11Street Narrows Losses: E-commerce Giant's Turnaround Journey

Seoul, South Korea - South Korean e-commerce platform 11Street  reported a narrower second-quarter operating loss on Wednesday, marking its fifth consecutive quarter of reduced losses.

The company's Q2 operating loss shrank 31.4% year-on-year to KRW 18.3 billion (US$13 million), while revenue fell 31% to KRW 134.7 billion (US$99 million).

Key points:

• Net loss decreased 26.8% to KRW 19.1 billion (US$14 million)
• H1 revenue down 26% to KRW 305.9 billion (US$225 million)
• H1 operating loss reduced by over 35% to KRW 37.8 billion (US$28 million)
• Positive EBITDA reported for H1 2024

11Street attributed the improved performance to the expansion of high-margin specialty stores, optimization of logistics and marketing, and effective inventory management.

CEO Ahn Jung-eun said, 

"We will continue to prioritize improving profitability in the year's second half by strengthening our internal capabilities and increasing competitiveness in key areas."

The company plans to introduce AI-driven shopping tools and expand product categories in specialty areas to boost competitiveness in H2 2024.

(US$1 = KRW 1,360.56)