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H&H, Reports Record High Annual Results
Sales 7.8tr won (+2.1% yoy), Operating Profit 1.2tr won (+3.8% yoy)
Consecutive Years of Growth in Sales, Operating Profit, and Net
- Record High Fourth Quarter Results
January 27, 2021 – In FY 2020, LG H&H, Ltd. (CEO: Suk Cha) delivered the highest annual results. The Company reported 7.8tr won in sales (+2.1% yoy), 1.2tr won in operating profit (+3.8% yoy) and 813bn won in net profit (+3.2% yoy).
Economic activities contracted globally due to stringent lockdown measures caused by COVID-19 and resulted in deteriorated consumer sentiment. In particular, the cosmetics market was impacted heavily due to store closures and a sharp drop in travel demand. Despite the challenges, the company achieved No.1 market position in all three businesses in the domestic industry for the first time in company history.
Beauty, with our focus on principle to strengthen brand equity, performed well in major markets such as China and the United States based on improved brand and products while managing to minimize impact from the crisis. HDB and Refreshment achieved record high performance with flexible strategies to meet consumer demand. The total beauty business, Beauty combined with Daily Beauty, posted 5.6tn won in sales and 965bn won in operating profit.
In 4Q 2020, sales increased 4.0% yoy to 2.1tn won, operating profit increased 6.3% yoy to 256bn won, and net income increased 6.6% yoy to 143bn won. Both sales and operating profit grew yoy achieving record high 4Q figures even in difficult business environment where consumer sentiment plunged even further from the third wave of COVID-19.
Beauty proved its strong brand power by achieving outstanding results, undisturbed by the adverse external environment through its distinguished luxury focused strategy and strong overseas demand. HDB continued high growth by responding quickly to market changes through premiumization and strengthening digital channels, while in Refreshment major brands with solid brand equity continued to grow. The total beauty business posted 1.6tn won in sales and 229bn won in operating profit.