Olympic Group Corporation, The Current Fiscal Year Ordinary Profit Revised Downward by 42%

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Fri Oct 11, 2024 6:00 pm JST Earnings

8289 Olympic Group Corporation 【J-GAAP】

Earnings Report

Olympic Group Corporation <8289> [TSE-S] announced its financial results after the market closed on October 11th (18:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) dropped by 37.8% from the same period last year to 102 million yen, resulting in a decrease in profits compared to the previous forecast of a 387.8% increase.

In addition, the full-year consolidated ordinary profit has downwardly by 41.7%, from the previous forecast of 1.8 billion yen to 1.05 billion yen (compared to 51 million yen in the previous period), leading to a reduction in the profit growth rate from 35 times to 21 times.

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 profit of 948 million yen (compared to a loss of 113 million yen in the same period last year).

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit amounted to 12 million yen, remained almost flat compared to the same period last year. The operating profit margin remained almost flat, changing from 0.2% in the same period last year to 0.3%.

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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	47,231	269	202	140	6.1	129.5	Oct 13, 2022	J-GAAP
Mar - Aug, 2023	45,812	263	164	161	7.0	321.6	Oct 13, 2023	J-GAAP
Mar - Aug, 2024	49,901	241	102	6	0.3	9.7	Oct 11, 2024	J-GAAP
YoY	+8.9%	-8.4%	-37.8%	-96.3%	-95.9%

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	50,800	900	800	350	15.2	0	Apr 12, 2024	J-GAAP
Mar - Aug, 2024 Results	49,901	241	102	6	0.3	0	Oct 11, 2024	J-GAAP
Revision Rate	-1.8%	-73.2%	-87.3%	-98.3%	-98.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025 Prev	104,000	2,000	1,800	800	34.8	20	Apr 12, 2024	J-GAAP
Feb, 2025 New	102,000	1,350	1,050	500	21.8	20	Oct 11, 2024	J-GAAP
Revision Rate	-1.9%	-32.5%	-41.7%	-37.5%	-37.5%

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	45,125	-73	-113	-638	-27.8	20	Apr 12, 2024	J-GAAP
Sep - Feb, 2024 Guidance	52,099	1,109	948	494	21.5	20	Oct 11, 2024	J-GAAP
YoY	+15.5%	－	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	91,983	315	156	108	4.7	20	Apr 13, 2023	J-GAAP
Feb, 2024	90,937	190	51	-477	-20.8	20	Apr 12, 2024	J-GAAP
Feb, 2025 Guidance	102,000	1,350	1,050	500	21.8	20	Oct 11, 2024	J-GAAP
YoY	+12.2%	+610.5%	+1,958.8%	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	23,058	57	12	111	4.8	0.2	Oct 13, 2023	J-GAAP
Sep - Nov, 2023	21,911	-156	-210	-247	-10.8	-0.7	Jan 12, 2024	J-GAAP
Dec - Feb, 2023	23,214	83	97	-391	-17.0	0.4	Apr 12, 2024	J-GAAP
Mar - May, 2024	24,582	159	90	19	0.9	0.6	Jul 12, 2024	J-GAAP
Jun - Aug, 2024	25,319	82	12	-13	-0.6	0.3	Oct 11, 2024	J-GAAP
YoY	+9.8%	+43.9%	0.0%	－	－