BGF Retail (282330) Q4 2024 earnings summary

Executive summary

• FY24 sales reached 86,988 (100mln KRW), up 6.2% YoY; operating profit was 2,516, down 0.6%, and net income was 1,952, down 0.3%.

• 4Q sales were 22,165 (100mln KRW), up 8.6% YoY; operating profit rose 1.0% to 516 and net income rose 12.4% to 434.

Financial highlights

• FY24 gross profit increased 6.8% YoY to 16,258 (100mln KRW); 4Q gross profit rose 9.0% to 4,084.

• FY24 income before tax was 2,453 (100mln KRW), down 1.2% YoY; 4Q income before tax rose 7.3% to 514.

• FY24 sales growth was attributed to continued openings of high-quality stores and favorable weather; operating profit support came from subsidiary improvement and cost stabilization.

Outlook and guidance

• 2025 priorities: grow SSSG, stabilize costs, and reinforce a virtuous cycle centered on high-quality stores to support profitability and market leadership.

• Plans include launching trend-leading hit products, strengthening differentiated products, promoting new categories, and rebuilding the non-food business.