S.Korea Sept dept store sales growth at 8-mth high

S.Korea Sept dept store sales growth at 8-mth high

Thu Oct 15, 2009 5:00pm EDT


Wednesday, 16 Sep 2009 05:00pm EDT

SEOUL, Oct 16 (Reuters) - Sales at South Korea's top three department stores in September jumped at the fastest pace in eight months, data showed on Friday, fresh evidence of a sustained recovery in domestic demand.

"Based on department store sales data, domestic consumption is recovering fast and the improving trend will likely continue in line with the overall economic recovery," a Ministry of Knowledge Economy official said.

Combined sales at Lotte Shopping Co Ltd (023530.KS), Shinsegae Co Ltd (004170.KS) and Hyundai Department Store Co Ltd (069960.KS) soared 8.6 percent in September over a year earlier, the seventh consecutive month of annual growth and the biggest gain since January's 10.4 percent, the ministry said.

The growth more than doubled from June and July.

However, combined sales at big discount stores fell 6.0 percent in September from a year earlier, the fourth month of declines and worse than a 1.5 percent drop in August, as they were open one day less than department stores, it said.

(Reporting by Seo Eun-kyung; Editing by Jonathan Hopfner)

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