South Korea’s retail sales growth negative in NovemberDecember 15th, 2011 - 3:26 pm ICT by IANS
Seoul, Dec 15 (IANS) Sales growth at South Korea’s major discount outlets and department stores turned negative last month due to unusually high temperature that drove winter goods sales down, a government report showed Thursday.
Total sales at the country’s three leading discount chains — E-Mart, Lotte Mart and Homeplus — contracted 0.5 percent in November from a year earlier, a turnaround from a 5.5 percent on-year increase tallied in the previous month, according to the Ministry of Knowledge Economy.
Sales of clothes and sports items shrank 8.4 percent and 5.4 percent on-year in November, respectively, as domestic consumers were reluctant to buy winter clothes amid unusually high temperatures, reported Xinhua.
Sales of miscellaneous products, home appliances and daily household goods reduced 5.4 percent, 2.3 percent and 0.1 percent, respectively, over the same period.
Luxury goods sales expanded 13.5 percent on-year last month, maintaining its double-digit growth trend, but sales growth of children and sports items slowed to 1.7 percent last month from 6 percent a month earlier.
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Tags: discount chains, discount outlets, domestic consumers, double digit growth, e mart, government report, growth trend, high temperature, high temperatures, home appliances, homeplus, household goods, knowledge economy, lotte mart, luxury goods, miscellaneous products, retail sales growth, south korea, winter clothes, xinhua