AmorePacific posts 24.4% rise in Q1 net profit
Korea's top cosmetics maker, AmorePacific, posted a 24.4% increase in net profit in Q1, up to 263bn won.
Operating profit was up 21.5% to 337.8bn won, and sales rose 23.3% to 1,485bn won. When it came to its Luxury cosmetic brands, AmorePacific saw a "sustained robust growth through differentiated brand portfolio," and said the travel retail channel sustained robust growth, mainly from increased sales of luxury brands, online sales, and expansion into global travel retail.
For AmorePacific's Premium cosmetics brands, the company stated that the digital channel is poised for quality growth, and that it saw a strengthened brand story through diverse marketing activities and innovative new product launches.
In the US, the company reported sustained growth through expansion of region and channels, up 24.1%. However, sales in the European market fell by 6.4% due to a sluggish perfume market, weak consumer spending and channel restructuring. In its home market of Asia, sales rose 50% to 378.7bn won.
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