April 27, 2024

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[THE INVESTOR] South Korean cosmetics firm It’S SKIN reported on Nov. 8 a 74 percent rise in operating profit for the July-September period, thanks to strong sales at duty-free stores.

“While sales from almost every distribution channel delivered growth, sales at duty-free shops showed solid results in particular as it rose 42.5 percent on-year,” the firm said in a press release.

According to the firm’s regulatory filing, It’S SKIN posted an operating profit of 16 billion won (US$14 million) in the third quarter. Sales increased 11 percent to 57.2 billion won. 

It’S SKIN store in Gangnam in southern Seoul

The quarterly performance was also driven by expanded overseas sales in China, the US, Japan, Russia and Thailand where the firm launched premium versions of its flagship facial cream products made of snail extract.

It’S SKIN CEO Yoo Geun-jick said the company will keep trying to expand into the Chinese market which has contributed to the brand’s fast growth over the past years.

“We will amplify marketing activity for Chinese consumers such as promotion of the online shopping mall while continue to diversify product portfolio to color cosmetics,” Yoo said.

Following the positive third-quarter earnings announcement, shares of It’S SKIN surged 12.05 percent to 50,200 won as of 10:30 am.

By Park Han-na (hnpark@heraldcorp.com)