GS Retail Q3 Operating Profit Up 18.9%... Supermarket and Home Shopping Businesses Drive Growth

Supermarket operating profit jumps 160% to KRW 23.9 billion
Home shopping operating profit also rises 108.6%
Convenience store revenue hits a record KRW 2.4743 trillion... operating profit falls 8.1%

GS Retail posted its highest-ever quarterly operating profit in the third quarter of this year, driven by improved profitability in its supermarket and home shopping businesses. Its flagship convenience store business continued to grow revenue, but operating profit fell from a year earlier.

GS Retail said on November 4 that it recorded consolidated revenue of KRW 3.3143 trillion and operating profit of KRW 132.1 billion in the third quarter. Revenue rose 3.4% and operating profit increased 18.9% from a year earlier. Operating profit was the highest ever for a quarter.

By business segment, convenience store chain GS25 posted revenue of KRW 2.4743 trillion, up 1.1%. Average daily sales at existing stores rose 2.3%, maintaining growth despite a high base from the effects of consumer coupons in the same quarter last year. Operating profit, however, fell 8.1% to KRW 78.2 billion. The company had expanded its fresh-food-focused stores to 1,074 as of the end of September, while sales to foreign customers and quick-commerce sales rose 69.4% and 86.9%, respectively.

Supermarket chain GS THE FRESH recorded its highest-ever quarterly revenue and operating profit. Revenue rose 14.9% to KRW 527.7 billion, while operating profit increased 159.8% to KRW 23.9 billion. The number of operating stores reached 608, up 27 from a year earlier, and sales at existing stores also increased 10.7%. Quick-commerce sales rose 52.2%, exceeding 10% of total revenue for the first time.

Home shopping business GS SHOP recorded revenue of KRW 253.2 billion and operating profit of KRW 24.2 billion, up 2.3% and 108.6%, respectively, from a year earlier. Sales of exclusive beauty products such as Exoproxil and Toun28, as well as exclusive fashion brands including Core Authentic and Jason Wu, performed well, lifting the sales value of exclusive products by 17%. Operating profit improved for the fourth consecutive quarter, starting in the fourth quarter of last year.

A GS Retail official said, "We are strengthening the competitiveness of each business through differentiated products and services and on-site operational innovation," adding, "We will continue to strengthen the competitiveness of our core businesses."

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