Profit boost for AmorePacific
Multi-brand beauty retailer and wholesaler AmorePacific has reported a 30.7 per cent leap in first quarter profits.
The Korean-headquartered parent of such brands as Etude, Innisfree and Amos Professional cited strong sales growth in both domestic and offshore markets.
Operating profit for the first three months of the year was KRW 419.1 billion (US$357.67 million) up from KRW320.7 billion last year.
AmorePacific reported “robust sales” right across Asia, as well as in the US, but sales in EU had been hit by general market conditions and tepid consumer sentiment.
“Revenue and profit declined in Europe due to sluggish perfume market, weak consumer spending and channel restructuring,” the quarterly result filing said.
In its home market, the company’s luxury division performed well, thanks to the launch of the Sulwhasoo flagship and sponsorship of the Seoul Fashion Week by its Hera label.
Travel retail sales also rose, helped by a boost in inbound tourists from Mainland China, as well as growing sales to Korean travellers.