Coupang Inc. recorded sales of 11.4 trillion won in the first quarter of this year, marking a 20% growth. The growth institutional sector, including luxury e-commerce platform Farfetch and Taiwan's Rocket Delivery, grew 78%.
According to the consolidated financial report submitted to the U.S. Securities and Exchange Commission (SEC) on the 7th (Korean time), Coupang Inc.'s first-quarter sales in won amounted to 11.4876 trillion won (approximately $790.8 million, with an average quarterly exchange rate of 1,452.66 won), representing a 21% increase compared to the same period last year (9.4505 trillion won). The previous highest quarterly sales in won were in the fourth quarter of last year, amounting to 11.1139 trillion won (approximately $796.5 million). The first-quarter sales in dollars grew by 11%.
Coupang Inc.'s operating profit on a won basis increased to 233.7 billion won (approximately $154 million), a fourfold increase compared to the previous year's 53.1 billion won (approximately $40 million). The operating profit margin was 2%, an improvement from last year's 0.6%. The first-quarter operating profit is lower than the fourth quarter of last year (435.3 billion won) but slightly higher than the third quarter of 2023 (194 billion won).
Coupang's net profit for the first quarter was 165.6 billion won (approximately $114 million), with a net profit margin of 1.4%. This represents a turnaround from a net loss of 31.8 billion won recorded in the same period last year. The net profit is a slight decrease compared to the fourth quarter of last year (182.7 billion won).
Coupang Inc.'s active customers in product commerce (Rocket Delivery, Rocket Fresh, Rocket Growth, Marketplace) reached 23.4 million, a 9% increase compared to the same period last year (21.5 million). The sales in product commerce on a won basis amounted to 9.9797 trillion won (approximately $687 million), marking a 16% growth compared to the same period last year. Revenue per active customer in product commerce was 427,080 won (approximately $294), representing a 6% increase from the previous year.
The sales from growth institutional sectors, including Farfetch, Taiwan, and Coupang Eats, amounted to approximately $1.038 billion (1.5078 trillion won), reflecting a 78% growth compared to the same period last year. The adjusted EBITDA loss for the growth institutional sector was 244 billion won (approximately $168 million), showing a slight decrease compared to last year's loss of 247 billion won. Coupang completed the acquisition of Farfetch earlier last year.
On this day, Coupang Inc. announced plans to implement a share repurchase program of up to $1 billion (approximately 1.4 trillion won). Coupang Inc.'s board approved the program to repurchase its shares up to $1 billion among the Class A common stock issued in the market, which they noted would generate meaningful revenue for shareholders as part of a comprehensive capital allocation strategy.