Hyoungji Elite Turns Profitable in Q1... "Strong Performance in School Uniforms and New Businesses"

Operating Profit 720 Million KRW
Sales 25.6 Billion KRW... 129% Increase Compared to Previous Period

Hyoungji Elite continued its performance growth through the simultaneous growth of its core student uniform business and new ventures.

According to the Financial Supervisory Service's electronic disclosure system on the 14th, Hyoungji Elite, a corporation with a fiscal year ending in June, reported a consolidated operating profit of 720 million KRW for the first quarter (July 1 to September 30, 2023), turning profitable compared to the same period last year. On an individual basis, sales increased by 129% from the previous quarter to 25.6 billion KRW. Sales in the core student uniform business increased by 660 million KRW year-on-year, and the aggressively expanding sports merchandising business and MRO (Maintenance, Repair, and Operations) business generated total sales of 13.55 billion KRW.

The student uniform business, highly valued for its long-standing know-how, technological expertise, and differentiated materials and functions, maintained its number one bid-winning rate in the domestic 'school-organized purchasing system.' Overseas, the growing preference among Chinese consumers for premium school uniforms contributed to a performance rebound.

The sports merchandising business, launched as a new venture, is also successfully expanding by increasing supply contracts. In particular, following the endemic phase (periodic outbreaks of infectious diseases), the rising popularity of baseball has increased the 'loyal fan' base of partner teams, boosting sales.

Hyoungji Elite has set a strategy to secure stable sales by strengthening the competitiveness of athletic uniforms within the student uniform business. It is also targeting the increased demand for on-site workwear due to the endemic, aiming to enhance the competitiveness of its ready-made uniform brand.

Additionally, with the activation of exchanges with China, it is expected to accelerate the expansion of its sales network. In fact, apart from directly operated stores mainly in key cities, the company is gradually expanding its local sales network by increasing dealers and participating in trade fairs, setting a goal to become the number one market share holder in the Chinese school uniform market within five years.

A representative of Hyoungji Elite stated, "While our core business provides a solid foundation, the remarkable growth of new ventures led to the increase in first-quarter performance," adding, "The outlook for overseas business is also bright, and we expect to easily achieve annual sales of 100 billion KRW."

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