S.Korea March dept store sales edge up, discount store sales down

Hyundai Department Store Co

28/04/2016 06:50

SEOUL, April 28 (Reuters) - Sales at South Korea's top 
department stores rose in March after falling in February, 
revised government data showed on Thursday, but the gain was too 
modest to signal a firm rebound in consumer spending. 
    Combined sales at department stores run by Hyundai 
Department Store  069960.KS , Lotte Shopping  023530.KS  and 
Shinsegae Co  004170.LS  edged up 0.3 percent in March from a 
year earlier, the Ministry of Trade, Industry and Energy said. 
    That compared with a 1.9 percent fall in February and was 
worse than a preliminary 4.8 percent increase estimated earlier 
by the finance ministry. 
    March department store sales were mainly propped up by 
demand for watches, jewelry and apparel thanks to the spring 
wedding season, the data showed. 
    Discount store sales in March fared worse, falling 4.6 
percent on-year. 
    It was the second straight month of declines after sales 
dropped 7.0 percent in February. Finance ministry data had 
estimated sales slipped 7.0 percent in March. 
    Department stores suffered last month due to weak demand for 
goods such as children's furniture, camping items and detergent, 
the trade ministry said. 
    Sales of outdoor apparel and camping products saw declines 
in both department and discount stores in March, the data 
showed, as the popularity of camping in South Korea waned. 
 
 (Reporting by Christine Kim; Editing by Kim Coghill) 
 ((christine.kim@thomsonreuters.com; 822 3704 5665; Reuters 
Messaging: christine.kim.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA ECONOMY/RETAIL