Lotte Shopping earns revenue $333 mln in Vietnam in 2024
Lotte Shopping, an arm of South Korean chaebol Lotte, earned a revenue of KRW483 billion ($333 million) in Vietnam in 2024, according to the firm’s 2024 performance review.
For the department store segment, Lotte Shopping posted a revenue of KRW87 billion ($60 million) in Vietnam last year, up 116.3% year-on-year.
As a result, Vietnam was Lotte Shopping’s biggest overseas market, followed by Indonesia and China with KREW21 billion and KRW8 billion, respectively.
Lotte Mall West Lake Hanoi. Photo courtesy of bmwindows.vn
However, Lotte Shopping made an operating loss of KRW10 billion ($6.9 million) in Vietnam in 2024, an improvement from the loss of KRW19 billion in 2023.
Vietnam was the only foreign market that Lotte Shopping recorded an operating loss, as it earned operating profits of KRW2 billion in Indonesia and China each.
Lotte Shopping highlighted that Lotte Mall Westlake Hanoi, its $643 million mega mall in the capital city of Vietnam, has turned operating loss into operating profit from October 2024.
Overall, the mall recorded an operating loss of KRW3.9 billion ($2.7 million) in Q1/2024, KRW3.5 billion in Q2/2024, KRW3.4 billion in Q3/2024, and KRW1.3 billion in Q4/2024.
Regarding the hypermarket sector, with 15 facilities in Vietnam as of end 2024, Lotte Shopping posted a revenue of KRW396 billion ($272.9 million), up 9.3% year-on-year. Its operating profit increased 28.9% year-on-year to KRW33 billion.
In terms of global result, Lotte Shopping made an operating profit of KRW473 billion ($326 million) on a revenue of KREW13,987 billion in 2024, down 6.9% and 3.9% year-on-year, respectively.
The department store and hypermarket sectors in Vietnam accounted for 0.6% and 2.8% of the total revenues, respectively.
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