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

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%

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