BGF Retail Q3 Sales Reach 1.6828 Trillion KRW, Up 6.3% Year-on-Year

[Asia Economy Reporter Seungjin Lee] Despite the challenges posed by the novel coronavirus disease (COVID-19) and unprecedented heavy monsoon rains, BGF Retail, which operates the convenience store CU, posted solid performance results.

BGF Retail announced on the 5th that its sales for the third quarter of this year reached 1.6828 trillion KRW, marking a 6.3% increase compared to the same period last year.

Operating profit was 63.7 billion KRW, down 1.7% from the previous year, with an operating profit margin of 3.8%. The operating profit slightly declined year-on-year due to the impact of COVID-19 on special locations and the unprecedented long monsoon season.

Net income for the period was 51.4 billion KRW, up 2.4% year-on-year, and gross profit increased by 2.9% to 292.8 billion KRW compared to the previous year.

BGF Retail explained that the trend of net store increase continues, and sales grew as same-store sales at general locations turned positive amid the COVID-19 environment.

A BGF Retail representative stated, "We met market expectations through improvements in store structure, including merchandising capabilities," adding, "Although it is uncertain how long the COVID-19 situation will continue, we will persistently work on improving store structure and enhancing management efficiency."

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