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Sales at department stores, discount outlets rise in May

June 26, 2014 - 21:02 By Korea Herald
Sales at South Korea’s major discount outlet chains and department stores grew slightly from a year earlier in May, a government tally showed Thursday, a possible sign that consumer spending was improving after a slump from a deadly ferry sinking.

Combined sales at the country’s three major outlet chains gained 1.2 percent on-year last month, marking a turnaround from a 4.1 percent on-year drop in the previous month, according to the Ministry of Trade, Industry and Energy.

May also marked the first time in four months that the sales at the major chains posted an on-year growth.

Economists said April would show dampened spending as the nation mourned the death of more than 300 people from the sinking of the passenger ferry Sewol on April 16. An earlier tally from the central bank said domestic credit card spending by individuals had fallen 1.3 percent on-year in April. (Yonhap)