won, its best first-quarter result. Shinyoung Securities said that, excluding Covid base effects, the growth marks a boom unseen in 20 years. Source: hankyung.com