Ichigo Inc., June-August (2Q) Ordinary Profit Decreases by 30%

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Thu Oct 10, 2024 3:00 pm JST Earnings

2337 Ichigo Inc. 【J-GAAP】

Earnings Report

Ichigo Inc. <2337> [TSE-P] announced its financial results after the market closed on October 10th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) expanded to 5.55 billion yen, an increase of 35.9% compared to the same period last year. However, The progress rate against the 12 billion yen full-year plan was 46.3%, almost the same as the five-year average of 45.3%.

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 grow by 2.3% from the same period last year, reaching 6.44 billion yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit decreased to 1.83 billion yen, a 29.8% decrease compared to the same period last year. However, the operating profit margin rose from 18.6% in the same period last year to 23.5%.

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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	25,475	5,082	4,166	3,429	7.4	38.4	Oct 13, 2022	J-GAAP
Mar - Aug, 2023	26,496	5,483	4,087	8,503	18.8	39.3	Oct 12, 2023	J-GAAP
Mar - Aug, 2024	36,295	6,855	5,554	5,365	12.2	46.3	Oct 10, 2024	J-GAAP
YoY	+37.0%	+25.0%	+35.9%	-36.9%	-34.8%

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	ー	ー	ー	ー	－	0	Apr 15, 2024	J-GAAP
Mar - Aug, 2024 Results	36,295	6,855	5,554	5,365	12.2	0	Oct 10, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	56,251	7,477	6,304	3,605	8.0	9	Apr 15, 2024	J-GAAP
Sep - Feb, 2024 Guidance	ー	9,145	6,446	8,635	19.9	10	Oct 10, 2024	J-GAAP
YoY	－	+22.3%	+2.3%	+139.5%	+148.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	68,093	12,492	10,848	9,409	20.5	8	Apr 19, 2023	J-GAAP
Feb, 2024	82,747	12,960	10,391	12,108	26.9	9	Apr 15, 2024	J-GAAP
Feb, 2025 Guidance	ー	16,000	12,000	14,000	32.3	10	Apr 15, 2024	J-GAAP
YoY	－	+23.5%	+15.5%	+15.6%	+20.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	16,344	3,038	2,618	7,048	15.6	18.6	Oct 12, 2023	J-GAAP
Sep - Nov, 2023	11,923	2,444	1,716	1,087	2.4	20.5	Jan 11, 2024	J-GAAP
Dec - Feb, 2023	44,328	5,033	4,588	2,518	5.6	11.4	Apr 15, 2024	J-GAAP
Mar - May, 2024	25,096	4,221	3,716	3,591	8.2	16.8	Jul 11, 2024	J-GAAP
Jun - Aug, 2024	11,199	2,634	1,838	1,774	4.1	23.5	Oct 10, 2024	J-GAAP
YoY	-31.5%	-13.3%	-29.8%	-74.8%	-74.0%