February 8, 2021
Net loss widens at AmorePacific as sales plummet 13.3 percent in Q4
THE WHAT? AmorePacific Corp has reported its results for the fourth quarter of fiscal 2020, according to a report published by The Korea Herald and saw its net loss widen to the tune of 1.7 percent year on year.
THE DETAILS Sales were down some 13.3 percent to KRW1.16 trillion, although online sales surged 50 percent.
Net income for AmorePacific Group stood at KRW22 billion for fiscal 2020, down 92.2 percent on 2019’s figures. Sales were down 21.5 percent to KRW4.93 trillion.
THE WHY? The K-beauty giant attributed its plummeting sales to ‘the decrease in offline and duty-free sales, largely as the spread of COVID-19 limited local shopping and reduced the number of inbound tourists’.
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