TSUCHIYA HOLDINGS CO., LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 42% Decrease

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Fri Sep 13, 2024 3:30 pm JST Earnings

1840 TSUCHIYA HOLDINGS CO., LTD. 【J-GAAP】

Earnings Report

TSUCHIYA HOLDINGS CO., LTD. <1840> [TSE-S] announced its financial results after the market closed on September 13th (15:30). The consolidated ordinary loss for the cumulative third quarter of the fiscal year ending October 2024 (November 2023 to July 2024) expanded to a loss of 1.1 billion yen (compared to a loss of 883 million yen in the same period last year).

In addition, the full-year consolidated ordinary profit has downwardly by 66.7%, from the previous forecast of 750 million yen to 250 million yen (compared to 428 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 41.6% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the May to October period (second half) has downwardly by 28.4%, from the previous forecast of 1.76 billion yen to 1.26 billion yen (compared to 1.18 billion yen in the same period of the previous year), leading to a reduction in the profit decline rate from 48.1% to 6.1%.

In the most recent three-month period, from May to July (3Q), the consolidated ordinary loss improved to a deficit of loss of 93 million yen (compared to a loss of 123 million yen in the same period last year). The operating profit/loss margin improved from -1.8% in the same period last year to -1.3%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Nov - Jul, 2021	21,560	-1,148	-1,086	-831	-33.3	ー	Sep 13, 2022	J-GAAP
Nov - Jul, 2022	20,673	-917	-883	-682	-27.3	ー	Sep 14, 2023	J-GAAP
Nov - Jul, 2023	21,037	-1,139	-1,103	-852	-34.1	ー	Sep 13, 2024	J-GAAP
YoY	+1.8%	-24.2%	-24.9%	-24.9%	-24.9%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
May - Oct, 2024 Prev	21,739	1,741	1,760	1,317	52.7	7	Jun 14, 2024	J-GAAP
May - Oct, 2024 New	20,939	1,241	1,260	937	37.5	7	Sep 13, 2024	J-GAAP
Revision Rate	-3.7%	-28.7%	-28.4%	-28.9%	-28.9%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct, 2024 Prev	35,000	700	750	550	22.0	7	Dec 15, 2023	J-GAAP
Oct, 2024 New	34,200	200	250	170	6.8	7	Sep 13, 2024	J-GAAP
Revision Rate	-2.3%	-71.4%	-66.7%	-69.1%	-69.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
May - Oct, 2023	20,899	1,179	1,188	807	32.4	6	Dec 15, 2023	J-GAAP
May - Oct, 2024 Guidance	20,939	1,241	1,260	937	37.5	7	Sep 13, 2024	J-GAAP
YoY	+0.2%	+5.3%	+6.1%	+16.1%	+15.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct, 2022	34,716	148	228	230	9.2	6	Dec 15, 2022	J-GAAP
Oct, 2023	34,403	393	428	233	9.3	6	Dec 15, 2023	J-GAAP
Oct, 2024 Guidance	34,200	200	250	170	6.8	7	Sep 13, 2024	J-GAAP
YoY	-0.6%	-49.1%	-41.6%	-27.0%	-27.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
May - Jul, 2023	7,169	-131	-123	-108	-4.3	-1.8	Sep 14, 2023	J-GAAP
Aug - Oct, 2023	13,730	1,310	1,311	915	36.7	9.5	Dec 15, 2023	J-GAAP
Nov - Jan, 2023	5,330	-771	-768	-546	-21.8	-14.5	Mar 15, 2024	J-GAAP
Feb - Apr, 2024	7,931	-270	-242	-221	-8.9	-3.4	Jun 14, 2024	J-GAAP
May - Jul, 2024	7,776	-98	-93	-85	-3.4	-1.3	Sep 13, 2024	J-GAAP
YoY	+8.5%	+25.2%	+24.4%	+21.3%	+21.3%