S.Korea June revised dept, discount store sales both fall

SEOUL, July 24 Thu Jul 24, 2014 1:40am EDT

SEOUL, July 24 (Reuters) - Sales at South Korea's top department and discount store chains both fell in June, revised data from the trade ministry showed on Thursday, underscoring depressed demand in Asia's fourth-largest economy.

Combined sales at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co fell 4.6 percent in June on an annual basis, the Ministry of Trade, Industry and Energy said.

This was a steeper drop than a 3.4 percent fall estimated by the finance ministry earlier this month, and the sharpest decline since an 8.2 drop in January 2013.

The trade ministry said sales in all sectors fell, with the decline led by apparel sales.

Sales at major discount-store chains in June also fell by 5.9 percent from a year earlier, compared with 5.8 percent estimated earlier on fewer working days.

The revised data comes as the central bank showed private consumption fell a seasonally adjusted 0.3 percent in the second quarter, which was the worst fall since the third quarter of 2011. (Reporting by Christine Kim)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.