11st, Q2 Revenue 128.3 Billion KRW... Transaction Volume Increases for Second Consecutive Quarter

[Asia Economy Reporter Seungjin Lee] 11st announced on the 6th that its sales in the second quarter of 2020 (April to June) recorded 128.3 billion KRW, slightly down from 129.7 billion KRW in the same period last year.

Transaction volume increased for the second consecutive quarter. The transaction volume in the second quarter rose 18.6% year-on-year and more than doubled compared to the first quarter.

A representative from 11st said, "With transaction volume increasing for two consecutive quarters, we are moving toward achieving the annual breakeven point based on external growth," adding, "Strengthening cooperation with leading domestic and international brands in the first half of the year enhanced product competitiveness, and services such as same-day shipping and same-day grocery delivery contributed to our delivery competitiveness."

Operating loss was recorded at 5 billion KRW. The first quarter (January to March) also saw a loss of 4.8 billion KRW. Regarding this, 11st explained that the increase in marketing expenses was due to responding to the rapidly changing market situation caused by the COVID-19 pandemic.

11st plans to maintain an efficient cost execution policy until the end of the year, expecting double-digit growth in the second half through a rebound in product categories with recovering demand such as leisure, fashion, beauty, and travel, as well as improvements in search, recommendations, and shopping environment, making it possible to secure profitability at the annual breakeven level.

This content was produced with the assistance of AI translation services.