SEOUL– BGF Retail, the operator of CU convenience stores, said Thursday its third quarter net profit rose 40.6 percent thanks to an improved product mix.
Net profit came to 69.3 billion won (US$48.7 million won) on a consolidated basis for the three months ending in September, compared with 49.3 billion won from a year earlier, the company said in a regulatory filing.
The company attributed its net income growth to an improved product mix boosted by increased sales in fresh foods, desserts and home meal replacement categories.
The convenience store operator said it plans to focus on nurturing its home meal replacement (HMR) offerings, as it is seeing rapid growth in the category. BGF will launch around 60 new HMR products over the next three months, it said.
Operating profit jumped 31.7 percent to 91.5 billion won. Sales increased 11.9 percent to 2.05 trillion won.
BGF Retail operates more than 16,000 CU convenience stores in Korea, as well as around 370 in Malaysia and Mongolia.
Source: Yonhap News Agency