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CVS Bay Area Inc., First Half Ordinary Profit Unexpectedly Revised Upward by 1%

Fri Oct 11, 2024 3:30 pm JST Earnings

2687 CVS Bay Area Inc. 【J-GAAP】

Earnings Report

CVS Bay Area Inc. <2687> [TSE-S] announced its financial results after the market closed on October 11th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) was 313 million yen, a 0.6% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 5.1% decrease.

The progress rate against the 382 million yen full-year plan was 81.9%, also surpassing the progress rate of 74.0% from the same period of the previous year.

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 September to February period (second half) is expected to drop by 36.7% from the same period last year to 69 million yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit decreased to 110 million yen, a 14.7% decrease compared to the same period last year. The operating profit margin worsened from 6.0% in the same period last year to 4.7%.

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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
Mar - Aug, 2022 3,356 -44 -63 -78 -15.8 ー Oct 12, 2022 J-GAAP
Mar - Aug, 2023 3,751 280 311 239 48.5 74.0 Oct 11, 2023 J-GAAP
Mar - Aug, 2024 3,901 282 313 815 165.3 81.9 Oct 11, 2024 J-GAAP
YoY +4.0% +0.7% +0.6% +241.0% +240.5%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar - Aug, 2024 Guidance 3,970 276 295 932 188.8 10 Jul 9, 2024 J-GAAP
Mar - Aug, 2024 Results 3,901 282 313 815 165.3 10 Oct 11, 2024 J-GAAP
Revision Rate -1.7% +2.2% +6.1% -12.6% -12.5%

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 3,768 206 109 458 92.9 10 Apr 12, 2024 J-GAAP
Sep - Feb, 2024 Guidance 3,867 160 69 193 39.1 10 Oct 11, 2024 J-GAAP
YoY +2.6% -22.3% -36.7% -57.9% -57.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2023 6,926 81 47 -13 -2.7 16 Apr 12, 2023 J-GAAP
Feb, 2024 7,519 486 420 697 141.3 20 Apr 12, 2024 J-GAAP
Feb, 2025 Guidance 7,768 442 382 1,008 204.2 20 Jul 9, 2024 J-GAAP
YoY +3.3% -9.1% -9.0% +44.6% +44.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jun - Aug, 2023 1,831 109 129 103 20.9 6.0 Oct 11, 2023 J-GAAP
Sep - Nov, 2023 1,907 166 153 154 31.2 8.7 Jan 10, 2024 J-GAAP
Dec - Feb, 2023 1,861 40 -44 304 61.6 2.1 Apr 12, 2024 J-GAAP
Mar - May, 2024 1,997 193 203 156 31.7 9.7 Jul 10, 2024 J-GAAP
Jun - Aug, 2024 1,904 89 110 659 133.6 4.7 Oct 11, 2024 J-GAAP
YoY +4.0% -18.3% -14.7% +539.8% +538.8%

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