Seoul: Emart Inc., South Korea's leading discount retailer, announced a significant increase in its first-quarter net profit, primarily driven by strong sales across its core business areas. The company reported a net profit of 83.6 billion won (US$59.5 million) for the quarter ending in March, a substantial rise from the 29.4 billion won recorded in the same period last year, as per its regulatory filing.

According to Yonhap News Agency, the company's quarterly financial performance was notably bolstered by the enhanced sales at Emart's big-box store brand, Emart Traders. This success followed recent facility upgrades and the strategic supply of quality products at competitive prices. Additionally, higher equity gains from affiliates, including Starbucks Coffee Korea, Shinsegae Food, and the Emart24 convenience store chain, played a significant role in the robust quarterly results.

Starbucks Korea, in which Emart holds a 67.5 percent stake, reported an operating profit of 190.8 billion won on sales of 3.1 trillion won last year, as the number of its outlets in Korea exceeded 2,000. This affiliation contributed positively to Emart's overall financial health during the quarter.

Emart, a subsidiary of Shinsegae Group, also revealed that its operating profit for the first three months more than tripled, reaching 159.3 billion won compared to 47.1 billion won a year ago. Meanwhile, its sales experienced a slight increase of 0.2 percent, rising to 7.21 trillion won from 7.2 trillion won in the previous year.