11st, Operating Loss of 151.5 Billion KRW Last Year... Deficit Doubled in Size

Last Year's Sales Revenue 789 Billion KRW... Record High

11th Street logo. [Photo by 11th Street]

11st Street announced on the 24th that its operating loss last year was 151.5 billion KRW, approximately doubling the deficit compared to the previous year.

According to 11st Street, last year's sales amounted to 789 billion KRW, a 41% increase from the previous year. This is the highest sales figure ever recorded. The net loss for the period increased by 36.9 billion KRW to 103.8 billion KRW. Sales in the fourth quarter of last year reached 317.4 billion KRW, a 107% increase compared to the previous year. Operating loss rose by 12.1 billion KRW to 45.5 billion KRW.

11st Street explained that the expansion of the deficit was due to essential short-term investment costs incurred during the launch and preparation of new businesses such as shooting delivery, which were pursued to respond to the competitive e-commerce environment and to lay the foundation for last year's transition to '11st Street 2.0.'

A representative from 11st Street stated, “Along with sales growth and continuous cost control, we have maintained the quarterly loss scale at an appropriate level, and the quarterly operating loss rate last year recorded its lowest at 14.3% in the fourth quarter.”

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