Seoul: Shinsegae Inc. on Tuesday reported its first-quarter net income of 145.4 billion won (US$98 million), marking an 88.5 percent increase compared to the same period last year.

According to Yonhap News Agency, the company's operating profit for the January-March period reached 197.8 billion won, reflecting a 49.5 percent increase from the previous year. Sales also saw a rise, growing by 10.9 percent to reach 1.84 trillion won. These financial results have surpassed market expectations, with analysts previously estimating a net profit of 74.7 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.