Meal kits drive strong sales and profit growth for GS Retail

Apr 30, 2020Updated Apr 29, 20201 min read

GS Retail, which operates the South Korean convenience-store chain GS25, has reported a huge profit increase for this year’s first financial quarter, boosted by sales of pre-packed meal kits popular during the coronavirus lockdown.

GS Retailreported a KRW88.8 billion (US$72.1 million) in profit from January to March, a 314.7-per-cent increase over last year’s figures. The result was considerably higher than the projected KRW23.9 billion ($19.5 million) profit for the period and sparked a 16.6-per-cent rise in its share value.

A 98.7-per-cent surge in online sales was also a significant contributor to the firm’s first-quarter good fortune, with overall sales totaling KRW1.6 trillion ($1.3 billion).

Last year, in the same period, GS Retail recorded a loss of KRW4.8 billion ($3.9 million).

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Mei Ling Tan

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Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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