11st, Q2 Sales Reach 132.9 Billion KRW... Four Consecutive Quarters of Growth

Operating loss of 14 billion KRW... "Costs incurred due to intensified e-commerce competition"

[Asia Economy Reporter Lim Chunhan] 11st announced on the 11th that its sales in the second quarter of this year reached 132.9 billion KRW, a 3.6% increase compared to the same period last year. This marks the fourth consecutive quarter of year-on-year sales growth.

Operating loss amounted to 14 billion KRW, increasing by 9 billion KRW compared to the loss in the second quarter of last year. 11st explained, "In the first half of this year, unpredictable COVID-19 conditions and intensified e-commerce competition led to additional costs incurred to respond accordingly."

11st stated that quarterly transaction volume and sales have been steadily increasing, and based on the growth momentum secured in the first half, it plans to achieve double-digit transaction volume growth as targeted at the beginning of the year through a full-scale growth drive in the second half.

As a strategy to lay the foundation for future growth in the first half, 11st has focused on video commerce based on video reviews and live broadcasts, as well as strengthening delivery competitiveness through collaboration.

Lee Sangho, CEO of 11st, said, "The first half was a period to establish the foundation for competitiveness in the e-commerce market at a turning point," adding, "In the second half, customers will see an upgraded version providing a differentiated service and a unique shopping experience."

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