Shilla Duty Free outperforms in Q1 with record-high sales

Hotel Shilla’s airport retailer Shilla Duty Free has posted record-high first-quarter sales of KRW1.14 trillion (US$1 billion).

Korean-headquartered Shilla Duty Free earned KRW47.6 billion in operating profit in the quarter, mainly because of increased sales at its overseas duty-free shops.

Sales last year hit KRW600 billion, and the company expects sales to hit KRW1 trillion this year.

Shilla Duty Free opened its first overseas duty-free shop at Singapore’s Changi Airport in 2013, and in December opened its fifth overseas outlet at Hong Kong International Airport to become the first company to manage duty-free stores in the three largest airports in Asia – Incheon, Singapore and Hong Kong. It also has outlets at airports in Macau, Phuket and Tokyo.