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Hyundai Department Store:Shares to continue downward trend

发布时间:2019-11-07 16:47编辑:关于财经浏览(150)

    3Q preview: Our 3Q forecasts have the consolidated gross sales of Hyundai DepartmentStore edging up 0.5% y-y to KRW1.27t along with net sales growth of 0.3% y-y toKRW424.9b and an operating profit drop of 5.6% y-y to KRW77.3b, with the latter two tomiss their respective consensus estimates of KRW436.5b and KRW80.6b. The company’ssame store sales (SSS) fell a respective 1.5% and 1.7% y-y in 1Q and 2Q, with the 3Q figureset to be flat after falling a respective 1% and 2% y-y in July and August before turningaround this month. This seems attributable to Chuseok falling in early October this year,however, so we foresee SSS growth returning to negative territory from next month.

        The retailer’s sluggish top-line growth owes to: 1) domestic consumption suffering fromgovernment measures to cool the real estate market along with increased geopoliticaluncertainties at home and abroad; 2) department store demand weakening structurally;and 3) y-y sales contractions at its stores in Daegu [as Shinsegae opened a branch there]Cheonho [which is undergoing remodeling through end-2018] and Mia [with thatcommunity’s population plunging amid numerous redevelopment/reconstructionprojects]. Consequently, HDS is bound to see its operating profit fall y-y this quarter.

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