LG Overtakes Whirlpool in Home Appliance Market
31 July, 2019
LG ranked first in terms of global home appliance sales in the first half of this year, beating Whirlpool of the U.S. The figures exclude TVs.
LG on Tuesday said it posted sales of W15.63 trillion in the second quarter of this year, up 4.1 percent from the same quarter last year (US$1=W1,182). But its operating profit plunged 15.4 percent to W652.3 billion.
The company's top performer was the home appliance division, which recorded sales of W6.1 trillion, up 16.1 percent on-year, and a bumper 55.4 percent increase in operating profit to W717.5 billion. Over the first half, sales amounted to W11.57 trillion, surpassing Whirlpool's $9.94 billion or W11.4 trillion.
Securities firms estimate rival Samsung's home appliance sales stood at around W8.6 trillion.
LG's performance is attributed to developing advanced technologies and products such as clothing-care gadgets, air purifiers and wireless vacuum cleaners. Brisk sales of its high-end Signature brand also played a role.
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