Summary of financial the 1st quarter fiscal FY05 / 2024 [Japanese GAAP] (consolidated) (HTML)

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FY05 / 2024First Quarter Financial Results [JGAAP] (Consolidated)

 

 

 

 

September 20, 2023

Listed company name

Tsuruha Holdings Inc.

Listed exchangeeast

Code number

3391

URLhttps://www.tsuruha-hd.com

Representative

(Title)

President and CEO

(family name)Jun Tsuruha

Contact person

(Title)

Executive Officer General Manager of Administration Headquarters

(family name)Makoto Murakami

TEL011-783-2755

Scheduled quarterly report submission date

September 29, 2023

Scheduled payment start date

Whether or not supplementary explanatory materials for quarterly financial results have been created:Yes

 

Whether or not a quarterly Financial results announcement is held:Yes

(For institutional investors and analysts)

 

 

(Rounded down to the nearest million yen)

1. Consolidated results for the first quarter of the fiscal year ending May 2024 (May 16, 2023 to August 15, 2023)

(1) Consolidated business results (cumulative)

(% Display is the rate of increase / decrease from the same quarter of the previous year)

 

 

amount of sales

Operating income

Ordinary profit

Attribution to the shareholders of the parent company

Quarterly net income

 

One million yen

One million yen

One million yen

One million yen

First quarter of May 2024

259,827

6.8

14,103

5.9

14,200

6.3

8,269

10.2

First quarter of the fiscal year ending May 2023

243,181

3.2

13,317

3.3

13,357

3.2

7,501

0.5

 

(Note) Comprehensive income

First quarter of May 2024

12,108

One million yen

5.8%)

 

First quarter of the fiscal year ending May 2023

11,446

One million yen

22.7%)

 

 

Per share

Quarterly net income

After adjusting for potential stock

Per share

Quarterly net income

 

Yen

Yen

First quarter of May 2024

170.16

169.48

First quarter of the fiscal year ending May 2023

154.48

154.03

 

(2) Consolidated financial position

 

Total assets

Net worth

Capital adequacy ratio

Book value per share

 

One million yen

One million yen

Yen

First quarter of May 2024

535,171

296,957

51.0

5,612.07

Fiscal year ending May 2023

539,830

304,144

51.2

5,690.49

 

(Reference) Equity

First quarter of May 2024

272,756

One million yen

 

Fiscal year ending May 2023

276,567

One million yen

 

2. 2. Dividend status

 

Annual dividend

End of first quarter

End of second quarter

End of third quarter

Term end

total

 

Yen

Yen

Yen

Yen

Yen

Fiscal year ending May 2023

116.50

143.50

260.00

FY05 / 2024

 

 

 

 

Fiscal Year Ending May 2024 (Forecast)

 

133.50

133.50

267.00

(Note) Whether or not there is any revision from the recently announced dividend forecast:Nothing

 

3. Consolidated earnings forecast for the fiscal year ending May 2024 (May 16, 2023 to May 15, 2024)

 

(Percentages indicate year-on-year changes for the full year, and year-on-year changes for quarters.)

 

 

amount of sales

Operating income

Ordinary profit

Attribution to parent company shareholders

Net income

Per share

Net income

 

One million yen

One million yen

One million yen

One million yen

Yen

Second quarter (cumulative)

514,000

6.2

24,500

0.8

24,642

0.7

14,314

2.2

294.52

Full year

1,033,000

6.5

47,200

3.6

47,387

3.7

25,898

2.5

532.86

(Note) Whether or not there is any revision from the latest announced business forecast:Nothing

 

 

* Notes

(1) Changes in significant subsidiaries during the current quarterly consolidated cumulative period (changes in specified subsidiaries due to changes in the scope of consolidation):Nothing

 

(2) Application of accounting treatment specific to the preparation of quarterly consolidated financial statements:Yes

 

(3) Changes in accounting policies, changes in accounting estimates, and restatements of revisions

