Ichigo, Mar-Nov (Cumulative 3Q) Ordinary Profit Increases by 48%, Sep-Nov Ordinary Profit Increases by 77%

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Thu Jan 9, 2025 3:30 pm JST Earnings

2337 Ichigo Inc. 【J-GAAP】

Earnings Report

Ichigo Inc. <2337> [TSE Prime] announced its financial results after the market closed on January 9th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending February 2025 (March to November) expanded 8.58 billion yen, an increase 48.0% compared to the same period last year. However, the progress rate toward the full-year plan of 12 billion yen was 71.6%, almost the same as the five-year average of 70.8%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the December to February period (4Q) is expected to decrease 25.6% from the same period last year to 3.41 billion yen.

In the most recent three-month period, from September to November (3Q), the consolidated ordinary profit increased 76.7% from the same period last year, reaching 3.03 billion yen. However, the operating profit margin decreased from 20.5% in the same period last year to 16.6%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Mar - Nov, 2022	52,797	9,111	8,000	8,470	18.3	73.7	Jan 12, 2023	J-GAAP
Mar - Nov, 2023	38,419	7,927	5,803	9,590	21.2	55.8	Jan 11, 2024	J-GAAP
Mar - Nov, 2024	57,227	10,338	8,586	8,896	20.3	71.6	Jan 9, 2025	J-GAAP
YoY	+49.0%	+30.4%	+48.0%	-7.2%	-4.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2023	56,251	7,477	6,304	3,605	8.0	9	Apr 15, 2024	J-GAAP
Sep - Feb, 2024 Guidance	ー	9,145	6,446	8,635	20.1	10	Oct 10, 2024	J-GAAP
YoY	－	+22.3%	+2.3%	+139.5%	+150.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	68,093	12,492	10,848	9,409	20.5	8	Apr 19, 2023	J-GAAP
Feb, 2024	82,747	12,960	10,391	12,108	26.9	9	Apr 15, 2024	J-GAAP
Feb, 2025 Guidance	ー	16,000	12,000	14,000	32.5	10	Apr 15, 2024	J-GAAP
YoY	－	+23.5%	+15.5%	+15.6%	+20.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Sep - Nov, 2023	11,923	2,444	1,716	1,087	2.4	20.5	Jan 11, 2024	J-GAAP
Dec - Feb, 2023	44,328	5,033	4,588	2,518	5.6	11.4	Apr 15, 2024	J-GAAP
Mar - May, 2024	25,096	4,221	3,716	3,591	8.2	16.8	Jul 11, 2024	J-GAAP
Jun - Aug, 2024	11,199	2,634	1,838	1,774	4.1	23.5	Oct 10, 2024	J-GAAP
Sep - Nov, 2024	20,932	3,483	3,032	3,531	8.1	16.6	Jan 9, 2025	J-GAAP
YoY	+75.6%	+42.5%	+76.7%	+224.8%	+236.3%