CJ Olive Young, buoyed by a rise in foreign visitors to Korea, posted first-quarter sales exceeding 1.5 trillion won this year.
According to the Financial Supervisory Service's electronic disclosure system on the 15th, CJ Olive Young's first-quarter separate-basis sales were 1.5372 trillion won and net profit was 130 billion won. Compared with the same period a year earlier, sales rose 24.5% and net profit increased 2.9%.
The improvement in results is analyzed to have been influenced by an increase in foreign tourists. Among CJ Olive Young stores, "Olive Young Myeong-dong Town," which has the largest sales, derived 95% of its total sales from foreign customers. The "Olive Better" store, which opened on Jan. 1, also saw the share of sales to foreigners approach 50%.
CJ Olive Young plans to invest 123.8 billion won this year to broaden its growth base. It will push to open new stores in non-capital regions and renovate existing outlets, while also expanding its logistics infrastructure. The company also plans to roll out nationwide stores that combine regional characteristics with experiential content.
A CJ Olive Young official said, "We achieved steady growth through offline innovation centered on specialized stores, the launch of 'Olive Better,' region-based retail, and logistics investment," adding, "We will continue investments at home and abroad to secure future growth drivers."