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LG H&H Reports Record High 3Q Sales
3Q YTD Results Also Achieved Record High of All Times
Oct 22, 2020 – In 3Q 2020, LG H&H, Ltd. (CEO: Suk Cha) reported 2.1tr won in sales (+5.4% yoy), 328bn won in operating profit (+5.1% yoy) and net profit increased to 232bn won (+6.7% yoy).
Despite the high uncertainty in the business environment and heightened competition due to the prolonged COVID-19 crisis, both sales and operating profit grew yoy thanks to stronger brand power. Even in a pandemic, sales has increased for fifty-nine quarters since 3Q 2005, and operating profit has increased for sixty-two quarters since 1Q 2005. The ‘Total Beauty’ business, Beauty combined with Daily Beauty, grew 5.5% yoy to 1.4tn won in sales and rose 2.4% to 247bn won in operating profit.
In order to survive in difficult times, many competitors in the industry engaged in heavy price promotions, but with the Company’s focus on principle to strengthen brand equity, the impact from the crisis was minimized based on improved brand and products.
3Q YTD sales increased 1.4% yoy to 5.8tr won, operating profit increased 3.1% yoy to 965bn. Both YTD sales and operating profit achieved record high figures, thanks to the recovery of the Beauty business, which experienced the biggest contraction since the outbreak, narrowing the decline in operating profit from 15.3% in 1H to 6.7% in 3Q and continued strong performance of HDB and Refreshment businesses.