BGF Retail Reports Q1 Operating Profit of 37.8 Billion KRW, Up 75% YoY (Comprehensive)

[Asia Economy Reporter Lim Chun-han] BGF Retail announced on the 9th that its consolidated operating profit for the first quarter of this year was tentatively estimated at 37.8 billion KRW, a 75% increase compared to the same period last year.

Sales increased by 12.7% year-on-year to 1.6922 trillion KRW, and net profit rose by 63.5% to 26 billion KRW.

BGF Retail explained that overall positive performance was driven by the recovery of consumer sentiment, ultra-low price product strategies and discount promotions due to the spread of budget shopping, expansion of new collaborative products and services, active business development and marketing partnerships, and differentiated seasonal marketing such as Valentine's Day and White Day.

A BGF Retail official said, “This year, we are continuing to open new stores at a level similar to last year. By remodeling the Pocket CU application to enable one-stop use of delivery, pickup, and courier services for the first time in the industry, we are enhancing the connectivity between online and offline channels to secure sales growth momentum for stores.”