DataDuty-Free Operator Earnings
Travel Retail
Duty-Free Operator Earnings
Confirmed revenue and operating profit for Korea's four duty-free operators. Q1 and Q2 2026 are both comparable across all four on the same basis (duty-free segment). Q2 — the first quarter after April's Incheon Airport DF1/DF2 reassignment (Shilla→Lotte, Shinsegae→Hyundai) — split the group: Hotel Lotte and Hyundai, who won new zones, grew revenue, while Hotel Shilla and Shinsegae Duty Free, who gave up zones, saw revenue fall even as operating margin improved more. Hotel Lotte's full 2025 Q1–Q4 run is included too, showing six straight quarters. Other years include only values confirmed in disclosures or press reports.
Source — DART/company IR (Hotel Lotte · Hotel Shilla · Shinsegae · Hyundai Department Store)
2026 Q1 Duty-Free Segment Revenue Comparison
Unit: KRW billion · all 4 operators disclosed, same basis (duty-free segment) · before Incheon Airport DF1/DF2 reassignment
Hotel Lotte
₩792.2B
Hotel Shilla
₩884.6B
Shinsegae
₩589.8B
Hyundai Department Store
₩213.7B
| Company | Revenue | Operating Profit | Operating Margin |
|---|---|---|---|
 Hotel Lotte | ₩792.2B | ₩32.3B | 4.1% |
 Hotel Shilla | ₩884.6B | ₩12.2B | 1.4% |
 Shinsegae | ₩589.8B | ₩10.6B | 1.8% |
 Hyundai Department Store | ₩213.7B | ₩3.4B | 1.6% |
2026 Q2 Duty-Free Segment Revenue Comparison
Unit: KRW billion · all 4 operators disclosed, same basis (duty-free segment) · first quarter after Incheon Airport DF1 (Shilla→Lotte) / DF2 (Shinsegae→Hyundai) reassignment
Hotel Lotte
₩904.3B
Hotel Shilla
₩772.6B
Shinsegae
₩542.6B
Hyundai Department Store
₩310.4B
| Company | Revenue | Operating Profit | Operating Margin |
|---|---|---|---|
| Hotel Lotte | ₩904.3B | ₩31.9B | 3.5% |
| Hotel Shilla | ₩772.6B | ₩36.4B | 4.7% |
| Shinsegae | ₩542.6B | ₩33.3B | 6.1% |
| Hyundai Department Store | ₩310.4B | ₩6.2B | 2.0% |
Hotel Lotte
| Period | Scope | Revenue | Operating Profit | Notes | Reliability |
|---|---|---|---|---|---|
| 2018 H1 | Duty-Free Division | ₩2,700.9B | ₩155B | — | Press/announcement |
| 2025 Q1 | Duty-Free Division | ₩636.9B | ₩15.3B | Revenue -22%, operating profit swung to a gain (prior-year -KRW 28.0B) | Disclosed |
| 2025 Q2 | Duty-Free Division | ₩668.5B | ₩6.5B | Revenue -19.3%, 2nd straight profitable quarter · H1 cumulative revenue KRW 1,305.4B (-20.8%), operating profit KRW 21.8B (swung to a gain) | Disclosed |
| 2025 Q3 | Duty-Free Division | ₩724.1B | ₩18.3B | Revenue -9.4%, 3rd straight profitable quarter · Q1-Q3 cumulative operating profit KRW 40.1B | Disclosed |
| 2025 Q4 | Duty-Free Division | ₩786.6B | ₩11.5B | 4th straight profitable quarter | Disclosed |
| 2025 Annual | Duty-Free Division | ₩2,816B | ₩51.8B | Revenue -13.8%, operating profit swung to a gain (prior year -KRW 143.2B, a KRW 195.0B swing) | Press/announcement |
| 2026 Q1 | Duty-Free Division | ₩792.2B | ₩32.3B | Revenue +24.4%, operating profit +112.2%, 5th straight profitable quarter · figures predate Incheon Airport DF1 opening (4/17) | Disclosed |
| 2026 Q2 | Duty-Free Division | ₩904.3B | ₩31.9B | Revenue +35%, operating profit +385%, 6th straight profitable quarter · H1 cumulative revenue KRW 1,696.5B (+30%), operating profit KRW 64.1B (+194%) · Incheon Airport DF1 (opened 4/17) revenue included from Q2 | Disclosed |
