Korea Department Store Sales Fall Most Since at Least 2005

Sales at major South Korean department stores fell the most since at least 2005 in January after the timing of the Lunar New Year holiday distorted year- on-year comparisons.

Outlays at the three biggest chains dropped 8.2 percent in January from a year earlier after a 0.2 percent decline in December, the Ministry of Knowledge Economy said in a statement today. Discount-store sales fell 24.6 percent last month, the report showed.

The three-day Lunar New Year holiday fell in February this year after occurring in January last year.

To contact the reporter on this story: Cynthia Kim in Seoul at ckim170@bloomberg.net

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

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