SEOUL: Sales at South Korea's top department stores fell in November by the fastest pace in nearly two years on an annual basis, official data showed on Sunday, adding to concerns that Asia's fourth-largest economy is losing steam.
Combined sales last month at department stores run by the top three chain operators fell 6.5 percent from a year earlier, according to industry and energy ministry data.
That was the biggest decline since January 2013.
November was the third month in a row that sales dropped, and the annual fall was further than the 5.6 percent estimated by the finance ministry on Dec. 9. Sales declined 2.2 percent in October and 6.3 percent in September.
South Korea's top three department-store chain operators are Hyundai Department Store, Lotte Shopping and Shinsegae Co.
The industry ministry also said sales at major discount-store chains fell a combined 4.7 percent in November from a year before, worse than a 3.9 percent loss estimated by the ministry early this month and also a third consecutive monthly decline.
South Korea's quarterly economic growth quickened to 0.9 percent in July-September from 0.5 percent in the previous quarter thanks to stimulus measures, but doubts have been rising about growth prospects.
Comments
Comments are closed.