South Korean hypermarket chain operator Homeplus Co. said Friday its net income nose-dived 96 percent on-year last year due to a slump in the offline retail business and increased costs.
Net profit reached 3 billion won ($2.6 million) during the fiscal 2018 that ends March 31 on a consolidated basis, compared with 234 billion won during the same period a year earlier, the company said in a regulatory filing.
Homeplus said its operating income shrank 57.59 percent on-year to 109 billion won, with sales down 3.67 percent on-year to 7.66 trillion won during the same period.
The company said it suffered a sharp decline in its bottom line as more customers shop for products online, coupled with increased costs derived from wages.
Last year, Homeplus also shut down two outlets and temporarily closed 16 stores for remodeling. (Yonhap)