11st, Q3 Operating Loss Reduced... "Expecting Performance Improvement in Q4"

11st Street announced on the 15th that its operating loss in the third quarter has decreased thanks to its profitability enhancement strategy.

As of the third quarter of 2023, 11st Street's operating loss was 32.5 billion KRW, reducing the deficit by 3.7 billion KRW compared to the third quarter of last year (36.2 billion KRW). Sales amounted to 188.7 billion KRW, a 0.6% decrease from the third quarter of last year (189.9 billion KRW), but remained at last year's level. 11st Street stated, "Since the open market (OM) business surpassed the break-even point in June, we focused on stabilizing profitability, which resulted in some sales decline."

11st Street expects record-high sales in the fourth quarter. Since September, they have started full-scale marketing activities for their next-day delivery service, Shooting Delivery, and usage has increased among customers seeking cost-effective products in this high-inflation era. Thanks to the sales of the Roborock Q series and the new Apple iPhone products, 11st Street's Shooting Delivery recorded its highest monthly transaction volume as of October.

President Ahn Jung said, "11st Street is successfully improving its profit structure for the '2025 turnaround,'" emphasizing, "We are not only growing Shooting Delivery but also strengthening new vertical services introduced this year, enhancing e-commerce competitiveness by improving payment convenience through a partnership with KakaoPay."

Meanwhile, 11st Street will hold a Black Friday event featuring the Amazon Global Store starting next week.

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