Culley Reports Record Q3 Operating Profit of $10 Million, Marking Seven Consecutive Quarters of Profit

Culley achieved record quarterly sales, driven by growth in its food and beauty sectors and an expanded collaboration with Naver.
 
The company reported an operating profit of 10 billion won for the third quarter of this year, a 63.5% increase compared to the same period last year. This marks seven consecutive quarters of profitability. Sales reached 777.9 billion won, up 34.4% from the previous year. Net profit stood at 6.1 billion won, continuing a three-quarter streak of profitability.
 
For the first three quarters of this year, cumulative sales totaled 2.2583 trillion won, nearly 95% of last year's annual sales of 2.3671 trillion won. Cumulative operating profit during the same period increased 6.7 times compared to the previous year.
 
Total gross merchandise volume (GMV) reached 1.1496 trillion won, a 32.1% increase year-on-year. The core business, MarketCurly, saw a 32.8% rise in transaction volume, driven by strong sales of restaurant meal replacements (RMR) in collaboration with renowned chefs and its own ready-to-eat brand, 'Charyeon'.
 
BeautyCurly also experienced a 25% increase in transaction volume, benefiting from the expansion of new beauty brands and the strengthening of functional product lines, including dermacosmetics.
 
The growth of new business segments was also notable. The transaction volume of seller-delivered products (3P), which expanded into fashion and living categories, increased by 32.6%. As of September, the number of fashion brands available on the platform had nearly doubled compared to the previous year.
 
The 'CurlyN Mart', operated in collaboration with Naver, saw its monthly transaction volume increase tenfold within a year of its launch. The volume through the Naver Fulfillment Alliance (NFA) also surged 21 times, reflecting the company's success in expanding its business beyond the existing Culley platform to external sales channels.
 
Profitability improvements continued. Although costs related to packaging increased due to higher usage of refrigerants and insulation materials during the summer, the ratio of selling and administrative expenses to sales decreased by 2.1 percentage points compared to the same period last year, thanks to improved cost structure.
 
Financial capacity has also expanded. As of the end of the third quarter, cash and cash equivalents reached 413.9 billion won, an 85.4% increase from the same period last year, marking a record high.
 
Since achieving annual operating profit last year, Culley has been pursuing a relaunch of its initial public offering (IPO).
 
Kim Jong-hoon, Chief Financial Officer of Culley, stated, "The solid growth of our core business, combined with the success of new ventures, has allowed us to achieve record quarterly sales while strengthening our foundation. In the remaining fourth quarter, we will focus on balancing growth and profitability to secure sustainable business competitiveness and accelerate the enhancement of corporate value."