S.Korea department, discount store sales fall in Feb on holiday distortion

Hyundai Department Store Co

30/03/2017 03:00

SEOUL, March 30 (Reuters) - South Korea's department and 
discount store sales in February declined due to distortions 
stemming from the Lunar New Year holiday, trade ministry data 
showed on Thursday. 
    Combined sales in February at department stores run by 
Hyundai Department Store  069960.KS , Lotte Shopping  023530.KS  
and Shinsegae Co  004170.LS  fell 1.3 percent from a year 
earlier, the Ministry of Trade, Industry and Energy said. 
    In January, sales rose 4.6 percent on-year, the fastest pace 
of growth in three months. 
    The same data showed sales at discount stores plunged 19.5 
percent from a year ago in February, reversing and taking back 
more than the 11.3 percent jump seen in January. 
    It was the worst fall since a 23.1 percent drop in February 
2014.  
    Retail sales tend to rise around Lunar New Year, but the 
holiday can fall anywhere between mid-January to mid-February, 
resulting in data distortions around that period. 
    The holiday occurred in late January this year and in 2015 
it was in mid-February. 
    At department stores in February, demand for women's apparel 
and luxury products nearly offset declines in food, the trade 
ministry said. Sales for all categories fell at discount stores 
last 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