BGF Retail Reports Q1 Operating Profit of 21.6 Billion KRW, Up 16.8% YoY (Comprehensive)

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[Asia Economy Reporter Lim Chunhan] BGF Retail announced on the 6th that its consolidated operating profit for the first quarter of this year was tentatively estimated at 21.6 billion KRW, a 16.8% increase compared to the same period last year.

Sales reached 1.5012 trillion KRW, up 7.8% year-on-year. Net profit increased by 32.5% to 15.9 billion KRW.

BGF Retail explained, "In response to changes in consumer paradigms caused by COVID-19, we quickly launched cost-effective products and convenience store shopping promotions, which led to a significant increase in sales of home meal replacements (HMR) and alcoholic beverage categories."

BGF Retail added, "Recent improvements in normal school attendance and the operation of tourist sites, as well as efforts to improve selling and administrative expenses and product composition, also contributed to the performance improvement. As our role as a lifestyle hub becomes more prominent, the number of stores and sales growth continue, especially in residential areas."

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