Bodyfriend Q1 Operating Profit Increases 11 Times Year-on-Year

Record Highest Quarterly Operating Profit... Sales Also Jump 30%
Effective 70 Billion Technology Investment Over the Past 5 Years

[Asia Economy Reporter Kim Cheol-hyun] Bodyfriend (CEO Park Sang-hyun) announced on the 2nd that it achieved the highest quarterly operating profit in its history in the first quarter of this year. Bodyfriend recorded consolidated sales of 152.1 billion KRW and an operating profit of 24.8 billion KRW in the first quarter of this year.

Compared to the first quarter of last year, sales grew by 30.2% and operating profit by 1089.4%. The increase in operating profit was 11 times that of the same period last year. The first quarter operating profit also increased by 15.3% compared to 21.5 billion KRW in the second quarter of last year, which was the previous highest quarterly performance. Sales also approached the record high of 155.3 billion KRW in the second quarter of last year. Considering that the second quarter, which includes Family Month, is usually the season with the highest annual performance, surpassing it in the first quarter of this year is noteworthy.

Bodyfriend analyzed that the recent performance was driven by about 70 billion KRW invested over the past five years in technology and product capabilities developed directly by medical specialists. Additionally, strong sales of high-end, high-spec massage chairs and the resulting increase in average transaction value, as well as growing consumer trust in the brand, were also key factors. The base effect from the consumption sentiment contraction during the early outbreak of COVID-19 in the first quarter of last year also partially influenced the results.

A Bodyfriend official stated, "Sales remained strong during the peak season of April and May, and new healthcare products developed through aggressive R&D are also scheduled for release one after another, so steady growth is expected to continue after the second quarter." He added, "We plan to invest more than 100 billion KRW in research and development over the next five years to widen the technology gap by more than 20 years."

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