현대백화점, 더현대 감가비 축소로 '영업 레버리지'...수익성 변곡점

Hyundai Department Store's retail division demonstrates impressive margin expansion through cost structure improvements and favorable product mix, but consolidated results are pressured by tariff-driven losses at subsidiary Zinus. This scenario highlights the structural profitability limits of vertically integrated retailers: while domestic operations can achieve strong operational leverage, exposure to manufacturing and trade policy makes earnings volatile.