Market Kurly, Non-Face-to-Face Shopping Drives 950 Billion KRW Sales Last Year... 2x Increase YoY
Operating Loss of 116.2 Billion KRW and Cumulative Deficit of 260 Billion KRW
[Asia Economy Reporter Jo In-kyung] Market Kurly, the pioneer of 'early morning delivery,' saw its sales nearly double last year, approaching 1 trillion won. This growth is attributed to the surge in contactless shopping demand following the spread of COVID-19.
According to the distribution industry on the 18th, Kurly, the operator of Market Kurly, announced in a notice convening the regular shareholders' meeting sent recently to shareholders under CEO Kim Seul-ah's name that last year's sales amounted to 952.3 billion won (consolidated basis), a 123.5% increase compared to the previous year (425.9 billion won).
This performance is close to the 1.2941 trillion won in sales by Shinsegae Group's SSG.com last year and Homeplus's online sales of 1 trillion won in the 2020 fiscal year (March 2019 to February 2021). Coupang also revealed in its listing documents submitted to the U.S. Securities and Exchange Commission that last year's sales reached $11.97 billion (approximately 13.25 trillion won), up about 91% from 2019 (approximately 7.1 trillion won).
Kurly recently emphasized its plan to go public, highlighting that its annual sales have reached 1 trillion won, indicating that its financial status has improved enough to enable an initial public offering (IPO).
However, operating losses continue. Kurly's operating loss last year was 116.2 billion won, with the deficit widening by about 15 billion won compared to the previous year. As a result, the cumulative operating loss is expected to grow to around 260 billion won.
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Market Kurly stated, "We have raised about 420 billion won in investment funds so far, so despite the cumulative operating losses, we still have financial leeway," adding, "The exact figures will be disclosed at the end of this month after the accounting process."
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