South Korea’s Department Store Sales Fell 3.4% in April

Sales at major South Korean department stores fell the most in three months amid an outlook for slowing growth and as Europe’s sovereign-debt crisis reignited.

Outlays at the three biggest chains declined 3.4 percent from a year earlier in April after a 1.6 percent gain in March, the Ministry of Knowledge Economy said in a statement today. Discount-store sales dropped 2.4 percent last month, today’s report showed.

The Bank of Korea reduced its 2012 growth forecast for the country to 3.5 percent from 3.7 percent on April 16.

To contact the reporter on this story: Eunkyung Seo in Seoul at eseo3@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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