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Wednesday, 18 January 2012

South Korea's retail sales rebound in December as winter weather boosts apparel sales

Sales at South Korea's major department and discount stores rebounded in December as unusually cold weather drove strong seasonal goods sales, a government report showed Wednesday.

Combined sales at department stores Lotte, Shinsegae and Hyundai jumped 11% last month, a turnaround from a 0.5% on-year decline in November, according to the Ministry of Knowledge Economy. 

Sporting goods sales leapt 24.5% with sales of women's casualwear and menswear growing 15.49% and 11%, respectively.

Luxury goods sales also expanded 10.5%, maintaining its run of double-digit growth.

Meanwhile total sales at discount chains E-Mart, Lotte Mart and Homeplus expanded 3.7% in December compared to a 0.5% dip in November.

Sales of clothes and sports goods grew 5.5% and 7%, respectively, as consumers bought winter clothes and winter sports-related goods amid low temperatures.

Sales of daily household goods and miscellaneous products advanced 5.8% and 0.5%, respectively, over the period, but sales of home appliances shrank 2.4% last month.

The number of purchases gained 4.3% for department stores and 2.9% for discounters. Additionally, price per purchase rose 6.4% and 0.7%, respectively, at KRW92,156 ($80.60) and KRW43,422, respectively.