SOUTH KOREA. Industry giants Lotte Duty Free and The Shilla Duty Free have outperformed the Korean travel retail market in the first half, according to figures submitted to the Korean authorities on 16 August.
During the period the market grew by +17.3% to US$4.89 billion.
Lotte Duty Free posted a +27.8% revenue increase in the first quarter while the second quarter was ahead by +29.8% year-on-year. Its first-half revenues reached KW2.73 trillion (US$2.47 billion). Operating profit rose +1.4% in the first six months to KW232.6 billion (US$208.1 million).
Shilla generated downtown duty free revenue growth of +23.5% and +29.1% for the respective quarters. However, as reported, its Korean airport sales fell -19.2% to KW198 billion (US$174.2 million), driven by a downturn in Incheon International Airport revenues caused by reduced floor space in the wake of last year’s tender results. Its first-half revenues in Korea climbed to KW1.41 trillion (US$1.26 billion), a 25.8% share.
