Duoback Achieves Double-Digit Sales Growth in Q1... "Lays Foundation for Performance Improvement"

Duoback has laid the groundwork for improved performance through global market expansion and strengthening its gaming chair lineup.

According to Duoback on May 13, the company recorded first-quarter sales of 6.26 billion won, a 15.5% increase from the same period last year. Operating loss was reported at 230 million won.

This performance growth was mainly driven by strategies to expand both domestic and overseas markets and diversify its product portfolio. Duoback is currently selling products in the Nordic markets, including Sweden, Norway, Finland, Denmark, and Estonia, and is now pursuing entry into the Czech Republic and the Netherlands. The company is also accelerating its penetration into the public procurement (B2G) market with its IoT-based smart chair “Jasealgo.” In addition, its high-end chair, the “Ergoback D300,” surpassed cumulative Wadiz crowdfunding of 400 million won, marking a successful entry into the domestic high-end chair market.

Profitability indicators have improved significantly. Despite doubling its marketing expenses in the first quarter of this year, the company managed to reduce its loss by two-thirds, thanks to improvements in its cost structure, and has entered the threshold of turning profitable. The cost-to-sales ratio, which stood at 78.9% in the first quarter of last year, was reduced by 9.8 percentage points to 69.1%, demonstrating successful cost structure improvements.

Duoback plans to continue laying the foundation for a business turnaround by pursuing a dual strategy of expanding global distribution channels and diversifying its product lineup. A Duoback representative said, “For the second quarter of this year, we are planning to implement even more aggressive management strategies, including launching new product lines and entering additional overseas markets, so we anticipate a full-scale business turnaround.”