CJ Foodville sees record-high operating profit in 2023

CJ Foodville, the food service subsidiary of South Korea's CJ Group and the operator of bakery chain brand Tous les Jours saw a record-high operating profit last year, according to the company on Thursday.

The operating profit was 45.3 billion won ($33.4 million), surging 73.6% compared to the previous year. It’s the highest in CJ Foodville's history.

Last year, the company’s revenue was 844.7 billion won ($625 million), increasing 11.2% year over year.

CJ Foodville turned into a surplus in 2021. It has seen an average operating profit growth rate of over 300% in seven years. 

The bakery unit's overseas business was profitable in key countries such as the US, Indonesia, and Vietnam. 

Tous les Jours expanded in seven countries. It has established local corporations in the US, Indonesia, and Vietnam. 

Sales in the US grew 38% year over year last year, exceeding 100 billion won for the first time. Operating profit also surged 179% compared to the previous year, the highest ever. 

CJ Foodville operates 112 Tous les Jours stores in 26 US states. It plans to increase the number of stores in the US to 1,000 by 2030 and complete a bakery plant in Georgia, the US in 2025.

The company also reported sustained profitability in its Indonesian and Vietnamese corporations for the second consecutive year.

CJ Foodville operates 63 stores in Indonesia. The company delivered double-digit operating margins.

Meanwhile, the dining sector, which includes brands like VIPS and The Place, saw a 23.4% increase in revenue and an 86.7% jump in operating profit compared to the previous year.

Write to Hun-Hyoung Ha at hhh@hankyung.com