11st, Q1 Sales 140 Billion KRW... Operating Loss Down 23% from Previous Quarter
[Asia Economy Reporter Lim Chunhan] 11st announced on the 16th that it achieved significant results in direct purchasing, Amazon Global Store, and live broadcasting in the first quarter of this year.
According to SK Square's quarterly report, 11st's sales in the first quarter of this year amounted to 140 billion KRW, an increase of 2.8 billion KRW compared to the same period last year. Net loss for the period was 26.5 billion KRW due to increased operating expenses in the first quarter. 11st explained, "Although operating expenses increased due to e-commerce response costs and market competition response, operating losses decreased by more than 23% compared to the previous quarter through efficient marketing and cost reduction."
The retail (direct purchase + consignment sales) business expansion strategy, which 11st is focusing on this year, saw retail sales in the first quarter grow by 762% compared to the same period last year. First quarter retail sales have already reached 93% of last year's annual retail sales.
11st currently operates additional logistics centers in Incheon and Daejeon following the Paju 1 and 2 logistics centers. In addition, the system to improve the efficiency of direct purchase and consignment sales operations is being revamped and is planned to be applied within this month.
The Amazon Global Store added millions of new products earlier this month. The delivery period from Amazon to Korea has also been shortened from an average of 6 to 10 business days to 4 to 8 business days.
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The live commerce platform 'Live11' recorded a cumulative viewership of 87.3 million in the first quarter of this year, more than 26 times higher than the same period last year. The average number of viewers per live broadcast also exceeded 263,000, achieving an all-time high. Transaction volume during Live11 broadcasts increased fourfold compared to the same period last year.
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