S.Korea May dept store sales set to rise for third month

Hyundai Department Store Co

08/06/2016 02:00

SEOUL, June 8 (Reuters) - Sales in May at South Korea's top 
department stores were set to post a third straight month of 
gains, preliminary government data showed on Wednesday, as 
consumption maintained a steady recovery.  
    Combined sales at department stores run by Hyundai 
Department Store  069960.KS , Lotte Shopping  023530.KS  and 
Shinsegae Co  004170.LS  were estimated to have risen 1.5 
percent in May from a year ago, the finance ministry said. 
    Although positive, this would be slower than a 4.3 percent 
gain seen in April. 
    Sales at discount stores in May however, were set to fall 
5.5 percent on-year, the finance ministry data showed, after 
rising 1.7 percent in April.  
    The trade ministry will publish finalised numbers and 
details later in the month. 
    Meanwhile, the finance ministry said although momentum in 
domestic consumption has been sustained, sentiment in households 
and businesses remains slow to recover.  
    The ministry noted that the local economy faces risks from 
the pending U.S. interest rate hike and the possible exit of 
Britain from the European Union. 
 
 (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