Morozoff Limited, The Current Fiscal Year Ordinary Profit Revised Downward by 7%

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Wed Sep 11, 2024 3:00 pm JST Earnings

2217 Morozoff Limited 【J-GAAP】

Earnings Report

Morozoff Limited <2217> [TSE-P] announced its financial results after the market closed on September 11th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending January 2025 (February to July) decreased by 12.6% from the same period last year to 748 million yen.

The full-year consolidated ordinary profit has downwardly by 6.9%, from the previous forecast of 2.17 billion yen to 2.02 billion yen (compared to 2.51 billion yen in the previous period), leading to an increase in the profit decline rate from 13.8% to 19.7%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the August to January period (second half) is expected to decrease by 23.4% from the same period last year to 1.27 billion yen.

In the most recent three-month period, from May to July (2Q), the consolidated ordinary profit significantly dropped to 16 million yen, a 91.7% decrease compared to the same period last year. The operating profit/loss margin worsened from 2.5% in the same period last year to -0.0%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Feb - Jul, 2022	14,568	796	984	627	89.2	37.6	Sep 7, 2022	J-GAAP
Feb - Jul, 2023	15,748	834	856	539	76.6	34.0	Sep 11, 2023	J-GAAP
Feb - Jul, 2024	16,470	727	748	486	70.3	37.0	Sep 11, 2024	J-GAAP
YoY	+4.6%	-12.8%	-12.6%	-9.8%	-8.3%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb - Jul, 2024 Guidance	16,050	790	820	540	78.0	35	Mar 15, 2024	J-GAAP
Feb - Jul, 2024 Results	16,470	727	748	486	70.3	35	Sep 11, 2024	J-GAAP
Revision Rate	+2.6%	-8.0%	-8.8%	-10.0%	-9.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2025 Prev	35,370	2,120	2,170	1,350	200.4	78	Mar 15, 2024	J-GAAP
Jan, 2025 New	35,850	2,000	2,020	1,350	200.4	78	Sep 11, 2024	J-GAAP
Revision Rate	+1.4%	-5.7%	-6.9%	0.0%	0.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug - Jan, 2023	19,185	1,640	1,661	1,176	167.8	98	Mar 15, 2024	J-GAAP
Aug - Jan, 2024 Guidance	19,380	1,273	1,272	864	128.2	43	Sep 11, 2024	J-GAAP
YoY	+1.0%	-22.4%	-23.4%	-26.5%	-23.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2023	32,505	2,423	2,615	1,703	242.1	65	Mar 16, 2023	J-GAAP
Jan, 2024	34,933	2,474	2,517	1,715	244.6	98	Mar 15, 2024	J-GAAP
Jan, 2025 Guidance	35,850	2,000	2,020	1,350	200.4	78	Sep 11, 2024	J-GAAP
YoY	+2.6%	-19.2%	-19.7%	-21.3%	-18.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
May - Jul, 2023	6,990	174	193	106	15.1	2.5	Sep 11, 2023	J-GAAP
Aug - Oct, 2023	5,904	-354	-352	-284	-40.4	-6.0	Dec 11, 2023	J-GAAP
Nov - Jan, 2023	13,281	1,994	2,013	1,460	208.3	15.0	Mar 15, 2024	J-GAAP
Feb - Apr, 2024	9,310	728	732	500	72.3	7.8	Jun 10, 2024	J-GAAP
May - Jul, 2024	7,160	-1	16	-14	-2.0	0.0	Sep 11, 2024	J-GAAP
YoY	+2.4%	－	-91.7%	－	－