Joshin Denki Co., Ltd., First Half Ordinary Profit Decreases by 61%, July-September Ordinary Profit Decreases by 75%

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Tue Nov 5, 2024 12:30 pm JST Earnings

8173 Joshin Denki Co., Ltd. 【J-GAAP】

Earnings Report

Joshin Denki Co., Ltd. <8173> [TSE-P] announced its financial results at noon (12:30) on November 5th. The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 60.9% from the same period last year to 1.77 billion yen. The progress rate against the 4 billion yen full-year plan was 44.4%, also falling below the five-year average of 56.2%.

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 drop by 40.0% from the same period last year to 2.22 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 873 million yen, a 74.9% decrease compared to the same period last year. The operating profit margin worsened from 3.3% in the same period last year to 0.9%.

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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	197,918	4,104	4,119	3,006	112.3	49.5	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	197,483	4,586	4,549	3,110	117.7	55.1	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	191,986	1,838	1,777	2,196	84.3	44.4	Nov 5, 2024	J-GAAP
YoY	-2.8%	-59.9%	-60.9%	-29.4%	-28.4%

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	191,800	1,800	1,800	2,200	84.8	0	Oct 25, 2024	J-GAAP
Apr - Sep, 2024 Results	191,986	1,838	1,777	2,196	84.3	0	Nov 5, 2024	J-GAAP
Revision Rate	+0.1%	+2.1%	-1.3%	-0.2%	-0.6%

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	206,209	3,778	3,702	1,781	67.7	90	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	208,014	2,162	2,223	1,604	61.8	100	Nov 5, 2024	J-GAAP
YoY	+0.9%	-42.8%	-40.0%	-9.9%	-8.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	408,460	8,311	8,317	4,972	186.8	75	May 9, 2023	J-GAAP
Mar, 2024	403,692	8,364	8,251	4,891	185.9	90	May 7, 2024	J-GAAP
Mar, 2025 Guidance	400,000	4,000	4,000	3,800	146.5	100	Oct 25, 2024	J-GAAP
YoY	-0.9%	-52.2%	-51.5%	-22.3%	-21.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	107,106	3,495	3,473	2,490	94.3	3.3	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	109,807	1,793	1,782	1,017	38.6	1.6	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	96,402	1,985	1,920	764	29.0	2.1	May 7, 2024	J-GAAP
Apr - Jun, 2024	90,195	909	904	468	18.0	1.0	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	101,791	929	873	1,728	66.4	0.9	Nov 5, 2024	J-GAAP
YoY	-5.0%	-73.4%	-74.9%	-30.6%	-29.6%