The South Korean retail giant announced its net income for the July-September period of 2021 hit 188.9 billion won (around $160.4 million) on a consolidated basis, a sharp uptick from the 858 million won ($728,638) in profits it reported last year, The Korea Herald reports.

Operating income increased 307.1 percent year-on-year to 102.4 billion won ($86.9 million), while sales revenue rose 37.3 percent to 1.67 trillion won ($1.4 billion) during the quarter.

The company attributed its performance to pent-up demand and strong sales in its department stores, which saw sales increase 15 percent year-on-year. Luxury goods and foreign brands enjoyed sales boosts of 32.7 percent and 29.7 percent respectively.

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Shinsegae Posts Record Q2 Operating Profit on Strong Luxury Demand