NAFCO CO., Ltd, The Current Fiscal Year Ordinary Profit Revised Downward by 33%

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Fri Oct 25, 2024 3:00 pm JST Earnings

2790 NAFCO CO., Ltd 【J-GAAP】

Earnings Report

NAFCO CO., Ltd <2790> [TSE-S] announced its financial results after the market closed on October 25th (15:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 78.5% from the same period last year to 904 million yen, fell short of the previous forecast of 2.42 billion yen.

In addition, the full-year ordinary profit has downwardly by 32.9%, from the previous forecast of 4.62 billion yen to 3.1 billion yen (compared to 5.55 billion yen in the previous period), leading to an increase in the profit decline rate from 16.6% to 44.1%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to expand by 64.0% from the same period last year, reaching 2.2 billion yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit/loss turned to a loss of 623 million yen (compared to a profit of 1.52 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 3.0% 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
Apr - Sep, 2022	104,629	6,622	6,831	4,203	147.2	70.7	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	101,471	4,186	4,209	2,487	87.1	75.8	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	96,636	888	904	346	12.9	29.1	Oct 25, 2024	J-GAAP
YoY	-4.8%	-78.8%	-78.5%	-86.1%	-85.1%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	97,619	2,402	2,427	1,517	56.7	29	Aug 9, 2024	J-GAAP
Apr - Sep, 2024 Results	96,636	888	904	346	12.9	29	Oct 25, 2024	J-GAAP
Revision Rate	-1.0%	-63.0%	-62.8%	-77.2%	-77.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	190,784	4,576	4,629	2,871	107.2	58	Aug 9, 2024	J-GAAP
Mar, 2025 New	189,454	3,062	3,106	1,700	63.5	58	Oct 25, 2024	J-GAAP
Revision Rate	-0.7%	-33.1%	-32.9%	-40.8%	-40.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	90,645	978	1,343	620	22.0	29	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	92,818	2,174	2,202	1,354	50.6	29	Oct 25, 2024	J-GAAP
YoY	+2.4%	+122.3%	+64.0%	+118.4%	+129.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	202,259	9,219	9,661	5,639	197.4	56	Apr 28, 2023	J-GAAP
Mar, 2024	192,116	5,164	5,552	3,107	110.3	58	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	189,454	3,062	3,106	1,700	63.5	58	Oct 25, 2024	J-GAAP
YoY	-1.4%	-40.7%	-44.1%	-45.3%	-42.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	49,524	1,508	1,521	868	30.4	3.0	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	50,634	1,618	1,895	1,049	36.7	3.2	Jan 26, 2024	J-GAAP
Jan - Mar, 2024	40,011	-640	-552	-429	-15.2	-1.6	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	48,691	1,511	1,527	963	36.0	3.1	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	47,945	-623	-623	-617	-23.1	-1.3	Oct 25, 2024	J-GAAP
YoY	-3.2%	－	－	－	－