Shilla Duty Free outperforms in Q1 with record-high sales
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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.
Questions & Answers
Q.What was Shilla Duty Free's total sales figure for the first quarter?
What was Shilla Duty Free's total sales figure for the first quarter?
Shilla Duty Free reported record-high first-quarter sales of KRW1.14 trillion. This figure is equivalent to US$1 billion. The company aims for total sales of KRW1 trillion for the entire year.
Q.Which specific factor primarily contributed to the increase in operating profit?
Which specific factor primarily contributed to the increase in operating profit?
The main reason for the increased operating profit was heightened sales at the company's overseas duty-free shops. This indicates successful performance beyond its domestic market.
Q.Which three major Asian airports now have Shilla Duty Free stores?
Which three major Asian airports now have Shilla Duty Free stores?
Shilla Duty Free now manages stores in the three largest airports in Asia. These key locations are Incheon, Singapore, and Hong Kong. The company expanded its presence in Hong Kong last December.
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