BGF Retail Reports Q2 Operating Profit of 58.7 Billion KRW, Up 31.9% YoY (Comprehensive)

[Asia Economy Reporter Lim Chun-han] BGF Retail announced on the 5th that its consolidated operating profit for the second quarter of this year was tentatively estimated at 58.7 billion KRW, a 31.9% increase compared to the same period last year. Sales reached 1.7005 trillion KRW, up 9.8% year-on-year, and net profit increased by 41.4% to 46.8 billion KRW.

BGF Retail explained that despite the difficulties caused by COVID-19, its sales strategies that inject growth momentum into existing stores, such as the store improvement program ‘Jump Up Project,’ have shown visible results. The opening of new stores is also steadily increasing.

Additionally, the company stated that sales improvements were driven by upgraded ready-to-eat meals, differentiated products such as Gom, Yang, and Mal beers, CU Kkiri delivery service, and budget-friendly promotions.

BGF Retail said, "Our swift response strategy to capture local shopping demand in line with lifestyle changes due to social distancing has contributed to improved performance," adding, "Active ESG (Environmental, Social, and Governance) management, including eco-friendly campaigns, has positively influenced our brand image, leading to increased franchise demand and creating a virtuous cycle in our business."