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

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%

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