① Changes in accounting policies due to revisions to accounting standards, etc .:Nothing

(2) Changes in accounting policies other than (1):Nothing

③ Change of accounting estimateNothing

④ Correction redisplayNothing

 

(4) Number of issued shares (common stock)

① Number of issued shares at the end of the period (including treasury stock)

1Q of May 2024

49,488,468

stock

Fiscal year ending May 2023

49,488,468

stock

② Number of treasury stock at the end of the period

1Q of May 2024

886,721

stock

Fiscal year ending May 2023

886,721

stock

③ Average number of shares during the period (cumulative quarterly)

1Q of May 2024

48,601,747

stock

1Q of May 2023

48,561,357

stock

 

* Quarterly financial statements are not subject to quarterly reviews by certified accountants or audit corporations.

 

* Explanation of proper use of business forecasts and other special notes

The forecast figures contained in this document are forecasts based on currently available information and contain many uncertainties. Actual results may differ from the above figures due to changes in business conditions. Please refer to page 2 of the attachment for matters related to the above forecasts.

 

○ Contents of attached materials

 

1. Qualitative Information on Quarterly Financial Results ……………………………………………………………………………………

2

(1) Explanation of operating results ………………………………………………………………………

2

(2) Explanation of financial position ……………………………………………………………………………………………

2

(3) Explanation of future forecast information such as consolidated earnings forecasts ………………………………………………………………

2

2. Quarterly Consolidated Financial Statements and Major Notes ……………………………………………………………………………………

3

(1) Quarterly Consolidated Balance Sheet ………………………………………………………………………………………

3

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

5

Quarterly Consolidated Income Statement

 

1st quarter consolidated cumulative period ………………………………………………………………………………………………

5

Quarterly Consolidated Statement of Comprehensive Income

 

1st quarter consolidated cumulative period ………………………………………………………………………………………………

6

(3) Notes to Quarterly Consolidated Financial Statements ……………………………………………………………………

7

(Note regarding going concern assumption) ………………………………………………………………………………………

7

(Note when there is a significant change in the amount of shareholders' equity) …………………………………………………………

7

(Application of special accounting treatment to the preparation of quarterly consolidated financial statements)

7

 

1. Qualitative information on quarterly financial results

(1) Explanation of operating results

The economic situation during the current first quarter consolidated cumulative period (May 16, 2023 to August 15, 2023) is that the economy is slowly recovering as movement restrictions are lifted due to the transition to Category 5 of the new coronavirus infection. This is a trend. Although there are signs of improvement in consumer sentiment, it is necessary to pay attention to the downside risks of overseas economies such as China, Europe, and the United States.

In the drugstore industry, although the competitive environment remains tough as companies expand their store openings, sales of pharmaceuticals and cosmetics are growing as the flow of people recovers, and food products, whose prices have been rising, performed well due to their reasonable prices. On the other hand, there is a cause for concern that consumers' purchasing appetite is slowing down due to successive price increases.

Under these circumstances, our group aims to achieve the new medium-term management plan by improving the accuracy of store openings and promoting renovations, and by expanding the number of affiliated stores, securing the number of prescriptions by using online, and promoting PB (PB). Under the private brand strategy, we have been working on increasing the sales composition ratio by developing new products and promoting sales of existing products, and under the DX strategy, we have been working on introducing our own payment service, utilizing customer data for sales promotions, and developing IT systems. Additionally, in terms of performance management, we have worked to improve profitability and reduce selling, general and administrative expenses by strengthening forecast and actual analysis functions.

Regarding store development, we are working to further strengthen our dominance in existing areas and proceeding with the reform and closure of unprofitable stores to strengthen our competitiveness.From the beginning of the fiscal year, we have opened 30 new stores, taken over the business of one store, and closed 32 stores. . As a result, the number of directly managed Group stores at the end of the fiscal year was 2,588. Regarding our group stores in Thailand, we have closed one store, bringing the number of stores in the country to 17 as of August 15, 2023.

