April 26, 2024

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[THE INVESTOR] Hyundai Department Store’s earnings will continue to improve in the third quarter, said Eugene Investment and Securities on Sept. 18, maintaining a “buy” recommendation and 130,000 won (US$115.17) target price. 

Its total revenue in the period will rise 3.1 percent on-year to 1.39 trillion won and operating profit by 13.2 percent to 78.7 billion won, maintaining double-digit growth for two consecutive quarters. Sales of luxury, lifestyle goods and food remain strong. Growth of the luxury sector in particular is gaining speed and will propel growth of the company, said analyst Joo Yeong-hun. 

Being a latecomer, it is important that it reaches its 2 billion won daily revenue target from its duty-free business that begins operation in November rather than concentrating on short-term operating loss, the analyst noted.

By Hwang You-mee (glamazon@heraldcorp.com)