GS Retail's Operating Profit Reaches 245.1 Billion KRW Last Year, Up 11.7% YoY (Comprehensive)

GS Retail announced on the 7th that its consolidated operating profit for last year was tentatively estimated at 245.1 billion KRW, an increase of 11.7% compared to the previous year. Sales reached 11.2264 trillion KRW, up 15.8% year-on-year. Net profit decreased by 93.7% to 50.4 billion KRW.

Operating profit for the fourth quarter was 85.3 billion KRW, a 180.9% increase compared to the same period last year. Sales and net loss were 2.8885 trillion KRW and 40.1 billion KRW, respectively.

By business segment, convenience store sales amounted to 1.9879 trillion KRW, up 9.1% year-on-year, and operating profit increased by 11.6 billion KRW to 43.2 billion KRW. GS Retail explained, "Despite increased investment costs for future growth and higher advertising and promotional expenses for brands such as Peontorang and Gotsaeng Planning, same-store daily sales growth and improved profit margins were achieved."

Supermarket sales increased by 16.1% year-on-year to 339.3 billion KRW, and operating profit rose by 9.7 billion KRW to 4.0 billion KRW. This growth was driven by the expansion of quick commerce and franchise stores, as well as increased sales at existing stores.

Home shopping transaction volume decreased by 1.9% year-on-year to 320.5 billion KRW. Operating profit improved by 19.2 billion KRW to 58.4 billion KRW due to reduced selling and administrative expenses and a one-time tax refund.

Hotel sales increased by 76.8% year-on-year to 121.8 billion KRW, and operating profit rose by 20.0 billion KRW to 30.5 billion KRW. This was attributed to increased domestic staycation demand and a rise in foreign tourists following the easing of overseas entry restrictions.