APR Surpasses 2 Trillion Won in Revenue This Year, Overseas Sales Surge 135%
Third-quarter revenue of 773.1 billion won, operating profit of 160.6 billion won
Overseas sales accounted for 94% of revenue... North America and Europe made up 69% combined
Medicube's cumulative revenue also surpassed 2 trillion won
APR surpassed 2 trillion won in revenue in the first nine months of this year, exceeding its full-year results for last year.
APR said in a preliminary earnings disclosure on October 30 that it recorded consolidated revenue of 773.1 billion won and operating profit of 160.6 billion won in the third quarter. These figures were up 100.3% and 68.9%, respectively, from the same period a year earlier. Revenue for the first nine months of this year totaled 2.134 trillion won, while operating profit reached 503.5 billion won, with both figures surpassing the full-year results for last year.
Overseas operations led the growth. Overseas revenue in the third quarter came to 722.9 billion won, up 135% from the same period a year earlier. Overseas sales accounted for 94% of total revenue. North America and Europe accounted for 46% and 23% of revenue, respectively, bringing their combined share to 69%, up from 47% in the third quarter of last year.
Cumulative revenue for its flagship brand, Medicube, also exceeded 2 trillion won. APR is expanding its offline retail network, including Target, Walmart and Costco, following its online channels such as Amazon and TikTok Shop in the United States. The brand is also scheduled to enter around 3,000 CVS Pharmacy stores in the United States before the end of the year.
APR plans to expand sales in North America and Europe in the fourth quarter, as year-end shopping peaks around Black Friday and Christmas.
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An APR representative said, "Despite the relative lack of major events at key global channels and the continued impact of the won's strength in the third quarter, we set a new record for quarterly revenue and continued to grow our global business. We expect sales to continue expanding in major markets in the fourth quarter as global consumer spending enters its peak season."
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