Coupang Posts Record High Sales of 26 Trillion Won Last Year... "Will Create 'Customer Wow' This Year" (Comprehensive)

Q4 Sales Reach 7.2 Trillion, Highest Quarterly Record
Operating Profit 113.3 Billion, Second Consecutive Quarter of Profit
Reduced Last Year's Operating Loss to 144.7 Billion

Coupang Rocket Delivery stock photo / Photo by Moon Honam munonam@

Coupang achieved sales of 26 trillion won last year, setting a new record for the highest annual sales in its history. The annual operating loss also narrowed to the 100 billion won range, reduced to one-tenth compared to the previous year, increasing the possibility of turning a profit this year. Kim Beom-seok, Coupang's founder, stated, "This is the result of years of continuous investment and innovation," and pledged, "This year, we will create a 'customer wow' in the offline-centered distribution market."

According to the earnings report Coupang submitted to the U.S. Securities and Exchange Commission (SEC) on the 1st (Korean time), Coupang's operating profit for the fourth quarter of last year was 113.3 billion won (83.4 million USD, quarterly exchange rate 1359.26), a 9% increase from 103.7 billion won (77.42 million USD) in the third quarter, marking two consecutive quarters with operating profits exceeding 100 billion won. Compared to the same period last year, it turned from an operating loss of 469.2 billion won to a profit.

During the same period, sales increased by 21% from 6.0065 trillion won in the same quarter last year to 7.2404 trillion won (5.32677 billion USD), surpassing 7 trillion won in quarterly sales for the first time. Net income exceeded the 100 million USD mark for the first time, recording 138.7 billion won (102.06 million USD). This marked a turnaround from a net loss of 479.1 billion won in the fourth quarter of 2021. Compared to the previous quarter, net income increased by 14%.

Coupang's annual sales last year reached 26.5917 trillion won (20.58261 billion USD, annual exchange rate 1291.95), a 26% increase from the previous year (21.0646 trillion won), setting a record for the highest annual sales ever. Sales in USD also increased by 12%, surpassing 20 billion USD. Coupang's operating loss last year was 144.7 billion won (112.01 million USD), a 92% decrease compared to the previous year (1.7097 trillion won). Net loss also decreased by 93% to 118.9 billion won (92.04 million USD) from 1.7653 trillion won (1.54259 billion USD) the previous year. Coupang's gross profit (profit after subtracting cost of sales) last year was 6.0849 trillion won (4.7987 billion USD), a 60% increase from the previous year.

At the end of last year, Coupang's active customers (those who purchased at least one product in a quarter) numbered 18.115 million, a 1% increase from the previous year, and sales per customer reached 400,000 won (294 USD), up 4%. The number of paid Wow Membership subscribers exceeded 10 million for the first time, increasing by 2 million from 9 million the previous year to 11 million. Coupang's new business sales last year, including Coupang Eats, Coupang Pay, Coupang Play, and overseas operations, totaled 811.3 billion won (628.02 million USD), a 25% increase compared to the previous year.

Founder Kim said, "The future outlook is positive," adding, "We will provide differentiated products and customer services in the vast offline-centered domestic distribution market, achieving significant growth over the coming years." He emphasized, "The domestic distribution market is still offline-centered, with high prices and limited products," and stated, "We will create better alternatives with more variety, lower prices, and special services to offer customers new moments that make them say 'wow'." This was interpreted as indicating significant growth potential since Coupang's share in the integrated domestic online and offline distribution market is still low.

According to the global market research firm Euromonitor, the domestic distribution market last year was worth 602 trillion won (466 billion USD), with Coupang's sales accounting for about 4.4% of this. Euromonitor analyzed that the domestic distribution market is expected to grow to over 700 trillion won by 2026.

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