On Wednesday, South Korean retail giant Shinsegae revealed that its net income for the third quarter of the year had dropped by 34.6% to 61.8 billion won (US$47.4 million). The company’s operating income for the July-September period fell by 13.9% to 131.8 billion won, while sales declined 23.4% to 1.49 trillion won.
The results were not up to market expectations. Data from Yonhap Infomax, the financial arm of Yonhap News Agency, showed that the average forecast of net profit by analysts was 66.7 billion won.