Curly Achieves First Operating Profit Since Establishment Last Year... 6% Increase in Sales

Adjusted EBITDA Reaches 13.7 Billion KRW, Up 121.4 Billion KRW Year-on-Year
Expansion of Members, Beauty, and Kurly Zones Drives Success
Transaction Volume Increases 12% to 3.1 Trillion KRW

Retail tech company Kurly achieved adjusted EBITDA profitability for the first time last year.

According to Kurly's '2024 Earnings Call' held on the 5th, the company's consolidated revenue for last year was preliminarily estimated at 2.1956 trillion KRW, a 6% increase compared to the previous year. Operating loss was 18.3 billion KRW, reduced by 125.3 billion KRW (87.3%) from the previous year, and adjusted EBITDA improved by 121.4 billion KRW to 13.7 billion KRW. This is the first time Kurly has posted a positive EBITDA since its founding in January 2015. During the same period, the total transaction amount (GMV) increased by 12% to 3.1148 trillion KRW.

Kurly explained, "Despite the domestic economic recession and consumption contraction last year, we achieved the first-ever EBITDA profitability through a two-track strategy focusing simultaneously on profitability and growth." They added, "To secure future growth engines, we maintained the cash flow break-even point while using the inflowed cash for investments to expand our business scope."

In fact, Kurly focused on strengthening core business competitiveness and discovering new growth engines last year. The transaction amount for fresh food, their main product, rose 10% year-on-year, and Beauty Kurly grew 23% year-on-year in transaction amount, maintaining double-digit growth for two consecutive years since the service launch. Kurly Members, which improved shopping benefits such as daily free delivery, also contributed to performance improvement. As of the end of last year, the cumulative number of Kurly Members subscribers was about 1.4 million, and members accounted for 50% of total transaction payments.

Kurly 2024 Business Performance. Provided by Kurly

Additionally, strengthening logistics and automation processes was a driving force behind achieving positive EBITDA. Last year, the Saetbyeol Delivery zones expanded by 11 regions starting with Gyeongju in February, followed by Pohang, Yeosu, Suncheon, Gwangyang, Gwangju, and others. In July, the one-day delivery service in Jeju Island was launched, and in June and October, Kurly Now's first quick commerce stores opened in Sangam and Dogok, respectively. Kurly's logistics centers in Gimpo, Pyeongtaek, and Changwon significantly reduced operating costs through automation processes, improved order processing efficiency, and stable operations.

A Kurly official said, "As a result of continuous investment in new businesses and customer management last year, we were able to achieve steady growth by focusing simultaneously on profitability and growth despite the difficult economic conditions." He added, "This year, we plan to focus more on strengthening core businesses and discovering new businesses to make the 10th anniversary of Kurly a year of re-leap."