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Kurly Reports Record Revenue, Reduced Losses in 2023

Source: Kurly

Seoul, South Korea - Kurly announced record sales of KRW 2.07 trillion ($1.54 billion) for fiscal year 2023.

The company's annual net loss decreased approximately 40% from the previous year to KRW 143.6 billion ($106.5 million), marking the first time Kurly has reduced its yearly loss since its inception.

According to the company's annual report, Kurly's revenue increased 5% year-on-year to KRW 531.1 billion ($393.8 million) in the fourth quarter of 2023.

The company's operating loss fell 50% to KRW 25.1 billion ($18.6 million). Notably, in December, Kurly achieved its first EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) surplus since its inception, with an increase of approximately KRW 10 billion ($7.4 million) compared to the same month of the previous year.

The company has maintained this surplus trend for three consecutive months as of the end of February 2024.

Kurly attributes its improved performance to fundamental improvements in its cost structure, including marketing, logistics, and fixed costs, as well as establishing a sustainable revenue structure.

The company's new logistics centers in Changwon and Pyeongtaek, which opened last year, contributed to the stabilization of logistics through increased productivity.

Closing the existing logistics center in Songpa also significantly reduced inefficient expenses.

The company's new businesses, such as Beauty Kurly, the fee-based 3PL service, and Kurly Members, also improved performance.

Beauty Kurly now accounts for 10 percent of Kurly's total gross merchandise value (GMV) and has become a critical business segment. 

Its higher-priced products, compared to food, contribute significantly to improved profitability.