Culley reported record operating and net profits for the second quarter of this year. Growth in core businesses such as food and beauty, along with new ventures like seller delivery products (3P) and fulfillment services (FBK), contributed to both revenue growth and improved profitability.
On August 12, Culley announced that its consolidated operating profit for the second quarter reached 27.4 billion won, a staggering 1,991% increase compared to the same period last year. This marks the largest quarterly operating profit in the company's history and the sixth consecutive quarter of profitability. Revenue rose to 734.8 billion won, a 27% increase.
Net profit for the quarter was 25.4 billion won, a turnaround from a loss in the same period last year. Culley has now recorded net profit for two consecutive quarters following the first quarter.
The improvement in profitability was influenced by reduced cost of sales and an expansion of commission-based businesses. The share of revenue from seller delivery products (3P) increased, leading to a gross profit margin of 35.3% for the second quarter, up 1.5 percentage points from the previous year.
Culley also continued its growth trajectory, with total transaction volume (GMV) for the second quarter reaching 1.0786 trillion won, a 25.1% increase year-on-year. The core business, Market Culley, saw a 25.7% increase in transaction volume, driven by higher sales of fresh food and home meal replacements (HMR), while Beauty Culley also experienced a 13.5% increase.
In new businesses, FBK and 3P led the growth. The transaction volume for 3P, including FBK, increased by 32.1% year-on-year, supported by an expanded product range in fashion, kitchenware, and home decor, as well as enhanced logistics competitiveness. Culley N-Mart also continued to see growth in transaction volume.
Thanks to improved profitability, cash assets reached an all-time high of 372.9 billion won, a 73% increase from the same period last year.
Kim Jong-hoon, Chief Financial Officer of Culley, emphasized, "We will maximize corporate value based on the high growth of our core and new businesses, laying the groundwork for a successful initial public offering (IPO) in the future."
Meanwhile, Culley is hosting its first Grand Beauty Culley Festa until August 20, offering discounts of up to 90% on over 10,000 beauty products.
* This article has been translated by AI.
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