WARABEYA NICHIYO HOLDINGS CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 19%

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Tue Oct 8, 2024 3:00 pm JST Earnings

2918 WARABEYA NICHIYO HOLDINGS CO.,LTD. 【J-GAAP】

Earnings Report

WARABEYA NICHIYO HOLDINGS CO.,LTD. <2918> [TSE-P] announced its financial results after the market closed on October 8th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) decreased by 5.1% from the same period last year to 4.61 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 19.1%, from the previous forecast of 4.7 billion yen to 3.8 billion yen (compared to 6.82 billion yen in the previous period), leading to an increase in the profit decline rate from 31.1% to 44.3%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the September to February period (second half) is expected to turn into a loss of 813 million yen (compared to a profit of 1.96 billion yen in the same period last year).

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit decreased to 2.23 billion yen, a 8.6% decrease compared to the same period last year. The operating profit margin worsened from 4.0% in the same period last year to 3.5%.

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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	97,858	3,376	3,058	1,606	92.0	66.1	Oct 7, 2022	J-GAAP
Mar - Aug, 2023	103,011	4,491	4,862	2,758	158.0	71.2	Oct 6, 2023	J-GAAP
Mar - Aug, 2024	113,636	4,256	4,613	2,807	160.8	121.4	Oct 8, 2024	J-GAAP
YoY	+10.3%	-5.2%	-5.1%	+1.8%	+1.8%

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	117,000	4,200	4,450	2,750	157.5	45	Apr 11, 2024	J-GAAP
Mar - Aug, 2024 Results	113,636	4,256	4,613	2,807	160.8	45	Oct 8, 2024	J-GAAP
Revision Rate	-2.9%	+1.3%	+3.7%	+2.1%	+2.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025 Prev	230,000	4,500	4,700	2,800	160.3	90	Apr 11, 2024	J-GAAP
Feb, 2025 New	222,500	3,600	3,800	2,000	114.5	90	Oct 8, 2024	J-GAAP
Revision Rate	-3.3%	-20.0%	-19.1%	-28.6%	-28.6%

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	103,998	1,889	1,962	1,515	86.8	45	Apr 11, 2024	J-GAAP
Sep - Feb, 2024 Guidance	108,864	-656	-813	-807	-46.2	45	Oct 8, 2024	J-GAAP
YoY	+4.7%	－	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	194,416	4,985	4,628	2,810	160.9	65	Apr 11, 2023	J-GAAP
Feb, 2024	207,009	6,380	6,824	4,273	244.7	90	Apr 11, 2024	J-GAAP
Feb, 2025 Guidance	222,500	3,600	3,800	2,000	114.5	90	Oct 8, 2024	J-GAAP
YoY	+7.5%	-43.6%	-44.3%	-53.2%	-53.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	53,225	2,122	2,446	1,264	72.4	4.0	Oct 6, 2023	J-GAAP
Sep - Nov, 2023	50,173	973	996	709	40.6	1.9	Jan 11, 2024	J-GAAP
Dec - Feb, 2023	53,825	916	966	806	46.2	1.7	Apr 11, 2024	J-GAAP
Mar - May, 2024	54,720	2,219	2,378	1,494	85.6	4.1	Jul 9, 2024	J-GAAP
Jun - Aug, 2024	58,916	2,037	2,235	1,313	75.2	3.5	Oct 8, 2024	J-GAAP
YoY	+10.7%	-4.0%	-8.6%	+3.9%	+3.9%