PICKLES HOLDINGS CO.,LTD., First Half Ordinary Profit Revised Downward to an Unexpected 14%Decrease

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Mon Sep 30, 2024 3:50 pm JST Earnings

2935 PICKLES HOLDINGS CO.,LTD. 【J-GAAP】

Earnings Report

PICKLES HOLDINGS CO.,LTD. <2935> [TSE-P] announced its financial results after the market closed on September 30th (15:50). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) decreased by 13.6% from the same period last year to 1.17 billion yen, resulting in a decrease in profits compared to the previous forecast of a 0.7% increase.

The progress rate against the 1.78 billion yen full-year plan was 65.8%, below the five-year average of 73.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the September to February period (second half) is expected to expand by 46.4% from the same period last year, reaching 609 million yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit grew by 15.0% from the same period last year, reaching 651 million yen. The operating profit margin improved from 4.6% in the same period last year to 5.6%.

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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
Mar - Aug, 2022	21,308	1,171	1,232	831	64.6	74.7	Sep 27, 2022	J-GAAP
Mar - Aug, 2023	23,111	1,280	1,355	915	73.3	76.5	Sep 29, 2023	J-GAAP
Mar - Aug, 2024	21,694	1,117	1,171	798	64.2	65.8	Sep 30, 2024	J-GAAP
YoY	-6.1%	-12.7%	-13.6%	-12.8%	-12.4%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2024 Guidance	22,830	1,325	1,364	914	73.5	12	Apr 12, 2024	J-GAAP
Mar - Aug, 2024 Results	21,694	1,117	1,171	798	64.2	12	Sep 30, 2024	J-GAAP
Revision Rate	-5.0%	-15.7%	-14.1%	-12.7%	-12.7%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2023	19,917	388	416	260	20.9	24	Apr 12, 2024	J-GAAP
Sep - Feb, 2024 Guidance	21,806	583	609	402	32.3	12	Sep 30, 2024	J-GAAP
YoY	+9.5%	+50.3%	+46.4%	+54.6%	+54.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	41,052	1,538	1,650	1,138	88.8	22	Apr 14, 2023	J-GAAP
Feb, 2024	43,028	1,668	1,771	1,175	94.3	24	Apr 12, 2024	J-GAAP
Feb, 2025 Guidance	43,500	1,700	1,780	1,200	96.5	24	Apr 12, 2024	J-GAAP
YoY	+1.1%	+1.9%	+0.5%	+2.1%	+2.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	11,626	529	566	389	31.2	4.6	Sep 29, 2023	J-GAAP
Sep - Nov, 2023	10,144	178	189	118	9.5	1.8	Dec 28, 2023	J-GAAP
Dec - Feb, 2023	9,773	210	227	142	11.4	2.1	Apr 12, 2024	J-GAAP
Mar - May, 2024	10,812	504	520	362	29.1	4.7	Jun 28, 2024	J-GAAP
Jun - Aug, 2024	10,882	613	651	436	35.1	5.6	Sep 30, 2024	J-GAAP
YoY	-6.4%	+15.9%	+15.0%	+12.1%	+12.6%