CJ Foodville, a prominent subsidiary of South Korea’s CJ Group, reported a record-breaking operating profit in 2023, marking the company’s highest profitability in its history. The food service giant, known for its bakery chain Tous les Jours, announced an operating profit of 45.3 billion won ($33.4 million), a substantial 73.6% increase from the previous year. This surge in profits accompanies a notable revenue rise to 844.7 billion won ($625 million), up 11.2% year-over-year.
This achievement is a continuation of CJ Foodville’s impressive recovery trajectory, transitioning from deficit to surplus in 2021 and maintaining an average operating profit growth rate of over 300% across seven years. A significant contributor to this success has been the bakery unit’s overseas operations, particularly in the US, Indonesia, and Vietnam, where the brand has not only established a strong presence but also reported profitability.
In the US, Tous les Jours experienced a remarkable 38% sales growth last year, with its operating profit soaring by 179%. This performance marked the first time US sales exceeded 100 billion won. CJ Foodville currently operates 112 Tous les Jours outlets across 26 US states and has ambitious plans to increase this number to 1,000 by 2030, including the completion of a bakery plant in Georgia by 2025.
The company also highlighted sustained profitability in its Indonesian and Vietnamese operations for the second consecutive year, operating 63 stores in Indonesia alone. These markets delivered robust operating margins, reinforcing CJ Foodville’s successful international strategy.
Moreover, CJ Foodville’s dining sector, encompassing brands like VIPS and The Place, also reported significant growth, with a 23.4% increase in revenue and an 86.7% jump in operating profit compared to the previous year.
CJ Foodville’s record profits and aggressive expansion plans underscore the company’s commitment to capturing a larger share of the global food service market, leveraging its successful brand and operational model to set new industry benchmarks.