Hotel Shilla
| Period | Scope | Revenue | Operating Profit | Notes | Reliability |
|---|---|---|---|---|---|
| 2018 Annual | Consolidated (whole company)Consolidated | ₩4,713.7B | ₩209.1B | Revenue +34.1%, operating profit +186.1% | Press/announcement |
| 2019 Annual | Consolidated (whole company)Consolidated | ₩5,717.3B | ₩295.8B | — | Unverified (needs re-check) |
| 2020 Annual | Consolidated (whole company)Consolidated | ₩3,188B | -₩185.2B | — | Unverified (needs re-check) |
| 2025 Q1 | TR Division | ₩827.1B | -₩5B | Revenue -0.4%, operating profit swung to a loss (prior year +KRW 5.9B gain) · downtown store revenue -21%, airport store revenue +18.7% | Disclosed |
| 2025 Q2 | TR Division | ₩850.2B | -₩11.3B | Revenue +2.1%, operating profit swung to a loss · downtown store revenue -3.2%, airport and other store revenue +6.4% | Disclosed |
| 2025 Q3 | TR Division | ₩849.6B | -₩10.4B | Revenue +0.6%, operating loss narrowed by KRW 0.9B year over year | Disclosed |
| 2025 Q4 | TR Division | ₩854.9B | -₩20.6B | Revenue +10.5%, operating loss narrowed from prior year (-KRW 43.9B) · full-year operating profit swung to a KRW 13.5B gain (company-wide) | Disclosed |
| 2026 Q1 | TR Division | ₩884.6B | ₩12.2B | Revenue +7.0%, operating profit swung to a gain | Disclosed |
| 2026 Q2 | TR Division | ₩772.6B | ₩36.4B | Revenue -9.1% (Incheon Airport DF1 zone concession ended), operating profit swung to a gain · downtown store revenue +2.0%, airport and other store revenue -17.4% | Disclosed |
Shinsegae
| Period | Scope | Revenue | Operating Profit | Notes | Reliability |
|---|---|---|---|---|---|
| 2023 Annual | Consolidated (whole company)Consolidated | ₩11,132.2B | ₩639.8B | — | Disclosed |
| 2024 Annual | Consolidated (whole company)Consolidated | ₩11,497.4B | ₩477B | — | Disclosed |
| 2025 Annual | Consolidated (whole company)Consolidated | ₩12,007.7B | ₩480B | — | Disclosed |
| 2025 Q1 | Shinsegae DF | ₩561.8B | -₩2.3B | Revenue +15.4%, operating loss of KRW 2.3B (narrowed from -KRW 34.5B the prior quarter) · Incheon Airport store normalization pushed rent higher | Disclosed |
| 2025 Q2 | Shinsegae DF | ₩605.1B | -₩1.5B | Prior-year figure confirmed via the 2026 Q2 earnings release | Disclosed |
| 2025 Q3 | Shinsegae DF | ₩538.8B | -₩5.6B | Revenue +14.2%, operating loss narrowed to KRW 5.6B (cost efficiencies incl. tour-guide commissions) | Disclosed |
| 2025 Q4 | Shinsegae DF | ₩599.3B | ₩2B | Revenue +7.9%, operating profit swung to a gain · MD lineup reorganized around profitability | Disclosed |
| 2026 Q1 | Shinsegae DF | ₩589.8B | ₩10.6B | Revenue +5.0%, operating profit improved by KRW 12.9B | Disclosed |
| 2026 Q2 | Shinsegae DF | ₩542.6B | ₩33.3B | Revenue -10.3% (Incheon Airport DF2 zone handed back), operating profit swung to a gain (prior year -KRW 1.5B, a KRW 34.8B swing) · H1 cumulative revenue KRW 1,132.4B (-3.0%), operating profit KRW 43.9B (+KRW 47.8B YoY) | Disclosed |
Hyundai Department Store
| Period | Scope | Revenue | Operating Profit | Notes | Reliability |
|---|---|---|---|---|---|
| 2019 Annual | Hyundai DF (duty-free subsidiary) | ₩368.8B | -₩74.2B | — | Unverified (needs re-check) |
