Shinsegae Reports September 2026 Preliminary Sales Up 9.1% Year on Year

What happened

On 2026-10-08 Shinsegae published a preliminary earnings disclosure (fair disclosure) for September 2026. The company notes these are provisional figures that may differ from final ones.

Sales for September were ₩198.1B, against ₩159.9B in August (+23.9%) and ₩181.6B in September 2025 (+9.1%). Year-to-date sales from January to September were ₩1.64T, versus ₩1.43T a year earlier (+14.6%).

The filing also shows a gross sales figure: ₩497.5B for September (+6.6% year on year; +17.1% from August) and ₩4.35T year to date (+13.4%). The filing does not define how gross sales differ from sales.

Operating profit, pre-tax profit and net income are all left blank in the filing, so no profit data is available from this event.

What it changes for the thesis

The previous report (2026-10-13) described a profit recovery, with trailing operating income of ₩637.2B and net income of ₩169.0B, alongside a sharp share price fall whose cause the data did not explain. This filing is consistent with the recovery story on the sales side, since year-to-date sales are growing 14.6%.

It does not address the earlier open points: the large gap between operating and net profit, and the reasons for the 48.6% three-month price drop. With no profit figures, it cannot confirm that margins are holding. Note also that the filing is dated 2026-10-08, before the previous report, so it is not a new development after that report. Investor flow, foreign ownership and short balance data are still not available.

What it changes for the valuation

Our model fair value range is ₩292,096 (bear), ₩393,913 (base) and ₩534,240 (bull) per share, based on H1 2026 free cash flow of ₩378.8B, a growth assumption of -3.9%, a 9.0% discount rate and net debt of ₩1.00T. The previous report gave no fair value (null), so there is no earlier range to compare against.

The share price of ₩304,000 on 2026-10-12 sits above the bear case and below the base case. The monthly sales figures do not enter the model, which uses H1 2026 data, so this filing does not change the range. The range is a simple model, not a target.

Closing view

The September filing shows solid sales growth, both against August and against the prior year, and nine-month sales are 14.6% above last year. But it is a revenue-only disclosure, with no profit data, and it does not explain the earlier share price decline or the gap between operating and net profit. The evidence adds modestly to the revenue picture and leaves the main questions from the previous report unchanged.

Model estimate of fair value

Bear

₩292,096

+19%

Base

₩393,913

+61%

Bull

₩534,240

+118%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

A simple 5-year discounted cash flow from filed statements (H1 2026): revenue growth -3.9% fading to 2%, discount rate 9%. Per share, not a price target. See and change the assumptions

Filings and data used

• Preliminary earningsOct 8, 2026
• Insider shareholding reportOct 6, 2026
• 5%+ holding reportOct 2, 2026
• Transactions of Goods and Services with Affiliated Companies Held by the Same PersonSep 21, 2026
• Investor relations (IR) eventSep 18, 2026
• Preliminary earningsSep 9, 2026
• 5%+ holding reportAug 31, 2026
• 대규모기업집단현황공시[분기별공시(대표회사용)]Aug 31, 2026
• Investor relations (IR) eventAug 26, 2026
• Investor relations (IR) eventAug 21, 2026
• Added attachment: Half-year report (Jun 2026)Aug 14, 2026
• 지급수단별ㆍ지급기간별지급금액및분쟁조정기구에관한사항Aug 12, 2026
• 'Shinsegae'-affiliated KOIKIDS: The global growth story that '12 keys' will write [Oh!SSEN Letter]Oct 13, 2026
• Daily prices up to 2026-10-12
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of H1 2026

Report history

1. Oct 13, 2026Update noteEarningsShinsegae Reports September 2026 Preliminary Sales Up 9.1% Year on Year
2. Oct 13, 2026InitiationShinsegae: Sharp Three-Month Share Price Drop Follows Strong Year, While Profit Recovers in 2026