H2O RETAILING CORPORATION, The Current Fiscal Year Ordinary Profit Revised Upward by 7%, Adds to Record High Profit Forecast

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Wed Nov 6, 2024 2:00 pm JST Earnings

8242 H2O RETAILING CORPORATION 【J-GAAP】

Earnings Report

H2O RETAILING CORPORATION <8242> [TSE-P] announced its financial results in the afternoon session on November 6th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 15.9 billion yen, an increase of 49.5% compared to the same period last year, exceeded the previous forecast of 13.7 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 6.7%, from the previous forecast of 30 billion yen to 32 billion yen (compared to 27.8 billion yen in the previous period), increasing the growth rate from 7.6% to 14.8%, further surpassing the previous forecast of record-high profits for two consecutive terms.

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 6.7% from the same period last year to 16 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 5.0% from the same period last year, reaching 5.74 billion yen. The operating profit margin remained almost flat, changing from 3.1% in the same period last year to 3.4%.

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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	304,425	1,114	2,835	2,790	22.6	21.8	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	318,543	9,897	10,664	6,294	54.5	38.3	Nov 2, 2023	J-GAAP
Apr - Sep, 2024	331,254	15,007	15,943	27,068	236.3	49.8	Nov 6, 2024	J-GAAP
YoY	+4.0%	+51.6%	+49.5%	+330.1%	+333.8%

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	341,000	13,600	13,785	25,400	207.7	20	Aug 6, 2024	J-GAAP
Apr - Sep, 2024 Results	331,254	15,007	15,943	27,068	236.3	20	Nov 6, 2024	J-GAAP
Revision Rate	-2.9%	+10.3%	+15.7%	+6.6%	+13.7%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	702,000	29,500	30,000	30,000	245.9	40	Aug 6, 2024	J-GAAP
Mar, 2025 New	682,000	31,000	32,000	30,000	245.9	40	Nov 6, 2024	J-GAAP
Revision Rate	-2.8%	+5.1%	+6.7%	0.0%	0.0%

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	338,857	16,291	17,211	15,611	135.3	15.50	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	350,746	15,993	16,057	2,932	24.0	20	Nov 6, 2024	J-GAAP
YoY	+3.5%	-1.8%	-6.7%	-81.2%	-82.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	628,089	11,388	13,004	16,382	135.9	25	May 11, 2023	J-GAAP
Mar, 2024	657,400	26,188	27,875	21,905	189.8	28	May 15, 2024	J-GAAP
Mar, 2025 Guidance	682,000	31,000	32,000	30,000	245.9	40	Nov 6, 2024	J-GAAP
YoY	+3.7%	+18.4%	+14.8%	+37.0%	+29.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	163,730	5,139	5,472	2,923	25.3	3.1	Nov 2, 2023	J-GAAP
Oct - Dec, 2023	176,921	12,287	13,255	11,478	99.4	6.9	Feb 2, 2024	J-GAAP
Jan - Mar, 2024	161,936	4,004	3,956	4,133	35.8	2.5	May 15, 2024	J-GAAP
Apr - Jun, 2024	161,895	9,266	10,198	26,464	243.4	5.7	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	169,359	5,741	5,745	604	5.3	3.4	Nov 6, 2024	J-GAAP
YoY	+3.4%	+11.7%	+5.0%	-79.3%	-79.2%