RETAIL PARTNERS CO., LTD., First Half Ordinary Profit Revised Downward to an Unexpected 2%Decrease

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Tue Oct 15, 2024 3:00 pm JST Earnings

8167 RETAIL PARTNERS CO., LTD. 【J-GAAP】

Earnings Report

RETAIL PARTNERS CO., LTD. <8167> [TSE-P] announced its financial results after the market closed on October 15th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) was 3.76 billion yen, a 2.5% decrease compared to the same period last year, resulting in a decrease in profits compared to the previous forecast of a 11.4% increase.

The progress rate against the 8.2 billion yen full-year plan was 45.9%, also falling below the five-year average of 50.1%.

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 14.7% from the same period last year, reaching 4.43 billion yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit decreased to 1.79 billion yen, a 3.8% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 2.5% in the same period last year to 2.3%.

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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	117,271	2,240	2,694	1,707	39.0	43.6	Oct 13, 2022	J-GAAP
Mar - Aug, 2023	124,825	3,377	3,859	2,518	58.6	50.0	Oct 13, 2023	J-GAAP
Mar - Aug, 2024	132,833	3,122	3,764	2,410	56.2	45.9	Oct 15, 2024	J-GAAP
YoY	+6.4%	-7.6%	-2.5%	-4.3%	-4.2%

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	131,300	3,600	4,300	2,700	62.9	14	Apr 15, 2024	J-GAAP
Mar - Aug, 2024 Results	132,833	3,122	3,764	2,410	56.2	14	Oct 15, 2024	J-GAAP
Revision Rate	+1.2%	-13.3%	-12.5%	-10.7%	-10.7%

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	127,336	3,363	3,866	2,199	51.2	16	Apr 15, 2024	J-GAAP
Sep - Feb, 2024 Guidance	128,967	3,978	4,436	2,790	65.0	14	Oct 15, 2024	J-GAAP
YoY	+1.3%	+18.3%	+14.7%	+26.9%	+26.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	234,793	5,283	6,181	2,917	66.8	22	Apr 13, 2023	J-GAAP
Feb, 2024	252,161	6,740	7,725	4,717	109.9	28	Apr 15, 2024	J-GAAP
Feb, 2025 Guidance	261,800	7,100	8,200	5,200	121.1	28	Apr 15, 2024	J-GAAP
YoY	+3.8%	+5.3%	+6.1%	+10.2%	+10.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	64,283	1,589	1,864	1,248	29.1	2.5	Oct 13, 2023	J-GAAP
Sep - Nov, 2023	62,948	1,436	1,650	1,070	24.9	2.3	Jan 11, 2024	J-GAAP
Dec - Feb, 2023	64,388	1,927	2,216	1,129	26.3	3.0	Apr 15, 2024	J-GAAP
Mar - May, 2024	65,076	1,597	1,970	1,271	29.6	2.5	Jul 16, 2024	J-GAAP
Jun - Aug, 2024	67,757	1,525	1,794	1,139	26.6	2.3	Oct 15, 2024	J-GAAP
YoY	+5.4%	-4.0%	-3.8%	-8.7%	-8.6%