Recorded Operating Profit in All Business Divisions
Overseas Business Operating Profit Accounts for 60%
Bakery Drives High Performance Overseas
CJ Foodville achieved a profit in all business sectors last year, recording the highest performance in its history since its founding.
CJ Foodville announced on the 3rd through a public disclosure that its consolidated sales last year amounted to 844.65336 billion KRW, an 11.3% increase compared to the previous year. Operating profit during the same period rose 73.7% to 45.34774 billion KRW.
By business sector, the bakery overseas business drove strong performance last year. CJ Foodville posted profits in all major countries where it operates, including the United States, Indonesia, and Vietnam, with overseas business accounting for 60% of total operating profit.
Among its subsidiaries, the U.S. subsidiary is showing rapid growth. Since becoming the first overseas subsidiary of CJ Foodville to turn a profit in 2018, it has set new records for six consecutive years. Last year, sales increased by 38% year-on-year, surpassing 100 billion KRW for the first time. Operating profit rose 179% compared to the previous year. Tous Les Jours currently operates stores in 26 states including LA, New York, New Jersey, and Massachusetts. Last year, it surpassed 100 stores and aims to secure 1,000 stores in the U.S. by 2030. In 2025, it plans to complete a factory in Georgia with an annual production capacity of over 100 million units.
Indonesia and Vietnam also recorded profits for two consecutive years. Last year, Indonesia's sales increased by 20% and operating profit by 27% compared to the previous year. Following 2022, it maintained double-digit operating profit margins for two consecutive years, continuing its growth trend. Currently, it operates about 60 stores and plans to accelerate opening more stores this year, focusing on major cities such as Jakarta, Tangerang, Bekasi, Bandung, Bali, and Medan. Despite a sluggish market environment due to economic slowdown, Vietnam maintained profitability. It solidified its position as the number one premium bakery while diversifying its revenue structure by expanding business-to-business (B2B) and online-to-offline (O2O) operations.
In the dining business, the company explained that premiumization and applying evolution models by brand improved per-store profitability, solidifying a profitable structure. Dining sector sales increased 23.4% and operating profit rose 86.7% year-on-year. Among them, VIPS saw per-store sales grow at an average annual rate of about 35% from 2020 to 2023 under its premium strategy. Last year, per-store sales increased 13% compared to the previous year. CJ Foodville plans to expand evolution models for dining brands such as the noodle specialty store 'Jeil Jemyunso,' Italian bistro 'The Place,' and Korean cuisine pub 'Mugyo Juga Jeil Jemyunso.'
A CJ Foodville official said, "Due to store opening regulations, we faced a decade-long limit on external growth, but we found a breakthrough in global business and achieved record-high performance. Based on the established profitable structure, we will take a further leap as a global F&B company."
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