TSUBAKIMOTO CHAIN CO., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 6% Decrease

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Thu Oct 31, 2024 3:00 pm JST Earnings

6371 TSUBAKIMOTO CHAIN CO. 【J-GAAP】

Earnings Report

TSUBAKIMOTO CHAIN CO. <6371> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 8.3% from the same period last year, reaching 11.2 billion yen, resulting in an increase in profits compared to the previous forecast of a 3.5% decrease.

However, the full-year consolidated ordinary profit has downwardly by 8.3%, from the previous forecast of 24 billion yen to 22 billion yen (compared to 23.4 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 6.2% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 17.7% from the same period last year to 10.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 6.1% from the same period last year, reaching 5.16 billion yen. The operating profit margin improved from 7.1% in the same period last year to 7.7%.

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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
Apr - Sep, 2022	118,933	8,375	9,889	6,756	60.8	47.2	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	128,760	8,622	10,364	7,300	66.4	44.2	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	136,360	9,459	11,225	10,014	95.0	51.0	Oct 31, 2024	J-GAAP
YoY	+5.9%	+9.7%	+8.3%	+37.2%	+43.1%

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	136,000	9,400	10,000	9,000	87.1	33	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	136,360	9,459	11,225	10,014	95.0	33	Oct 31, 2024	J-GAAP
Revision Rate	+0.3%	+0.6%	+12.3%	+11.3%	+9.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	280,000	23,000	24,000	22,000	214.5	80	May 14, 2024	J-GAAP
Mar, 2025 New	274,000	20,000	22,000	20,000	195.0	80	Oct 31, 2024	J-GAAP
Revision Rate	-2.1%	-13.0%	-8.3%	-9.1%	-9.1%

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	138,052	12,640	13,086	11,251	103.4	33.33	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	137,640	10,541	10,775	9,986	97.4	47	Oct 31, 2024	J-GAAP
YoY	-0.3%	-16.6%	-17.7%	-11.2%	-5.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	251,574	18,985	20,958	13,742	123.7	43.33	May 11, 2023	J-GAAP
Mar, 2024	266,812	21,262	23,450	18,551	170.6	53.33	May 14, 2024	J-GAAP
Mar, 2025 Guidance	274,000	20,000	22,000	20,000	195.0	80	Oct 31, 2024	J-GAAP
YoY	+2.7%	-5.9%	-6.2%	+7.8%	+14.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	66,814	4,744	4,871	4,078	37.1	7.1	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	68,046	5,727	5,768	4,664	42.7	8.4	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	70,006	6,913	7,318	6,587	60.6	9.9	May 14, 2024	J-GAAP
Apr - Jun, 2024	66,455	4,089	6,058	6,383	59.6	6.2	Jul 26, 2024	J-GAAP
Jul - Sep, 2024	69,905	5,370	5,167	3,631	34.4	7.7	Oct 31, 2024	J-GAAP
YoY	+4.6%	+13.2%	+6.1%	-11.0%	-7.1%