S.Korea Jan dept, discount store sales seen rebounding from Dec

Hyundai Department Store Co

12/02/2016 01:00

SEOUL, Feb 12 (Reuters) - Annual sales at South Korea's top 
department and discount stores in January were seen rebounding 
from the previous month, finance ministry estimates showed on 
Friday, backing recent policymaker comments that consumption is 
steadily recovering.  
    Combined sales at department stores run by Hyundai 
Department Store  069960.KS , Lotte Shopping  023530.KS  and 
Shinsegae Co  004170.LS  rose 9.6 percent in January from a year 
ago, the finance ministry said in a monthly report. 
    Sales at major discount stores were seen to jump 13.4 
percent over the same period, the data showed. 
    Figures from the trade ministry, which will publish 
confirmed numbers later in the month, had shown department 
stores' December sales fell 5.7 percent and discount store sales 
had been down 5.1 percent on-year. 
    The finance ministry data also showed gasoline and diesel 
sales in volume terms had gained 8.5 percent in January from a 
year ago, which was the fastest rise in three months and 
compared to a 4.3 percent rise in December. 
    The ministry said in the report that domestic consumption 
had steadily posted positive growth while production and 
investment were showing signs of improvement. 
    However, it noted that external risks to the economy were 
increased by slowing Chinese growth, geopolitical risks sparked 
by a rocket launch from North Korea on Sunday, falling oil 
prices, and jitters stemming from the direction of U.S. monetary 
policy. 
 
 (Reporting by Christine Kim; Editing by Eric Meijer) 
 ((christine.kim@thomsonreuters.com; 822 3704 5665; Reuters 
Messaging: christine.kim.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA ECONOMY/RETAIL