BGF Retail Surpasses 8 Trillion Won in Sales for the First Time Last Year... Operating Profit Remains Flat

Number of Stores Increased by 975 Compared to Previous Year

BGF Retail, which operates convenience store CU, achieved a record-breaking sales of 8 trillion KRW last year. Operating profit also improved thanks to differentiated products.

BGF Retail announced on the 7th that its consolidated operating profit for last year was tentatively estimated at 253.2 billion KRW, a 0.3% increase compared to the previous year. During the same period, sales grew by 7.6% to 8.1948 trillion KRW, and net profit also rose by 1.2% to 195.8 billion KRW.

In the fourth quarter of last year, BGF Retail's operating profit was 51.1 billion KRW, a 2.3% decrease compared to the same period last year. Sales during the same period increased by 4.7% to 2.0402 trillion KRW. Net profit was recorded at 38.6 billion KRW.

Regarding last year's performance, BGF Retail explained, "Despite a challenging business environment, we led trends in the convenience store industry and recorded solid results with sales exceeding 8 trillion KRW for the first time in history."

With a store opening strategy focused on high-quality locations, the number of stores increased by 975 compared to the previous year. The number of CU stores has been on the rise from 13,877 in 2019 to ▲14,923 in 2020 ▲15,855 in 2021 ▲16,787 in 2022 ▲17,762 in 2023.

They also stated that differentiated products such as 'Yonsei Milk Cream Bread' and ultra-low-priced products like the 'Deuktem Series' drove sales growth. Along with this, they promoted sales growth at existing stores through operational strategies that increase product turnover.

BGF Retail plans to continue focusing on profitability-oriented management this year as well. A BGF Retail official said, "This year, we plan to strengthen business competitiveness centered on enhancing store competitiveness, innovating products and marketing, and differentiating customer experiences."

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