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2Q operating profit also achieved record high of all times
July 23, 2020 – In 1H 2020, LG H&H, Ltd. (CEO: Suk Cha) delivered record-high first half operating profit even in the difficult business environment stemming from COVID-19. The Company reported 3.7tn won in sales (-0.7% yoy), 637bn won in operating profit (+2.1% yoy) and net profit increased to 439bn won (+0.3% yoy).
In 1H 2020, the business environment was tougher than expected due to the prolonged COVID-19 crisis. Despite many challenges faced, sales declined slightly by 0.7% yoy to 3.7tn won and operating profit increased 2.1% yoy to 637bn won.
Travel retail sales, which suffered from a dramatic drop in both in and outbound travelers due to COVID-19, had a significant negative impact on the company sales. However, thanks to the rest of the business with strong growth during the period, sales reached 99.3% and operating profit achieved 102% in comparison to 1H 2019 results. As a result, the company achieved record high half-year operating profit.
In 2Q 2020, Sales came down 2.7% yoy to 1.8tn won and operating profit increased 0.6% yoy to 303bn won. A sharp decline of travelers coupled with global brands’ aggressive pricing strategy to clear out inventories has affected travel retail sales. Although, sales declined due to slow travel retail sales, the company posted record high 2Q operating profit increasing for sixty-one quarters since 1Q 2005.