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PICKLES HOLDINGS CO.,LTD., First Half Ordinary Profit Revised Downward to an Unexpected 14%Decrease

Mon Sep 30, 2024 3:50 pm JST Earnings

2935 PICKLES HOLDINGS CO.,LTD. 【J-GAAP】

Earnings Report

PICKLES HOLDINGS CO.,LTD. <2935> [TSE-P] announced its financial results after the market closed on September 30th (15:50). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) decreased by 13.6% from the same period last year to 1.17 billion yen, resulting in a decrease in profits compared to the previous forecast of a 0.7% increase.

The progress rate against the 1.78 billion yen full-year plan was 65.8%, below the five-year average of 73.3%.

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 expand by 46.4% from the same period last year, reaching 609 million yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit grew by 15.0% from the same period last year, reaching 651 million yen. The operating profit margin improved from 4.6% in the same period last year to 5.6%.

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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
Mar - Aug, 2022 21,308 1,171 1,232 831 64.6 74.7 Sep 27, 2022 J-GAAP
Mar - Aug, 2023 23,111 1,280 1,355 915 73.3 76.5 Sep 29, 2023 J-GAAP
Mar - Aug, 2024 21,694 1,117 1,171 798 64.2 65.8 Sep 30, 2024 J-GAAP
YoY -6.1% -12.7% -13.6% -12.8% -12.4%

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 22,830 1,325 1,364 914 73.5 12 Apr 12, 2024 J-GAAP
Mar - Aug, 2024 Results 21,694 1,117 1,171 798 64.2 12 Sep 30, 2024 J-GAAP
Revision Rate -5.0% -15.7% -14.1% -12.7% -12.7%

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 19,917 388 416 260 20.9 24 Apr 12, 2024 J-GAAP
Sep - Feb, 2024 Guidance 21,806 583 609 402 32.3 12 Sep 30, 2024 J-GAAP
YoY +9.5% +50.3% +46.4% +54.6% +54.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2023 41,052 1,538 1,650 1,138 88.8 22 Apr 14, 2023 J-GAAP
Feb, 2024 43,028 1,668 1,771 1,175 94.3 24 Apr 12, 2024 J-GAAP
Feb, 2025 Guidance 43,500 1,700 1,780 1,200 96.5 24 Apr 12, 2024 J-GAAP
YoY +1.1% +1.9% +0.5% +2.1% +2.3%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jun - Aug, 2023 11,626 529 566 389 31.2 4.6 Sep 29, 2023 J-GAAP
Sep - Nov, 2023 10,144 178 189 118 9.5 1.8 Dec 28, 2023 J-GAAP
Dec - Feb, 2023 9,773 210 227 142 11.4 2.1 Apr 12, 2024 J-GAAP
Mar - May, 2024 10,812 504 520 362 29.1 4.7 Jun 28, 2024 J-GAAP
Jun - Aug, 2024 10,882 613 651 436 35.1 5.6 Sep 30, 2024 J-GAAP
YoY -6.4% +15.9% +15.0% +12.1% +12.6%

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