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By
Reuters
Published
Feb 16, 2012
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S.Korea Jan department store sales fall 4.1 pct y/y

By
Reuters
Published
Feb 16, 2012

Feb 16 - Sales at South Korea's top department stores fell by the most in three years in January, data on Thursday showed, adding to gloom in Asia's fourth-largest economy, which has also recorded weaker exports.


Photo by Steve46814 [CC-BY-SA-3.0 or GFDL], via Wikimedia Commons

Combined sales at stores run by Lotte Shopping Co Ltd , Shinsegae Co Ltd and Hyundai Department Store Co Ltd fell 4.1 percent in January from a year before, data from the Ministry of Knowledge Economy showed.

It was the fastest annual decline since December 2008 and in line with a finance ministry estimate last week for a fall of 4.2 percent.

The ministry attributed the weak sales to fewer working days due to the Lunar New Year holiday that fell in January this year but in February last year, and weaker sales of winter apparel because of warm weather last month.

Sales at the country's top discount stores grew 2.7 percent in January from a year earlier, the ministry said, slightly above the finance ministry's estimate of 2 percent growth.

(Reporting by Christine Kim; Editing by Yoo Choonsik and Chris Lewis)

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