Able C&C Reports Q2 Operating Loss of 6 Billion KRW, Deficit Reduced by 41%

[Asia Economy Reporter Seungjin Lee] Able C&C announced on the 11th that its consolidated sales for the second quarter of this year recorded 75.8 billion KRW, a 2.4% decrease compared to the same period last year. Operating loss was 5.9 billion KRW, but the deficit narrowed by 41% compared to the same period last year.

Net loss for the period was 28 billion KRW, a 148% decrease compared to the same period last year. Able C&C explained that this was due to a full impairment of 19 billion KRW in remaining goodwill ahead of the merger with Jea H&B.

Able C&C aggressively pursued profit improvement in the second quarter, reducing the deficit. The online division was reorganized centered on Myungnuk, and profitability was improved through offline channel efficiency. Duty-free sales recovered to pre-COVID-19 levels.

An Able C&C official stated, “Able C&C plans to continuously pursue three growth strategies in the second half of this year: expanding overseas markets, strengthening online channels, and optimizing offline efficiency. We will focus all efforts on turning profitable by overcoming the consumption sentiment weakened after COVID-19 and continuing growth, as well as continuously strengthening non-financial competitiveness through ESG management.”

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