SOUTH KOREA. Hotel Shilla, parent company of The Shilla Duty Free, generated a +2.1% increase year-on-year in second-quarter travel retail sales to KRW850.2 billion (US$614.9 million).
But the company posted a KRW11.3 billion (US$8.2 million) operating loss from a KRW7 billion (US$5.1. billion) profit in Q2 2024.
Revenue grew +2.8% quarter-on-quarter but the operating loss widened from KRW5.0 billion (US$3.6 million) in Q1.
Downtown duty-free revenues decreased -3.2% year-on-year while airport sales fared better, rising +6.4% over the same period in 2024.
As with all its recent quarterly announcements, Hotel Shilla said focusing on profitability recovery to address changes in the internal and external environment and travel retail markets remains the key priority. ✈
