Alphabiz - 11st Narrows Losses on Cost Cuts, but One-Off Gains Cloud Profitability Outlook

[Alpha Biz= Kim Eun-mi] SEOUL, April 10, 2026 — 11st Co. significantly reduced losses last year, though much of the improvement was driven by one-off factors, raising questions about the sustainability of its turnaround.

According to regulatory filings, 11st posted an operating loss of 39.6 billion won in 2025, down 47% from 75.4 billion won a year earlier. Net loss also narrowed to 50.7 billion won from 93.3 billion won. Pre-tax loss improved sharply to 23.1 billion won from 84.6 billion won, reflecting a 61.5 billion won improvement.

However, part of this was attributable to non-recurring factors. The company recorded 19.7 billion won in gains from the sale of its mobile gift voucher business to SK Planet as part of a group restructuring. In addition, provisions for doubtful accounts were reversed, creating a favorable swing of about 12.1 billion won compared to the previous year. Combined, these one-off effects accounted for roughly 31.8 billion won of the improvement.

Excluding these, about 30 billion won in structural improvement came from cost reductions. Advertising expenses fell by 16.4 billion won, while labor costs declined by 8.9 billion won, reflecting ongoing restructuring, workforce reductions, and a shift toward higher-margin products. These efforts helped the company achieve profitability in its open-market segment.

Looking ahead, 11st plans to accelerate growth initiatives. Its grocery-focused platform “Mart Plus” has surpassed 3.2 million cumulative users, while its free membership program “11st Plus” has reached 1.3 million subscribers. Logistics volume for its fulfillment service “Shooting Seller” more than tripled year-on-year.

The company is also preparing to launch a cross-border e-commerce service with JD.com in the first half of this year, while seeking to strengthen customer loyalty through synergies with SK Planet’s OK Cashbag program.

Market observers note that while operational efficiency is improving, sustained profitability will depend on the success of these growth strategies beyond one-off gains.

Alphabiz 김은미 인턴기자(kfootle@alphabiz.co.kr)