SUNDRUG CO.,LTD., First Half Ordinary Profit Revised Downward to an Unexpected 1%Decrease

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Thu Nov 14, 2024 3:30 pm JST Earnings

9989 SUNDRUG CO.,LTD. 【J-GAAP】

Earnings Report

SUNDRUG CO.,LTD. <9989> [TSE-P] announced its financial results after the market closed on November 14th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 20.8 billion yen, a 0.6% decrease compared to the same period last year, resulting in a decrease in profits compared to the previous forecast of a 6.0% increase.

The progress rate against the 45.3 billion yen full-year plan was 46.0%, also falling below the five-year average of 51.7%.

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 October to March period (second half) is expected to grow by 17.8% from the same period last year, reaching 24.4 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 10.1 billion yen, a 6.1% decrease compared to the same period last year. The operating profit margin worsened from 5.6% in the same period last year to 5.1%.

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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
Apr - Sep, 2022	339,223	18,511	18,769	12,722	108.8	49.2	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	371,707	20,609	20,953	14,054	120.2	50.2	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	395,585	21,212	20,828	14,270	122.0	46.0	Nov 14, 2024	J-GAAP
YoY	+6.4%	+2.9%	-0.6%	+1.5%	+1.5%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	397,000	22,650	22,200	14,850	127.0	65	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	395,585	21,212	20,828	14,270	122.0	65	Nov 14, 2024	J-GAAP
Revision Rate	-0.4%	-6.3%	-6.2%	-3.9%	-3.9%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	380,070	20,387	20,775	15,072	128.9	57	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	407,415	24,988	24,472	16,180	138.3	65	Nov 14, 2024	J-GAAP
YoY	+7.2%	+22.6%	+17.8%	+7.4%	+7.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	690,462	37,452	38,134	25,703	219.8	100	May 15, 2023	J-GAAP
Mar, 2024	751,777	40,996	41,728	29,126	249.1	114	May 15, 2024	J-GAAP
Mar, 2025 Guidance	803,000	46,200	45,300	30,450	260.3	130	May 15, 2024	J-GAAP
YoY	+6.8%	+12.7%	+8.6%	+4.5%	+4.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	189,561	10,710	10,850	7,154	61.2	5.6	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	194,265	12,607	12,824	8,727	74.6	6.5	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	185,805	7,780	7,951	6,345	54.3	4.2	May 15, 2024	J-GAAP
Apr - Jun, 2024	194,565	10,919	10,643	7,290	62.3	5.6	Aug 14, 2024	J-GAAP
Jul - Sep, 2024	201,020	10,293	10,185	6,980	59.7	5.1	Nov 14, 2024	J-GAAP
YoY	+6.0%	-3.9%	-6.1%	-2.4%	-2.5%