| 2020 Annual | Hyundai DF (duty-free subsidiary) | ₩622.4B | -₩65.5B | — | Unverified (needs re-check) |
| 2021 Annual | Hyundai DF (duty-free subsidiary) | ₩1,591.2B | -₩40.8B | — | Unverified (needs re-check) |
| 2022 Annual | Hyundai DF (duty-free subsidiary) | ₩2,257B | -₩66.1B | — | Unverified (needs re-check) |
| 2025 Annual | Consolidated (whole company)Consolidated | ₩4,230.3B | ₩378.2B | Operating profit +33.2% · Hyundai DF posted its first full-year profit, a KRW 0.2B gain | Press/announcement |
| 2025 Q1 | Duty-Free Division | ₩293.5B | -₩1.9B | Revenue +22.1%, operating loss of KRW 1.9B (narrowed from -KRW 5.1B the prior year) · travel demand recovery drove Incheon Airport revenue | Disclosed |
| 2025 Q2 | Duty-Free Division | ₩293.5B | -₩1.3B | Prior-year figure confirmed via the 2026 Q2 earnings release | Disclosed |
| 2025 Q3 | Duty-Free Division | ₩222.5B | ₩1.3B | Revenue -2.5%, operating profit swung to a gain (+KRW 9.4B YoY) · start of a 3-quarter profitable streak | Disclosed |
| 2025 Q4 | Duty-Free Division | ₩204.5B | ₩2.1B | Operating profit KRW 2.1B (full-year first profit of KRW 0.2B) · revenue backed out from 2025 full-year revenue of KRW 1,014.0B minus Q1-Q3 | Press/announcement |
| 2026 Q1 | Duty-Free Division | ₩213.7B | ₩3.4B | Operating profit improved by KRW 5.3B year over year | Disclosed |
| 2026 Q2 | Duty-Free Division | ₩310.4B | ₩6.2B | Revenue +5.8%, operating profit swung to a gain (prior year -KRW 1.3B) · H1 cumulative operating profit KRW 9.6B (prior year -KRW 3.2B loss) · 4th straight profitable quarter · boosted by April's Incheon Airport DF2 addition (expanded into cosmetics and liquor) | Disclosed |
Data notes — please read
- This table is not a complete annual time series. Most of 2018–2024 is still blank because segment-level duty-free figures haven't yet been extracted from the original annual reports; only values confirmed in public disclosures, IR materials, or press reports are included.
- Scope varies by company. Values marked "Consolidated" (Hotel Shilla 2018–2020, Shinsegae 2023–2025, Hyundai Department Store 2025) are whole-company consolidated results, not the duty-free segment alone — don't read these as duty-free performance specifically.
- Some figures (Hotel Shilla 2019–2020, Hyundai DF 2019–2022) come from unverified secondary sources such as blogs and company-info sites, and need re-verification against original business/audit reports.
- The only periods where all four companies are comparable on the same basis (duty-free segment, disclosed) are 2026 Q1 and Q2. Q2 — the first quarter after April's Incheon Airport DF1 (Shilla→Lotte) / DF2 (Shinsegae→Hyundai) reassignment — saw revenue rise at the operators that won new zones and fall at the ones that gave zones up.
DART (Korea's electronic disclosure system)Hotel Lotte IR archiveHotel Shilla IR archiveShinsegae IR — consolidated financial summaryHyundai Department Store Group IR archiveHyundai Department Store 2026 Q2 earnings — Electronic TimesHotel Shilla 2026 Q2 earnings — ZDNet KoreaHotel Lotte 2025 Q4/annual earnings — Business ReportHotel Lotte 2026 Q2 earnings — NewsquestShinsegae DF 2026 Q2 earnings — DigitalDaily