Shilla Duty Free outperforms in Q1 with record-high sales

By Kim Da-sol

Published : May 16, 2018 - 11:27
Updated : May 16, 2018 - 11:27

Shilla Duty Free, the airport duty-free retailer under Hotel Shilla, said Wednesday that it posted record-high sales of 1.14 trillion won ($1 billion) in the first quarter of this year. 

A Shilla Duty Free store in Phuket, Thailand. Hotel Shilla


Shilla Duty Free earned 47.6 billion won in operating profit in the first quarter, mainly due to an increase in sales at its overseas duty-free shops.
The company recorded 600 billion won of sales last year. It expects sales to hit 1 trillion won this year. 

In 2013, Shilla Duty Free opened its first overseas duty-free shop at Singapore’s Changi Airport. In December last year, the company opened its fifth overseas outlet at Hong Kong International Airport, becoming the first to manage duty-free stores in the three largest airports in Asia -- Incheon, Singapore and Hong Kong. It also has outlets at the airports in Macao, Phuket and Tokyo. 

“Positive sales figures from our duty-free shops abroad are based on our years of experience and expertise in operations. We will continue to expand our business portfolio by opening in other cities,” said a Shilla Duty Free official. 

By Kim Da-sol (ddd@heraldcorp.com)

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The Korea Herald by Herald Corporation