11st, Q2 Operating Loss of 45 Billion KRW... Widened Deficit Compared to Same Period Last Year

[Asia Economy Reporter Yuri Kim] 11st announced on the 16th that its operating loss for the second quarter of this year widened to 45 billion KRW, compared to an operating loss of 14 billion KRW in the same period last year. During the same period, sales increased by 3% to 141.8 billion KRW.

11st explained that it is maintaining steady sales growth thanks to the expansion of its direct purchase-centered Shooting Delivery service and the strengthening of the Amazon Global Store product selection in the second quarter. The increase in operating loss was attributed to higher operating expenses due to intensified competition leading to increased marketing costs, one-time fixed costs, and the reflection of financial product valuation losses caused by interest rate hikes.