[Click eStock] "Foodnamu Takes Off with Earnings... Expecting Record High Q3 Performance"

[Asia Economy Reporter Jihwan Park] Yuanta Securities evaluated on the 5th that Foodnamu (290720) continues to show a significant improvement in performance, and it is possible to achieve the highest-ever sales in the third quarter.

Researcher Seonjae Heo of Yuanta Securities stated, "Foodnamu is expected to continue steady external growth in the future due to structural market changes such as the increase in single-person households, the number of people exercising and doing home training, and the expansion of online food purchases." In fact, in the second quarter, it recorded sales of 50.6 billion KRW, achieving quarterly sales exceeding 50 billion KRW for the first time.

It is estimated that in the third quarter, the company will enjoy the full effect of the peak season and break the record for the highest sales ever. Researcher Heo emphasized, "Foodnamu's expected third-quarter performance is sales of 56.1 billion KRW, a 61.8% increase compared to the previous year, and operating profit of 3.2 billion KRW, a 2.5% increase." The factors behind the improved performance include growth in platform subscribers, reduction in advertising expenses, and growth in subsidiaries' scale.

The steep growth in new and loyal customers is analyzed to directly lead to sales expansion. The total number of platform subscribers in the third quarter is estimated to be 1.95 million, a 43% increase compared to the previous year, and the number of Orange Members subscribers, launched in March this year, is expected to reach about 30,000.

This year's expected performance is projected to be sales of 191.1 billion KRW, a 63.1% increase compared to the previous year. Operating profit is expected to increase by 3.5% to 6.9 billion KRW. Researcher Heo said, "This is due to the continuation of a favorable business environment, growth in new and loyal customers, and increased sales contribution from the subsidiary FN Fresh." He added, "The growth in platform subscribers is happening faster than expected, and based on the current trend, it is expected to reach 2.1 million by the end of the year."

He emphasized, "It seems that growth focused on the domestic market will continue until this year, and from next year, performance improvement is expected due to full-scale entry into the Chinese market and new businesses such as AI and metaverse, so it is necessary to pay attention from now on."

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