Tesco has just reported a 4.3% like for like sales decline in Korea for the 52 weeks to 22 February 2014. This follows a 5.3% decline last year. But nevertheless:
Our business in Korea continues to generate high returns despite the impact on sales from the regulatory restrictions on opening hours. Whilst we annualised the first closures in the second half, the changing patterns of the opening restrictions have continued to impact our stores on a year-on-year basis. As expected, and following an incremental £40m impact in the first half, the effect of the restrictions on our profitability eased in the second half. Our work to refresh seven of our largest stores, including our stores in Dongsuwon and Yuseong, has delivered encouraging results. We also continued to grow our convenience portfolio, with the opening of 71 ‘365 plus’ franchise stores.
Source: Tesco plc 2014 earnings release [pdf download]