S Foods Inc., The Current Fiscal Year Ordinary Profit Revised Downward by 34%

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Fri Oct 11, 2024 3:00 pm JST Earnings

2292 S Foods Inc. 【J-GAAP】

Earnings Report

S Foods Inc. <2292> [TSE-P] announced its financial results after the market closed on October 11th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) significantly dropped by 63.2% from the same period last year to 3.47 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 33.6%, from the previous forecast of 12.5 billion yen to 8.3 billion yen (compared to 14.3 billion yen in the previous period), leading to an increase in the profit decline rate from 13.1% to 42.3%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the September to February period (second half) is expected to decrease by 2.7% from the same period last year to 4.82 billion yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit significantly dropped to 1.79 billion yen, a 66.9% decrease compared to the same period last year. The operating profit margin worsened from 4.1% in the same period last year to 1.3%.

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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	193,827	8,587	9,704	5,726	181.1	61.3	Oct 13, 2022	J-GAAP
Mar - Aug, 2023	208,986	8,333	9,426	7,166	226.6	65.5	Oct 12, 2023	J-GAAP
Mar - Aug, 2024	218,900	2,643	3,471	1,215	38.4	41.8	Oct 11, 2024	J-GAAP
YoY	+4.7%	-68.3%	-63.2%	-83.0%	-83.1%

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	ー	ー	ー	ー	－	44	Apr 15, 2024	J-GAAP
Mar - Aug, 2024 Results	218,900	2,643	3,471	1,215	38.4	44	Oct 11, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025 Prev	445,000	11,500	12,500	8,000	252.8	89	Apr 15, 2024	J-GAAP
Feb, 2025 New	445,000	7,300	8,300	4,200	132.7	89	Oct 11, 2024	J-GAAP
Revision Rate	0.0%	-36.5%	-33.6%	-47.5%	-47.5%

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	216,025	4,340	4,964	1,907	60.3	42	Apr 15, 2024	J-GAAP
Sep - Feb, 2024 Guidance	226,100	4,657	4,829	2,985	94.3	45	Oct 11, 2024	J-GAAP
YoY	+4.7%	+7.3%	-2.7%	+56.5%	+56.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	399,208	14,571	15,841	10,570	334.3	78	Apr 14, 2023	J-GAAP
Feb, 2024	425,011	12,673	14,390	9,073	286.9	84	Apr 15, 2024	J-GAAP
Feb, 2025 Guidance	445,000	7,300	8,300	4,200	132.7	89	Oct 11, 2024	J-GAAP
YoY	+4.7%	-42.4%	-42.3%	-53.7%	-53.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	105,943	4,348	5,407	3,462	109.5	4.1	Oct 12, 2023	J-GAAP
Sep - Nov, 2023	105,439	2,060	2,534	1,272	40.2	2.0	Jan 12, 2024	J-GAAP
Dec - Feb, 2023	110,586	2,280	2,430	635	20.1	2.1	Apr 15, 2024	J-GAAP
Mar - May, 2024	109,600	1,272	1,681	671	21.2	1.2	Jul 12, 2024	J-GAAP
Jun - Aug, 2024	109,300	1,371	1,790	544	17.2	1.3	Oct 11, 2024	J-GAAP
YoY	+3.2%	-68.5%	-66.9%	-84.3%	-84.3%