Starbucks shift exchange1/27/2024 forecasting an operating loss of 7.3 billion won in the April-June period. The outlook for the second quarter is more bearish with Hana Securities Co. weighed on the overall profit although its online units including SSG.COM reduced losses. The company said sluggish earnings of hypermarket business and its subsidiaries such as Starbucks Korea and Shinsegae Baseball Club Co. The shares have lost 11.3% so far this month as of Wednesday, far underperforming the wider Kospi that eased 0.3%. That marked the first time for the company listed on the New York Stock Exchange to post profits for three quarters in a row.Ĭhung Yong-jin, Vice Chairman of Shinsegae GroupĮ-Mart’s stocks fell to as low as 86,000 won on May 12, the weakest since Nov. On the other hand, SoftBank-backed Coupang reported an operating profit of $106.8 million in the January-March period, reversing the $205.7 million loss in the same period of last year. The profit fell short of an analyst forecast of 73.7 billion won. The hypermarket operator said its operating profit more than halved to 13.7 billion won ($10.3 million) in the first quarter from a year earlier on a consolidated basis although sales grew 1.9% to 7.1 trillion won. South Korea’s largest hypermarket chain E-Mart Inc., a unit of a local retail giant Shinsegae Group, suffered a drop in its share prices to a six-month low as group Vice Chairman Chung Yong-jin’s drive for profitability has yet to ease concerns over the business outlook.Į-Mart’s quarterly earnings also disappointed investors, while its e-commerce competitor Coupang Inc. An E-Mart hypermarket in Seoul (File photo, courtesy of Yonhap)
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