SOUTH KOREA. Hotel Shilla, parent company of The Shilla Duty Free posted a KRW5.0 billion (US$3.5 million) first-quarter travel retail operating loss as revenues decreased -0.4% year-on-year (up +6.9% quarter-on-quarter) to KRW827.1 billion (US$576 million).
By channel, revenue in downtown duty-free continued to worsen in Q1, down -21.0% year-on-year, while airport sales increased +18.7%.
Focusing on profitability recovery to address changes in the internal/external environment and travel retail markets remains the key focus for Hotel Shilla. ✈
