ITOCHU-SHOKUHIN Co., Ltd., First Half Ordinary Profit Increases by 39%

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Thu Oct 31, 2024 1:00 pm JST Earnings

2692 ITOCHU-SHOKUHIN Co., Ltd. 【J-GAAP】

Earnings Report

ITOCHU-SHOKUHIN Co., Ltd. <2692> [TSE-P] announced its financial results in the afternoon session on October 31st (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 7.02 billion yen, an increase of 39.2% compared to the same period last year, exceeded the previous forecast of 6 billion yen.

The progress rate against the 10 billion yen full-year plan was 70.3%, also surpassing the five-year average of 44.1%.

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 October to March period (second half) is expected to decrease by 28.8% from the same period last year to 2.97 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 67.9% from the same period last year, reaching 3.88 billion yen. The operating profit margin remained almost flat, changing from 1.2% in the same period last year to 1.4%.

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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	326,002	3,419	4,116	2,874	226.5	46.0	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	338,881	4,315	5,048	3,533	278.5	54.8	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	352,385	4,969	7,028	5,157	406.5	70.3	Oct 31, 2024	J-GAAP
YoY	+4.0%	+15.2%	+39.2%	+46.0%	+46.0%

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	370,000	5,500	6,000	4,000	315.3	60	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	352,385	4,969	7,028	5,157	406.5	60	Oct 31, 2024	J-GAAP
Revision Rate	-4.8%	-9.7%	+17.1%	+28.9%	+28.9%

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	333,570	3,345	4,172	3,065	241.6	60	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	347,615	4,031	2,972	1,843	145.3	60	Oct 31, 2024	J-GAAP
YoY	+4.2%	+20.5%	-28.8%	-39.9%	-39.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	642,953	7,507	8,943	4,843	381.7	80	May 1, 2023	J-GAAP
Mar, 2024	672,451	7,660	9,220	6,598	520.1	110	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	700,000	9,000	10,000	7,000	551.8	120	Apr 30, 2024	J-GAAP
YoY	+4.1%	+17.5%	+8.5%	+6.1%	+6.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	176,653	2,171	2,314	1,578	124.4	1.2	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	184,681	3,885	4,468	3,157	248.8	2.1	Feb 1, 2024	J-GAAP
Jan - Mar, 2024	148,889	-540	-296	-92	-7.3	-0.4	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	169,578	2,498	3,143	2,123	167.3	1.5	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	182,807	2,471	3,885	3,034	239.2	1.4	Oct 31, 2024	J-GAAP
YoY	+3.5%	+13.8%	+67.9%	+92.3%	+92.3%