Kurly to Achieve 1.4 Trillion Won in Revenue in First Half of 2026… Turning Operating Profit Positive through Logistics Efficiency

Kurly, once perceived as a loss-making company, is continuing its growth momentum by fundamentally improving its profit structure. According to a video from God of Retail, following its first-ever annual operating profit in 2025, the first 10 years since its founding, Kurly's revenue for the first half of 2026 is projected to reach approximately 1.4 trillion won. In particular, the transaction volume through the first half of 2026 has grown to a scale of approximately 2.2 trillion won. As of the second quarter of 2026, Kurly recorded consolidated revenue of 734.8 billion won and an operating profit of 27.4 billion won, with total transaction volume showing a 25.1% increase compared to the same period last year, reaching 1.0786 trillion won.

Reduction in Customer Acquisition Costs through Strategic Collaboration with NAVER

The first key factor leading Kurly's profitability improvement is the strategic collaboration with NAVER. In the past, Kurly had to invest massive marketing costs of over 50 billion won annually to acquire customers. However, by joining hands with NAVER, it became possible to connect NAVER's high-quality customer base to Kurly's dawn delivery network, and in this process, Customer Acquisition Cost (CAC) was drastically lowered. A win-win structure was formed as NAVER's strength in customer base combined with Kurly's strength in fresh food and dawn delivery capabilities.

In particular, it was decisive that Kurly could funnel high-spending customer segments, such as women in their 30s, from NAVER's 30 million customers into Kurly's dawn delivery service. NAVER was able to supplement its fresh food and dawn delivery capabilities, which were relatively weak compared to Coupang, through Kurly, while Kurly maximized marketing efficiency by securing a stable influx of customers without pouring in marketing expenses.

Cost Reduction through Relocation of Logistics Bases and the Appropriate Mix of Automation and Labor

Changes in the logistics operation structure were also decisive. In the past, operating logistics centers centered in the Seoul metropolitan area caused high rent and logistics cost burdens. To solve this, Kurly chose a strategy to relocate its logistics bases to Changwon and Pyeongtaek. Although it experienced difficulties during the initial stages of securing labor and stabilizing automation systems, efficiency was maximized as operations stabilized.

Of particular note is the 'appropriate mix' strategy rather than 'full automation.' Instead of replacing all processes with machines, they optimized operating costs by efficiently distributing labor and automation lines. As a result, the operating cost of the Changwon logistics center achieved a result of being more than 20% lower than when it was operated in the Songpa area. Additionally, expanding product categories to increase delivery density contributed to profitability by increasing delivery efficiency within the same region.

Diversification of the delivery system also made the profit structure solid. Moving away from the existing focus on dawn delivery, they expanded into daytime delivery, such as delivering morning orders before 12 PM. This became the foundation for achieving logistics efficiency similar to Coupang by increasing the utilization rate of the logistics centers. The video explained that as the efficiency of the logistics center increases, delivery density rises, allowing more volume to be delivered to the same area, which in turn creates a virtuous cycle where delivery costs decrease.

Increase in Profit Margins through FBK (Fulfillment) and Expansion of High-Margin Categories

The expansion of the business model also made the profit structure robust. Moving away from the existing structure centered on direct purchasing, Kurly diversified its revenue sources through 'Fulfillment By Kurly' (FBK), a fulfillment service that handles storage, inventory management, packaging, and delivery for sellers' products. As of the second quarter of 2026, the 3P (third-party logistics) transaction volume, including FBK, increased by 32.1% compared to the same period last year, and FBK's own transaction volume surged by 48.6%.

Along with this, the growth of high-margin categories, represented by 'Beauty Kurly,' pulled up the profit margins. Products such as cosmetics, fashion, and miscellaneous goods, which have smaller volumes compared to fresh food but higher unit prices, are advantageous for reducing logistics costs. The video explained that even for a product worth 10,000 won, logistics costs are innovatively reduced when delivering small cosmetics rather than large-volume fresh food. In particular, for beauty products, the ability to deliver through Kurly's unique cold chain system is acting as a competitive advantage.

Due to these changes in product composition, Kurly's sales profit margin has risen from the 25% range in the past to the recent 35% level. While it is difficult to leave a profit in fresh food due to the high cost ratio, the sales profit margin has structurally improved as non-food categories (beauty, fashion, etc.) with low cost burdens are combined with 3P services that perform a platform role.

Securing Cash Flow and Future Corporate Value Outlook

As the profit structure improves, the outlook for corporate value is also brightening. Although there were concerns about an Initial Public Offering (IPO) when the corporate value once fell to the 400 billion won range, the corporate value has recovered to the 2.8 trillion won level through investment from NAVER. This is a value recognized by NAVER through an investment of approximately 33 billion won, and currently, Kurly possesses more than 300 billion won in cash, maintaining a stable financial structure.

As operating profit solidifies and cash flow improves, the possibility of resuming an IPO in the future is also being speculated. There is sufficient possibility that the annual operating profit in 2026 will exceed the 100 billion won range, and the transaction volume is also projected to approach the 4 trillion won range. Based on stable operating profit and abundant cash, Kurly has even secured the capacity to reinvest in future technologies such as Artificial Intelligence (AI), leading the market to predict that Kurly's corporate value could rise to the 3 trillion to 4 trillion won range in the future.