MATSUMOTO, First Half Net Income Loss Widens

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Fri Dec 13, 2024 3:30 pm JST Earnings

7901 MATSUMOTO INC. 【J-GAAP】

Earnings Report

MATSUMOTO INC. <7901> [TSE Std] announced its financial results after the market closed on December 13th (15:30). The net loss (non-consolidated) for the cumulative second quarter of the fiscal year ending April 2025 (May to October) expanded to a loss of 491 million yen (compared to a loss of 340 million yen in the same period last year), further increasing the deficit beyond the forecast of a loss of 393 million yen.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the net income for the November to April period (second half) is expected to expand 96.1% from the same period last year, reaching 498 million yen.

In the most recent three-month period, from August to October (2Q), the net loss expanded to a loss of 326 million yen (compared to a loss of 216 million yen in the same period last year). The operating profit/loss margin drastically worsened from -152.2% in the same period last year to -213.6%.

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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
May - Oct, 2022	665	-349	-338	-341	-301.5	ー	Dec 14, 2022	J-GAAP
May - Oct, 2023	607	-398	-390	-340	-300.6	ー	Dec 15, 2023	J-GAAP
May - Oct, 2024	566	-497	-488	-491	-434.3	ー	Dec 13, 2024	J-GAAP
YoY	-6.8%	-24.9%	-25.1%	-44.4%	-44.5%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
May - Oct, 2024 Guidance	617	-389	-389	-393	-347.2	0	Jun 14, 2024	J-GAAP
May - Oct, 2024 Results	566	-497	-488	-491	-434.3	0	Dec 13, 2024	J-GAAP
Revision Rate	-8.3%	-27.8%	-25.4%	-24.9%	-25.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Nov - Apr, 2023	1,607	252	253	254	225.9	0	Jun 14, 2024	J-GAAP
Nov - Apr, 2024 Guidance	1,851	508	501	498	439.7	0	Dec 13, 2024	J-GAAP
YoY	+15.2%	+101.6%	+98.0%	+96.1%	+94.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr, 2023	2,242	12	32	74	65.7	0	Jun 13, 2023	J-GAAP
Apr, 2024	2,214	-146	-137	-86	-76.5	0	Jun 14, 2024	J-GAAP
Apr, 2025 Guidance	2,417	11	13	7	6.2	0	Jun 14, 2024	J-GAAP
YoY	+9.2%	－	－	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Aug - Oct, 2023	178	-271	-268	-216	-191.0	-152.2	Dec 15, 2023	J-GAAP
Nov - Jan, 2023	123	-89	-87	-88	-77.9	-72.4	Mar 18, 2024	J-GAAP
Feb - Apr, 2024	1,484	341	340	342	304.2	23.0	Jun 14, 2024	J-GAAP
May - Jul, 2024	412	-168	-163	-165	-146.0	-40.8	Sep 12, 2024	J-GAAP
Aug - Oct, 2024	154	-329	-325	-326	-288.4	-213.6	Dec 13, 2024	J-GAAP
YoY	-13.5%	-21.4%	-21.3%	-50.9%	-51.0%