KAWANISHI WAREHOUSE CO.,LTD., First Half Ordinary Profit Decreases by 21%, July-September Ordinary Profit Decreases by 28%

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Mon Nov 11, 2024 2:00 pm JST Earnings

9322 KAWANISHI WAREHOUSE CO.,LTD. 【J-GAAP】

Earnings Report

KAWANISHI WAREHOUSE CO.,LTD. <9322> [TSE-S] announced its financial results in the afternoon session on November 11th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 21.3% from the same period last year to 592 million yen. The progress rate against the 1.28 billion yen full-year plan was 46.3%, also falling below the five-year average of 62.0%.

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 expand by 43.0% from the same period last year, reaching 688 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 263 million yen, a 27.7% decrease compared to the same period last year. The operating profit margin worsened from 5.5% in the same period last year to 3.9%.

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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	13,932	712	760	492	64.4	79.3	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	12,612	715	752	473	61.9	61.0	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	12,731	543	592	352	46.2	46.3	Nov 11, 2024	J-GAAP
YoY	+0.9%	-24.1%	-21.3%	-25.6%	-25.4%

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	12,900	620	660	410	53.6	14	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	12,731	543	592	352	46.2	14	Nov 11, 2024	J-GAAP
Revision Rate	-1.3%	-12.4%	-10.3%	-14.1%	-13.9%

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	12,381	444	481	323	42.3	13	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	13,269	657	688	448	58.6	14	Nov 11, 2024	J-GAAP
YoY	+7.2%	+48.0%	+43.0%	+38.7%	+38.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	27,107	893	958	1,492	195.2	16	May 10, 2023	J-GAAP
Mar, 2024	24,993	1,159	1,233	796	104.2	23	May 10, 2024	J-GAAP
Mar, 2025 Guidance	26,000	1,200	1,280	800	104.6	28	May 10, 2024	J-GAAP
YoY	+4.0%	+3.5%	+3.8%	+0.5%	+0.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	6,262	344	364	237	31.0	5.5	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	6,430	358	368	201	26.3	5.6	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	5,951	86	113	122	16.0	1.4	May 10, 2024	J-GAAP
Apr - Jun, 2024	6,301	293	329	168	22.1	4.7	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	6,430	250	263	184	24.1	3.9	Nov 11, 2024	J-GAAP
YoY	+2.7%	-27.3%	-27.7%	-22.4%	-22.2%