Hyundai Department Store-Q1 earnings

Hyundai Department Store Q1 net profit down 7.8 pct to 69.5 bln won

SEOUL, May 9 (Yonhap) -- Hyundai Department Store Co. on Tuesday reported its first-quarter net income of 69.5 billion won (US$52.6 million), down 7.8 percent from a year earlier.

The company said in a regulatory filing that it posted 77.9 billion won in operating profit for the quarter, compared with 88.9 billion won a year ago. Sales rose 17.5 percent to 1.09 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 42.7 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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