Shinsegae targets 18 pct sales growth despite economic gloom

SEOUL, Jan. 29 (Yonhap) -- South Korean retailer Shinsegae Co. forecast Thursday
an 18 percent growth in sales for 2009, undeterred by a deepening global economic
recession that has hammered consumer spending at home.
To meet the target, Shinsegae plans to spend 1 trillion won (US$725 million) to
open 10 new discount stores in South Korea and 11 new ones in China this year,
the company said.
Koo Hak-seo, vice chairman of Shinsegae, which operates both department stores
and the discount chain E-Mart, said the economic turmoil provides an opportunity
for the company's expansion plan.
"Even amid the economic stagnation, Shinsegae plans to strengthen its core
capability through aggressive investment," Koo was quoted as saying in a
statement.
Shinsegae expected its 2009 sales to total 12.8 trillion won, compared with 10.8
trillion won last year.
The company predicted a full-year operating profit of 950 billion won, up 13.1
percent from the year before.
(END)