SEOUL, Feb 22 (Reuters) - Annual sales growth at South Korea's top three department stores in January hit their lowest in 6 months, government data showed on Monday.
Combined sales at Lotte Shopping Co Ltd, Shinsegae Co Ltd and Hyundai Department Store Co Ltd rose 4.8 percent in January from a year ago, the slowest growth since a 4.0 percent in July last year, the Ministry of Knowledge Economy said.
That compared with a 12.5 percent jump in December 2009 and a 6.4 percent gain in November, the ministry said in a statement.
The fall in the annual growth was because the Lunar New Year holidays fell in January last year while the holidays fell in February in 2010, a ministry official said.
Combined sales at big discount stores fell 13.4 percent in January from a year earlier, compared with a 3.9 percent gain in December, the data showed.
Earlier this month, the finance ministry's preliminary data showed department store sales rose 4.9 percent from a year earlier.
The data came as the government reiterated its intention to maintain expansionary macroeconomic and financial policies to protect Asia's fourth-largest economy from external shocks.
(Reporting by Cheon Jong-woo; Editing by Sanjeev Miglani)
((jongwoo.cheon@thomsonreuters.com; +82 2 3704 5665; Reuters Messaging;jongwoo.cheon.reuters.com@reuters.net)) Keywords: KOREA ECONOMY/DEPARTMENT (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Combined sales at Lotte Shopping Co Ltd, Shinsegae Co Ltd and Hyundai Department Store Co Ltd rose 4.8 percent in January from a year ago, the slowest growth since a 4.0 percent in July last year, the Ministry of Knowledge Economy said.
That compared with a 12.5 percent jump in December 2009 and a 6.4 percent gain in November, the ministry said in a statement.
The fall in the annual growth was because the Lunar New Year holidays fell in January last year while the holidays fell in February in 2010, a ministry official said.
Combined sales at big discount stores fell 13.4 percent in January from a year earlier, compared with a 3.9 percent gain in December, the data showed.
Earlier this month, the finance ministry's preliminary data showed department store sales rose 4.9 percent from a year earlier.
The data came as the government reiterated its intention to maintain expansionary macroeconomic and financial policies to protect Asia's fourth-largest economy from external shocks.
(Reporting by Cheon Jong-woo; Editing by Sanjeev Miglani)
((jongwoo.cheon@thomsonreuters.com; +82 2 3704 5665; Reuters Messaging;jongwoo.cheon.reuters.com@reuters.net)) Keywords: KOREA ECONOMY/DEPARTMENT (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.