[Edaily Reporter Kwon Oh Seok ] IBK Investment & Securities announced on the 11th that it is maintaining its “Buy” rating on GS Retail(007070)and raising its target price from 27,000 won to 35,000 won. Namsung Seong-hyun, an analyst at IBK Investment & Securities, stated, “The second-quarter 2026 earnings met market expectations. On a consolidated basis, second-quarter revenue reached 3.1751 trillion won (+6.7% year-over-year), and operating profit stood at 109.4 billion won (+27.5%).” He added, “These positive results stemmed from improvements across all business segments.” In the convenience store segment, same-store sales growth reached 7.5%, and operating profit rose 12.4% year-over-year to 71.4 billion won. He cited the following reasons for the improved performance: △increased efficiency through store consolidation △expanded sales of seasonal product lines △and rising sales to foreign customers. In the supermarket segment, the same-store growth rate was 5.2%, with growth in both customer count and average transaction value. Analyst Nam explained, “The company recorded stable growth driven by new store openings and an increase in the share of online-to-offline (quick commerce) purchases,” adding, “The net increase in stores during the second quarter reached seven, all of which were franchise locations. We believe this reflects the benefits of expanding franchise operations.” He elaborated, “We interpret this as the result of several years of industry-wide supply adjustments—which extended even to the top two operators last year—leading to a slowdown in channel supply, combined with an unexpected recovery in demand (from both foreign and domestic travelers).” He continued, “While the third-quarter same-store growth rate for convenience stores may decline compared to the second quarter, profit growth is expected to continue as increased demand from foreign travelers and operational efficiency persist.” He further projected that third-quarter revenue would reach 3.3084 trillion won (+3.2%) and operating profit 119.5 billion won (+7.5%).
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