- Seoul-based company records highest second quarter earnings to date
- Luxury cosmetics said to drive company's total growth up 56% year-on-year
- Strong growth of Whoo and su:m brands boosted luxury cosmetics business
LG Household & Health care recorded 1.6 trillion won in sales and 225bn won in operating profit in Q2 2016 – its highest second quarter earnings to date.
The Seoul-based company saw operating profit grow 34.1%, while net sales jumped 18.5%.
Luxury cosmetics were said to drive the company’s total growth, up 56% year-on-year, while cosmetics, household goods and beverages delivered solid growth.
Whoo is the top selling brand in Korean Duty Free Stores and was the highest selling brand in DSF stores in 2015
Strong growth of LG’s Whoo and su:m brands were said to drive the luxury cosmetics business, which made a sales contribution in the company’s cosmetics arm of approximately 70%.
Whoo is the top selling brand in Korean Duty Free Stores and was the highest selling brand in DSF stores in 2015.
The oriental herbal-based cosmetics brand grew by more than half (56%) in China and its counter numbers reached 140.
The su:m brand, which offers fermented cosmetics, expanded during the quarter after recently launching in China. It entered department stores in April and became available online in May.
Looking at H1 2016, the company also beat records, delivering its highest half-year results to date.
Sales grew 17.6% to 3.1 trillion won, while operating profit grew 32.4% to 459bn won.
Since Q3 2005, LG has seen sales grow for 44 consecutive quarters and operating profit has grown for 45 quarters.