HandsomeCorporation(020000)The company announced on the 3rd that its consolidated operating profit for the second quarter reached 4.6 billion won, a 525.0% increase compared to the same period last year. Preliminary figures for the same period show that revenue rose 7.4% to 363.2 billion won, while net income increased 34.7% to 3.3 billion won.
The improvement in second-quarter performance was driven by department stores, where HandsomeCorporation’s brands are primarily carried. The boom in the stock market during the first half of the year led to a significant increase in foreign tourists visiting South Korea, which in turn boosted foot traffic at department stores.
In fact, according to HandsomeCorporation, while offline sales rose 8.7% compared to the second quarter of last year, online sales increased by only 2.3%. The share of online sales in total revenue shrank by 1 percentage point, from 21.9% in the second quarter of last year to 20.9% in the second quarter of this year.
HandsomeCorporation explained that its core brands—including Time, System, and The Cashmere—as well as new imported brands continued to show strong growth.
A HandsomeCorporation official stated, “Going forward, we will continue to strengthen our position in the global fashion market—following our success in Europe—through collaboration with major overseas retailers, and we will also continue to expand our portfolio of imported fashion brands.”
