APR CI
South Korean beauty company APR posted record quarterly sales in the first quarter, fueled by surging overseas demand, as the company accelerates expansion into new markets including Europe, India, the Middle East and South America.
APR said Thursday that consolidated sales for the January-March period reached 593.3 billion won ($409.2 million), while operating profit rose to 152.2 billion won. The figures marked increases of 123 percent and 173 percent, respectively, from a year earlier, setting all-time quarterly highs for both revenue and operating earnings.
Overseas sales accounted for roughly 89 percent of total revenue, reaching 528.1 billion won, up 179 percent from the same period last year.
The United States remained APR’s largest overseas market, with sales surging 250 percent on-year to 248.5 billion won. Japan ranked second, with revenue doubling to 58.9 billion won.
APR said it plans to further accelerate its global expansion this year.
The company began supplying products to major U.S. retailer Target last month and plans to enter Walmart and Costco stores later this year. In Saudi Arabia, APR products recently began selling at more than 150 locations operated by Nahdi Medical Company, the largest retail pharmacy chain in the kingdom and a leading health and beauty retailer often compared to South Korea’s Olive Young. The company plans to expand the number of stores carrying its products to more than 500 within the year. The company plans to expand the number of stores carrying its products to more than 500 within the year.
APR is also preparing to enter more than 260 offline stores operated by Nykaa, India’s largest omnichannel beauty and lifestyle platform, while stepping up expansion efforts in European countries including France, Germany and Italy, as well as South America.
Market observers say APR could approach 2 trillion won in annual sales this year, surpassing last year’s record revenue of 1.53 trillion won.
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