Korea Seven, which operates the 7-Eleven convenience store chain, disclosed on the 15th that first-quarter sales were 1.0758 trillion won with an operating loss of 14.3 billion won. Compared with a year earlier, sales fell 5.3%, while the size of the loss decreased 42%.
The company believes the business efficiency policy that continued through last year is now delivering tangible effects. Although the overall scale has eased somewhat due to a decrease in the number of stores, it said profit strength is improving as it closes low-profitability stores and boosts operating efficiency.
Korea Seven aims to accelerate core product innovation and strengthen product competitiveness in line with shifting consumer trends. Ahead of the summer peak season this year, it introduced original ready-to-blend smoothies and launched differentiated products such as sparkling ice cups.
A Korea Seven official said, "As of last year, the management efficiency policy that focused on increasing customer traffic at franchise stores and boosting sales and revenue has borne fruit, achieving a strong improvement trend in results," and added, "We will maintain the competitiveness-enhancing strategy that is proving effective and supplement areas needing improvement to deliver consistently upward results."