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Korea Department Store Sales Fall Most Since at Least 2005

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Feb. 21 (Bloomberg) -- 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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