KOSPI · #1 hypermarket & e-commerce · domestic-consumption clock
E-mart Inc.
E-mart is the Shinsegae group's retail operating company, anchored by hypermarkets (E-mart) and warehouse clubs (Traders) alongside the SSG.com and Gmarket e-commerce arms and Starbucks Korea (SCK Company). FY2025 consolidated revenue was KRW 28.97 trillion, flat year on year, while operating profit rose 584.8% to KRW 322.5 billion. It is a domestic-consumption node with little AI exposure, a control case for Korea's consumption clock.
139480.KS Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, E-mart Inc. is directly linked to 6 companies (6 supply, 0 revenue relationships) and reaches 8 companies within two hops; the links are backed by 11 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Consolidated revenue KRW 28.97tn (-0.2% YoY), operating profit KRW 322.5bn (+584.8%), net income KRW 246.3bn (return to profit). Standalone (hypermarket + Traders) gross revenue KRW 17.966tn (+5.9%)
- Customer concentration · Essentially 100% of revenue is Korean domestic consumption. Standalone core KRW 17.966tn (+5.9%), Traders KRW 3.85tn (+8.5%) (FY2025)
- Segments · Hypermarket and Traders · E-commerce (SSG.com, Gmarket) · Starbucks Korea (SCK Company) · Others (Shinsegae Property, Chosun Hotel & Resort, etc.)
Revenue from
- 대형마트·트레이더스 소비자 (오프라인 유통) High confidence· Amount ₩17.97 · FY2025 · Standalone gross revenue KRW 17.966tn (hypermarket + Traders)
The core E-mart hypermarkets and Traders warehouse clubs earn from offline shoppers. FY2025 standalone gross revenue was KRW 17.966tn (+5.9%) and Traders KRW 3.85tn (+8.5%), reflecting a recovery in the core.Mentions KO Kyobo Securities Published May 14, 2026: E-mart 1Q26 review: improving results, target ₩130,000 (Kyobo Securities)Mentions EN E-mart English Investor Relations Published Mar 31, 2026: E-mart Financial Information (Investor Relations)Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025)Confirms KO Shinsegae Group Newsroom Published Feb 11, 2026: E-mart 2025 operating profit KRW 322.5bn, up 584.8% YoY - 스타벅스코리아(SCK컴퍼니) 소비자 High confidence· Amount ₩3.238 · FY2025 · SCK Company (Starbucks Korea) revenue (KRW tn)
E-mart consolidates Starbucks Korea (SCK Company) and books its coffee-chain revenue. FY2025 SCK revenue was KRW 3.238tn (+4.4%) with operating profit KRW 173bn (-9.3%) as cost inflation pressured margins.Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025)Confirms KO Newdaily Biz Published Feb 11, 2026: Starbucks Korea Q4 operating profit down 22% to KRW 37.7bn on cost inflation - 이커머스 소비자 (SSG닷컴·G마켓) Medium confidence
The online subsidiaries SSG.com and Gmarket generate e-commerce revenue but both remain loss-making, weighing on E-mart's consolidated profitability (FY2024: SSG.com revenue KRW 1.576tn, operating loss KRW 72.7bn; Gmarket KRW 961.2bn, operating loss KRW 67.4bn).Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025)Confirms KO Business Post Published Feb 12, 2025: SSG.com and Gmarket losses weigh on E-mart's digital transition
Pays to
- Starbucks High confidence· Market share 67.5% · 2021~ · E-Mart stake in SCK
E-Mart became the largest shareholder of Starbucks Coffee Korea (SCK) with 67.5% in 2021. SCK operates about 1,500 Starbucks stores in Korea under license and pays royalties to Starbucks.Confirms EN GIC Published Jul 27, 2021: Starbucks Transitions Retail Business in South Korea to E-Mart and GIC - 상품 매입원가 (제조사·벤더, 비공개) High confidence
As a retailer, its largest cost is merchandise cost of goods sold, sourced from many manufacturers and vendors. Individual suppliers are undisclosed.Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025) - Orion High confidence
Choco Pie, Poca Chip and Kkobuk Chip are stocked across E-mart and domestic mass retail; a core domestic channel. - 물류·점포 운영·인건비 (비공개) Medium confidence
Logistics and delivery, store leases and operations, and personnel costs are the main components of SG&A. Individual providers and contracts are undisclosed.Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025) - CJ CheilJedang Medium confidence
Collaborates with Shinsegae's retail trio including E-mart, with an E-mart-exclusive Hatban SKU; a core domestic offline channel.Confirms KO Topdaily Published Jun 1, 2024: CJ CheilJedang partners with Shinsegae retail trio; E-mart-exclusive Hatban - PepsiCo Low confidence
E-Mart purchases and sells PepsiCo products such as Pepsi, a carried brand with undisclosed purchase share. - Nestle Low confidence
E-Mart purchases and sells Nestlé products such as Nescafé and Nespresso coffee and confectionery, a carried brand with undisclosed purchase share. - The Coca-Cola Company Low confidence
E-Mart purchases and sells Coca-Cola products in stores and on its online mall, a carried brand with undisclosed purchase share.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| E-mart Inc. | node | -18.4 | -19.5 | -25.3 | -14.6 | +44.7 | -7.8 |
| Starbucks Corp | benef1 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| The Coca-Cola Company | benef1 | +11.4 | +10.6 | -4.4 | +8.9 | +15.6 | +21 |
| Orion | benef1 | -18.4 | +29 | -25.5 | +10.6 | +18.7 | +19.8 |
| Nestlé S.A. | benef1 | +22.1 | -4.2 | -9.3 | -18.8 | -1.8 | +17.9 |
| PepsiCo | benef1 | +20.6 | +6.8 | -3.3 | -7.6 | -1.8 | -2.4 |
| CJ CheilJedang | benef1 | -17.7 | +1.1 | -14.5 | -15.7 | -8.9 | -9.3 |
| Microsoft | benef2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| LigaChem Biosciences | benef2 | -26.2 | -18.1 | +37.1 | +151 | +60.5 | -40.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
The Shinsegae group's retail operating company, anchored by E-mart hypermarkets and Traders warehouse clubs alongside SSG.com/Gmarket e-commerce and Starbucks Korea, a node whose revenue is essentially 100% Korean domestic consumption and AI-independent — a control case. FY2025 consolidated revenue of KRW 28.97tn was flat, but operating profit surged to KRW 322.5bn (+584.8%), returning to profit on recovered competitiveness in the standalone core (KRW 17.97tn, +5.9%) and Traders (KRW 3.85tn, +8.5%) plus cost discipline. The drags are still-loss-making SSG.com/Gmarket e-commerce, while Starbucks Korea (KRW 3.24tn) saw margins soften on cost inflation. Results run on the domestic consumption cycle and a price/cost clock rather than AI — a proxy for Korean consumption.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ₩140,000 · Price ₩81,800 (07-10) · Upside +71%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Kyobo Securities | Buy | ₩130,000 | May 14, 2026 | Report ↗ |
| Hanwha Investment & Securities | Buy | ₩150,000 | Apr 6, 2026 | Report ↗ |
Keeps Buy on improving 1Q26 operating profit (+11.9%) and Homeplus restructuring tailwinds, but cuts the target to KRW130,000 from KRW150,000 on a wider unlisted-subsidiary discount.
Analyses covering this node
- Consumption does not run on one clock: staples, discretionary, luxury diverge Jul 5, 2026
- AI money stays inside the chain: consumption and capital run on other clocks Jul 5, 2026