E-commerce giant Coupang Inc. said Wednesday it has posted record sales for the first quarter, backed by favorable foreign exchange rate conditions and growth of its emerging business areas.
Coupang's sales for the January-March period totaled 11.5 trillion won ($7.91 billion), up 21 percent from a year ago, the company said in a statement.
Operating profit jumped more than threefold to 233.7 billion won, while net profit totaled 165.6 billion won, turning from a loss in the same period last year.
The New York-listed e-commerce giant attributed favorable foreign exchange conditions and a boost in the company's new business areas to its improved earnings.
Combined sales of the company's Taiwanese Rocket Delivery service, Coupang Eats and the recently acquired online fashion retailer Farfetch Holdings surged 78 percent on-year to 1.51 trillion won.
Sales from Coupang's core Product Commerce division, which includes Rocket Delivery and Rocket Fresh services, gained 16 percent on-year to 9.98 trillion won. Active customer numbers in the division rose 9 percent to 23.4 million.
Coupang also announced that its board has approved a share buyback program of up to 1.4 trillion won in common stock, describing it as part of a long-term strategy to deliver value to shareholders. (Yonhap)
