现代百货二季度百货与免税业务改善，但Zinus拖累合并利润下滑

Hyundai Department Store (069960.KS) posted its highest-ever second-quarter revenue in its department store segment, driven by strong sales of luxury goods and fashion and a rise in foreign customers. Its duty-free business also stayed in the black for a fourth consecutive quarter. However, consolidated revenue and operating profit both fell due to weakness at Zinus.
Hyundai Department Store said in a regulatory filing on the 5th that second-quarter net revenue in its department store segment rose 9.1% year-on-year to 643.8 billion won. This marks its highest-ever revenue for a second quarter. Operating profit also surged 58.6% year-on-year to 110.1 billion won.
Sales grew evenly across major product categories including luxury goods, watches and jewelry, fashion, and living products, while an increase in foreign customers amid growing interest in K-content led the improvement in results. First-half foreign sales at major stores rose 134% year-on-year at The Hyundai Seoul and 131% at the Trade Center store. The share of foreign customers in the two stores' total sales also climbed to about 20%.
The duty-free business continued its trend of improving profitability. Hyundai Duty Free's second-quarter operating profit was 6.2 billion won, turning to a profit from a 1.3 billion won loss in the same period last year. It has been in the black for four consecutive quarters since the third quarter of last year. The expansion of business following the opening of the DF2 area at Incheon Airport and improved profitability at downtown stores drove the turnaround.
However, Hyundai Department Store's consolidated results declined due to worsening performance at Zinus. Hyundai Department Store's second-quarter consolidated revenue fell 1.1% year-on-year to 1.0681 trillion won, and operating profit decreased 8.7% to 79.3 billion won. This was largely due to Zinus, whose revenue plunged 35.7% to 147.5 billion won and which recorded an operating loss of 26.7 billion won, amid a slowdown in U.S. consumption and reduced mattress orders from major clients.
"The department store and duty-free businesses continued to grow, supported by an increase in foreign customers and improved profitability," a Hyundai Department Store official said. "Zinus is also expected to recover as client order volumes gradually normalize and new original design manufacturer (ODM) contracts increase."