"Top-Performing Convenience Store"... BGF Retail Achieves Record Quarterly Earnings

Operating Profit of 91.5 Billion KRW in Q3... Up 31.7% YoY

Customers are purchasing lunch boxes at the convenience store CU. (Photo by BGF Retail)

[Asia Economy Reporter Lim Chunhan] Despite growing concerns about an economic downturn due to recent high inflation and weakened consumer sentiment, BGF Retail recorded its highest quarterly earnings ever.

According to industry sources on the 5th, BGF Retail announced that its consolidated operating profit for the third quarter of this year, as of the 3rd, was preliminarily estimated at 91.5 billion KRW, a 31.7% increase compared to the same period last year. Sales reached 2.0557 trillion KRW, up 11.9% year-on-year. Net profit increased by 40.6% to 69.3 billion KRW.

With an increase in foot traffic during the summer peak season, sales rose overall across all regions and commercial districts. In particular, various differentiated new products and customer promotions received strong responses, driving the performance growth. This was the result of focusing solely on the convenience store business while competitors concentrated their investments on non-convenience store sectors.

BGF Retail has expanded stores mainly in new towns and residential areas in line with the trend of short-distance shopping, and has focused on enhancing competitiveness in fresh food (FF) and home meal replacements (BMR). As a result, the number of stores exceeded the annual net increase target of around 800, and it is expected to maintain double-digit growth rates.

A BGF Retail official said, “Based on high profitability and the industry-leading premium, new stores are steadily increasing at the same level as last year, creating a virtuous cycle that strengthens both internal and external growth.”

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