MARUZEN CO., LTD., First Half Ordinary Profit Increases by 29%

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Wed Oct 9, 2024 4:00 pm JST Earnings

5982 MARUZEN CO., LTD. 【J-GAAP】

Earnings Report

MARUZEN CO., LTD. <5982> [TSE-S] announced its financial results after the market closed on October 9th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) increased by 29.2% from the same period last year, reaching 3.49 billion yen, exceeded the previous forecast of 2.85 billion yen.

The progress rate against the 5.35 billion yen full-year plan was 65.3%, also surpassing the five-year average of 52.9%.

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 decrease by 28.5% from the same period last year to 1.85 billion yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit grew by 23.1% from the same period last year, reaching 1.59 billion yen. The operating profit margin improved from 7.7% in the same period last year to 9.1%.

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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	28,033	2,185	2,455	1,702	105.1	60.2	Oct 7, 2022	J-GAAP
Mar - Aug, 2023	30,783	2,451	2,702	1,848	114.0	51.0	Oct 10, 2023	J-GAAP
Mar - Aug, 2024	32,209	3,196	3,492	2,412	152.9	65.3	Oct 9, 2024	J-GAAP
YoY	+4.6%	+30.4%	+29.2%	+30.5%	+34.1%

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	30,491	2,650	2,850	1,950	123.5	45	Apr 10, 2024	J-GAAP
Mar - Aug, 2024 Results	32,209	3,196	3,492	2,412	152.9	45	Oct 9, 2024	J-GAAP
Revision Rate	+5.6%	+20.6%	+22.5%	+23.7%	+23.8%

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	29,813	2,406	2,598	1,860	115.6	55	Apr 10, 2024	J-GAAP
Sep - Feb, 2024 Guidance	27,791	1,704	1,858	1,338	84.8	45	Oct 9, 2024	J-GAAP
YoY	-6.8%	-29.2%	-28.5%	-28.1%	-26.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	57,532	3,578	4,080	2,815	173.8	70	Apr 14, 2023	J-GAAP
Feb, 2024	60,596	4,857	5,300	3,708	230.5	90	Apr 10, 2024	J-GAAP
Feb, 2025 Guidance	60,000	4,900	5,350	3,750	237.6	90	Apr 10, 2024	J-GAAP
YoY	-1.0%	+0.9%	+0.9%	+1.1%	+3.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	15,473	1,190	1,299	871	53.7	7.7	Oct 10, 2023	J-GAAP
Sep - Nov, 2023	15,008	1,486	1,591	1,080	66.8	9.9	Jan 9, 2024	J-GAAP
Dec - Feb, 2023	14,805	920	1,007	780	48.5	6.2	Apr 10, 2024	J-GAAP
Mar - May, 2024	16,118	1,727	1,893	1,318	83.6	10.7	Jul 10, 2024	J-GAAP
Jun - Aug, 2024	16,091	1,469	1,599	1,094	69.4	9.1	Oct 9, 2024	J-GAAP
YoY	+4.0%	+23.4%	+23.1%	+25.6%	+29.0%