S.Korea April dept store sales seen surging, discount store sales bounce

Hyundai Department Store Co

10/05/2016 02:00

SEOUL, May 10 (Reuters) - South Korea's top department 
stores scored a second month of sales growth in April, 
preliminary government data showed on Tuesday, backing recent 
surveys showing consumers are feeling better about the economy. 
    Combined sales at department stores run by Hyundai 
Department Store  069960.KS , Lotte Shopping  023530.KS  and 
Shinsegae Co  004170.LS  were seen up 8.0 percent on-year in 
April, according to data from the finance ministry. 
    That would be much stronger growth than a 0.3 percent rise 
in March and mark the fastest gain since January this year. 
    The data also showed sales at discount stores last month 
likely rebounded to be up 0.2 percent in annual terms from a 4.6 
percent drop in March. 
    Domestic consumption is showing broad improvement supported 
by consumer spending although exports continue to fall, the 
finance ministry said in the statement. It also added the pace 
of recovery in the private sector was still weak, noting that  
offshore risks persist as global growth remains sluggish.     
    The trade ministry will release finalised figures later this 
month. 
 
 (Reporting by Christine Kim; Editing by Shri Navaratnam) 
 ((christine.kim@thomsonreuters.com; 822 3704 5665; Reuters 
Messaging: christine.kim.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA ECONOMY/RETAIL