GS Retail Q1 Operating Profit 46.6 Billion KRW... Up 109.4% YoY (Comprehensive)

Sales of 2.7002 Trillion KRW, 4.9% Increase

GS Retail announced on the 9th that its consolidated operating profit for the first quarter of this year was tentatively estimated at 46.6 billion KRW, a 109.4% increase compared to the same period last year. Sales reached 2.7002 trillion KRW, up 4.9% from the same period last year, and net profit rose 242.7% to 17.8 billion KRW.

By business segment, convenience store sales amounted to 1.8667 trillion KRW, a 6.3% increase year-on-year, while operating profit was 22.7 billion KRW, down 11.3 billion KRW from the previous year. GS Retail explained, "Operating profit decreased due to the high profit base from self-diagnostic kits in the first quarter of last year, and increases in labor costs, advertising and promotional expenses, and logistics costs also had an impact."

Supermarket business sales increased 7.7% year-on-year to 341.3 billion KRW, but operating profit decreased by 3.9 billion KRW to 4.3 billion KRW. Although sales increased due to the rise in the number of operating stores from new openings, operating profit declined due to increased expenses such as advertising and promotional costs.

Home shopping business sales decreased 4% year-on-year to 290.1 billion KRW, while operating profit rose by 5.7 billion KRW to 31.6 billion KRW. Despite a notable decline in sales in the home appliances and household goods categories, operating profit improved due to better gross profit margins and efficiency in selling and administrative expenses such as coupon costs and marketing expenses.

Parnas Hotel business sales increased 58.5% year-on-year to 97.3 billion KRW, and operating profit rose by 12.6 billion KRW to 21.4 billion KRW. This was attributed to increased food and banquet sales from new event acquisitions and rising wedding demand, as well as an increase in foreign tourists.

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