Shinsegae's H1 operating profit gains 9.6 pct on signs of recovery

SEOUL, July 9 (Yonhap) -- South Korean retailer Shinsegae Co. said Thursday its
operating profit rose 9.6 percent in the first six months of this year from a
year ago amid signs of an economic recovery.
Shinsegae, which runs the nation's largest discount-store chain E-Mart and
eponymous department stores, posted an operating profit of 436.8 billion won
(US$341.9 million) in the January-June period, compared with 398.6 billion won a
year earlier, the company said in a regulatory filing.
First-half sales rose 12.2 percent to 4.8 trillion won, the company said, without
disclosing net earnings. Quarterly earnings figures weren't immediately
available.
In a statement, Shinsegae attributed the rise in operating profit to a modest
recovery in sales at discount stores as consumers sentiment improved because of
signs that the economy is stabilizing.
Last month, the nation's key consumer confidence index rose to an almost two-year
high amid some encouraging signs that the economy was back on a growth track.
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