KFC,Ltd., First Half Ordinary Profit Decreases by 58%, July-September Ordinary Profit Decreases by 31%

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Thu Nov 7, 2024 1:00 pm JST Earnings

3420 KFC,Ltd. 【J-GAAP】

Earnings Report

KFC,Ltd. <3420> [TSE-S] announced its financial results in the afternoon session on November 7th (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 58.1% from the same period last year to 138 million yen. The progress rate against the 1.4 billion yen full-year plan was 9.9%, also falling below the five-year average of 25.8%.

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 9.3% from the same period last year to 1.26 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 151 million yen, a 31.4% decrease compared to the same period last year. The operating profit margin worsened from 3.4% in the same period last year to 2.0%.

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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	10,387	58	113	71	9.7	8.1	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	10,855	282	329	214	29.2	19.1	Nov 1, 2023	J-GAAP
Apr - Sep, 2024	11,676	74	138	95	12.9	9.9	Nov 7, 2024	J-GAAP
YoY	+7.6%	-73.8%	-58.1%	-55.6%	-55.7%

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	11,600	70	130	90	12.2	0	Nov 1, 2024	J-GAAP
Apr - Sep, 2024 Results	11,676	74	138	95	12.9	0	Nov 7, 2024	J-GAAP
Revision Rate	+0.7%	+5.7%	+6.2%	+5.6%	+5.7%

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	14,215	1,339	1,391	963	130.9	60	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	14,324	1,226	1,262	850	115.5	50	Nov 7, 2024	J-GAAP
YoY	+0.8%	-8.4%	-9.3%	-11.7%	-11.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	22,627	1,277	1,396	1,052	143.0	50	May 15, 2023	J-GAAP
Mar, 2024	25,070	1,621	1,720	1,177	159.9	60	May 15, 2024	J-GAAP
Mar, 2025 Guidance	26,000	1,300	1,400	945	128.4	50	May 15, 2024	J-GAAP
YoY	+3.7%	-19.8%	-18.6%	-19.7%	-19.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	6,027	205	220	153	20.9	3.4	Nov 1, 2023	J-GAAP
Oct - Dec, 2023	7,277	553	579	396	53.8	7.6	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	6,938	786	812	567	77.0	11.3	May 15, 2024	J-GAAP
Apr - Jun, 2024	5,626	-48	-13	-13	-1.9	-0.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	6,050	122	151	108	14.7	2.0	Nov 7, 2024	J-GAAP
YoY	+0.4%	-40.5%	-31.4%	-29.4%	-29.6%