GS Retail said on May 7 that first-quarter revenue rose 3.8% from a year earlier to 2.8549 trillion won. Operating profit for the period climbed 39.4% to 58.3 billion won.
GS25, the flagship convenience store business, posted first-quarter revenue of 2.0863 trillion won, up 3.7% from a year earlier. Same-store daily sales increased 4.7%, driving overall revenue growth. Operating profit rose 23.8% to 21.3 billion won from the same period a year ago.
GS The Fresh, the supermarket business, also continued its growth. With the expansion of new stores, an increase in same-store sales, and the expansion of the quick commerce business working in tandem, first-quarter revenue rose 9% year over year to 453.4 billion won. Same-store growth was tallied at 3.2%. Operating profit increased 55.1% to 12.1 billion won over the same period.
GS Shop, the home shopping unit, also contributed to improved results. As sales of tangible goods, including fashion, performed well, revenue came to 262 billion won and operating profit to 29.7 billion won. Those were up 1.6% and 32.6%, respectively, from a year earlier.
A GS Retail official said, "The results of companywide efforts last year to build a foundation for solid, core-business-centered growth from a customer-first perspective led to strong performance in the first quarter," adding, "We will continue to strengthen our business fundamentals to enable stable growth over the mid to long term."