Handsome Co. (020000) reported preliminary consolidated operating profit of 52.2 billion won ($37.5 million) for 2024, down 17.8% from the previous year, according to a regulatory filing on Sunday.
Revenue for the same period rose 0.4% to 1.49 trillion won, while net profit increased 6.8% to 46.2 billion won. On an annual basis, sales showed modest growth, but profitability weakened.
Fourth-quarter results, however, showed marked improvement. Revenue for the October-December period reached 463.7 billion won, up 6.4% year-on-year, while operating profit surged 30.1% to 27.2 billion won. Net profit jumped 81.5% to 23.6 billion won.
"Both sales and operating profit increased in the fourth quarter last year due to early cold weather and recovering consumer sentiment for apparel," a Handsome official said.
The fashion retailer plans to accelerate global business expansion to drive earnings recovery this year. The company aims to strengthen overseas operations for its flagship brands TIME and SYSTEM while securing new growth engines through the discovery of new international brands.
Handsome announced a cash dividend of 750 won per common share based on its 2024 fiscal year results. The dividend yield stands at 4.0%, with total dividend payments amounting to 16.1 billion won.