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CVS Bay Area, Net Income Forecast for the Fiscal Year Revised Downward to a Loss, Dividend Revised down by 6 Yen

Fri Oct 10, 2025 7:00 pm JST Earnings

2687 CVS Bay Area Inc. 【J-GAAP】

Earnings Report

CVS Bay Area Inc. <2687> [TSE Std] announced its financial results after the market closed on October 10th (19:00). The consolidated net income/loss for the cumulative second quarter of the fiscal year ending February 2026 (March to August) turned into a loss of 0.06 billion yen (compared to a profit of 0.81 billion yen in the same period last year), reversing from the forecast of a 0.10 billion yen to a loss.

In addition, the full-year forecast for consolidated net income/loss has been revised downward from an expected profit of 0.24 billion yen to a loss of 0.04 billion yen (compared to a profit of 1.12 billion yen in the previous period), turning to a loss outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the September to February period (second half) is expected to significant drop 92.9% from the same period last year to 0.02 billion yen.

Due to a decline in performance, the company has reduced its planned annual dividend for the current fiscal year from the original plan of 26 yen to 20 yen (compared to 23 yen in the previous period).

In the most recent three-month period, from June to August (2Q), the consolidated net income/loss turned to a loss of 0.11 billion yen (compared to a profit of 0.65 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 4.7% in the same period last year to -1.2%.

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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, 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 81.3 Oct 11, 2024 J-GAAP
Mar - Aug, 2025 3,974 22 46 -66 -13.4 51.7 Oct 10, 2025 J-GAAP
YoY +1.9% -92.2% -85.3% － －

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar - Aug, 2025 Guidance 4,543 292 168 109 22.1 13 Apr 11, 2025 J-GAAP
Mar - Aug, 2025 Results 3,974 22 46 -66 -13.4 10 Oct 10, 2025 J-GAAP
Revision Rate -12.5% -92.5% -72.6% － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2026 Prev 8,896 568 378 247 50.0 26 Apr 11, 2025 J-GAAP
Feb, 2026 New 8,031 167 89 -44 -8.9 20 Oct 10, 2025 J-GAAP
Revision Rate -9.7% -70.6% -76.5% － －

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2024 3,921 139 72 308 62.4 13 Apr 11, 2025 J-GAAP
Sep - Feb, 2025 Guidance 4,057 145 43 22 4.5 10 Oct 10, 2025 J-GAAP
YoY +3.5% +4.3% -40.3% -92.9% -92.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2024 7,519 486 420 697 141.3 20 Apr 12, 2024 J-GAAP
Feb, 2025 7,822 421 385 1,123 227.5 23 Apr 11, 2025 J-GAAP
Feb, 2026 Guidance 8,031 167 89 -44 -8.9 20 Oct 10, 2025 J-GAAP
YoY +2.7% -60.3% -76.9% － －

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jun - Aug, 2024 1,904 89 110 659 133.6 4.7 Oct 11, 2024 J-GAAP
Sep - Nov, 2024 2,057 167 133 104 21.1 8.1 Jan 10, 2025 J-GAAP
Dec - Feb, 2024 1,864 -28 -61 204 41.3 -1.5 Apr 11, 2025 J-GAAP
Mar - May, 2025 2,077 44 67 46 9.3 2.1 Jul 11, 2025 J-GAAP
Jun - Aug, 2025 1,897 -22 -21 -112 -22.8 -1.2 Oct 10, 2025 J-GAAP
YoY -0.4% － － － －

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