Hyundai Department Store Suffers 64.4% Net Profit Dip in Q1

Hyundai Department Store Co. reported plummeting net profits of 23.9 billion won in its first-quarter, down 64.4 percent from last year.

It's operating profits weren't better, dipping to 14.9 billion won, down 80.2 percent from last year. It was 59.3 percent less than the average estimate.

The department store dealt with weakening sales, which fell 13.7 percent to 449.6 billion won.

Much of the declining sales of physical stores in Korea could is attributed to the increasing sales enjoyed by online stores.

The total volume of online transactions in South Korea surged 11.8 percent in March from last year's figures amid regulations requiring citizens to stay at home.

The total online shopping sales are at 12.58 trillion won, accounting for 28.2 percent of entire retail sales, including offline sales.