Seoul: Emart Inc., South Korea's leading discount retailer, reported a substantial increase in its third-quarter net profit, nearly tripling from the previous year, thanks to robust performance in its core retail business. The company announced that its net profit for the quarter ending September 30 soared to 310.3 billion won (US$211.8 million), up from 105.4 billion won in the same period last year.

According to Yonhap News Agency, Emart's operating profit saw a significant rise of 35.6 percent, reaching 151.4 billion won, compared to 111.7 billion won in the previous year. However, the company's sales experienced a slight decline of 1.4 percent, falling to 7.4 trillion won from 7.5 trillion won.

A company spokesperson attributed the improved earnings to consolidated purchasing strategies among Emart, its warehouse chain Emart Traders, and Everyday super supermarkets, which effectively reduced costs. Emart Traders played a crucial role in the overall earnings growth by upgrading facilities and increasing the supply of quality products at competitive prices, attracting price-conscious consumers amidst rising consumer prices.

The company also benefited from increased equity gains from affiliates such as Starbucks Coffee Korea, Shinsegae Food, Shinsegae Property, and the Emart24 convenience store chain, which further boosted the quarterly earnings. Emart holds a 67.5 percent stake in Starbucks Coffee Korea, enhancing its financial performance.

For the first nine months of the year, Emart's net income skyrocketed to 362.6 billion won from 22.9 billion won a year earlier. Operating income also surged to 332.4 billion won from 124.2 billion won, while sales slightly decreased by 0.5 percent to 21.65 trillion won from 21.77 trillion won.