CVS Bay Area Inc., First Half Ordinary Profit Unexpectedly Revised Upward by 1%

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Fri Oct 11, 2024 3:30 pm JST Earnings

2687 CVS Bay Area Inc. 【J-GAAP】

Earnings Report

CVS Bay Area Inc. <2687> [TSE-S] announced its financial results after the market closed on October 11th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) was 313 million yen, a 0.6% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 5.1% decrease.

The progress rate against the 382 million yen full-year plan was 81.9%, also surpassing the progress rate of 74.0% from the same period of the previous year.

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 drop by 36.7% from the same period last year to 69 million yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit decreased to 110 million yen, a 14.7% decrease compared to the same period last year. The operating profit margin worsened from 6.0% in the same period last year to 4.7%.

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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	3,356	-44	-63	-78	-15.8	ー	Oct 12, 2022	J-GAAP
Mar - Aug, 2023	3,751	280	311	239	48.5	74.0	Oct 11, 2023	J-GAAP
Mar - Aug, 2024	3,901	282	313	815	165.3	81.9	Oct 11, 2024	J-GAAP
YoY	+4.0%	+0.7%	+0.6%	+241.0%	+240.5%

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	3,970	276	295	932	188.8	10	Jul 9, 2024	J-GAAP
Mar - Aug, 2024 Results	3,901	282	313	815	165.3	10	Oct 11, 2024	J-GAAP
Revision Rate	-1.7%	+2.2%	+6.1%	-12.6%	-12.5%

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	3,768	206	109	458	92.9	10	Apr 12, 2024	J-GAAP
Sep - Feb, 2024 Guidance	3,867	160	69	193	39.1	10	Oct 11, 2024	J-GAAP
YoY	+2.6%	-22.3%	-36.7%	-57.9%	-57.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	6,926	81	47	-13	-2.7	16	Apr 12, 2023	J-GAAP
Feb, 2024	7,519	486	420	697	141.3	20	Apr 12, 2024	J-GAAP
Feb, 2025 Guidance	7,768	442	382	1,008	204.2	20	Jul 9, 2024	J-GAAP
YoY	+3.3%	-9.1%	-9.0%	+44.6%	+44.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	1,831	109	129	103	20.9	6.0	Oct 11, 2023	J-GAAP
Sep - Nov, 2023	1,907	166	153	154	31.2	8.7	Jan 10, 2024	J-GAAP
Dec - Feb, 2023	1,861	40	-44	304	61.6	2.1	Apr 12, 2024	J-GAAP
Mar - May, 2024	1,997	193	203	156	31.7	9.7	Jul 10, 2024	J-GAAP
Jun - Aug, 2024	1,904	89	110	659	133.6	4.7	Oct 11, 2024	J-GAAP
YoY	+4.0%	-18.3%	-14.7%	+539.8%	+538.8%