South Korean beauty giant AmorePacific said “robust” business in its home market and abroad propelled a double-digit jump in earnings and sales for the first quarter of the year.
AmorePacific said its net profit for three months ended March 31 rose 33.1 percent to end at 325.3 billion won, or $270.97 million at average rates. Operating profit grew 30.7 percent to 419.1 billion won, or $349.11 million. Sales grew 21.8 percent to 1.76 trillion won, or $1.47 billion.
The Seoul-based company still does the bulk of its business in its home market of South Korea. AmorePacific said sales at its domestic cosmetics business grew 16 percent to 1.09 trillion won, or $907.97 million. Those overseas grew 46 percent to 408 billion won, or $339.86 million, thanks to brisk demand in Asia.
AmorePacific’s brand portfolio includes Sulwhasoo, Hera, Laneige, Innisfree, Mamonde and Etude. In March, the company opened a six-story Sulwhasoo flagship in Seoul.
Last year, WWD interviewed AmorePacific chairman and chief executive officer Suh Kyung-Bae about the company’s global expansion plans.