 

The status of store openings and closings of the Group is as follows: (Unit: Stores)

 

beginning of term

Number of stores *

branch store

Subsidiary etc.

closed

Net increase

End of first quarter

Number of stores

home

Dispensing pharmacy

Hokkaido

425

2

1

2

1

426

122

East and North

593

7

6

1

594

145

Kanto Koshinetsu

529

6

8

△2

527

218

Chubu / Kansai

258

3

4

△1

257

150

China

345

7

3

4

349

125

Shikoku

226

3

4

△1

225

67

Kyushu / Okinawa

213

2

5

△3

210

37

Domestic store total

2,589

30

1

32

△1

2,588

864

In addition to the above, we have 17 overseas stores and 7 franchise stores.

*From the beginning of the current fiscal year, we have reviewed the standards for counting the number of stores such as e-commerce stores and FC stores, and there are some differences between the number of stores at the beginning of the fiscal year and the number of stores at the end of the previous fiscal year.

 

As a result, the business results for the first quarter of the current consolidated cumulative period were as follows: sales of 259,827 million yen (up 6.8% year on year), operating income of 14,103 million yen (up 5.9% year on year), and ordinary income of 142 million yen. Net income attributable to owners of parent amounted to 8,269 million yen (up 10.2%).

 

(2) Explanation of financial position

Total assets at the end of the current first quarter consolidated accounting period decreased by 4,659 million yen compared to the end of the previous consolidated fiscal year, to 535,171 million yen. The main reason was a decrease in cash and deposits.

Total liabilities increased by 2,527 million yen compared to the end of the previous fiscal year, to 238,213 million yen. The main reason was an increase in accounts payable due to new store openings.

Total net assets decreased by 7,187 million yen compared to the end of the previous fiscal year, to 296,957 million yen. This was mainly due to a decrease in capital surplus and non-controlling interests due to the additional acquisition of shares in consolidated subsidiary Drug Eleven Co., Ltd.

As a result of the above, the equity ratio decreased by 0.2 points to 51.0%.

 

(3) Explanation of future forecast information such as consolidated earnings forecasts

There are no changes to the full-year business forecast announced on June 23, 2023.

 

2. 2. Quarterly consolidated financial statements and main notes

(1) Quarterly consolidated balance sheet

 

 

(Unit: million yen)

 

Previous consolidated fiscal year

(May 15, 2023)

Current first quarter consolidated accounting period

(August 15, 2023)

Assets

 

 

current assets

 

 

Cash and deposits

79,050

63,257

accounts receivable

43,933

45,783

Product

140,652

141,033

Raw materials and supplies

89

89

Short-term loans receivable

1

1

others

21,561

22,350

Total current assets

285,289

272,516

Fixed asset

 

 

Tangible fixed assets

 

 

Buildings and structures (net)

62,614

65,584

Mechanical equipment and carriers (net amount)

0

0

Tools, utensils and equipment (net)

14,794

14,916

land

14,957

15,306

Lease assets (net amount)

12,271

12,446

Construction in progress

3,981

4,760

Total property, plant and equipment

108,620

113,015

Intangible fixed assets

 

 

Goodwill

30,069

29,017

Software

2,919

3,091

Telephone subscription right

103

103

others

1,917

1,967

Total intangible assets

35,010

34,179

Investments and other assets

 

 

Investment securities

30,478

34,879

Long-term loan

8

7

Deferred tax asset

6,404

6,263

Deposit deposit

69,822

70,015

others

4,257

4,354

Allowance for doubtful accounts

60

60

Total investment and other assets

110,910

115,460

Total fixed assets

254,541

262,655

Total assets

539,830

535,171

 

 

 

 

(Unit: million yen)

 

Previous consolidated fiscal year

(May 15, 2023)

Current first quarter consolidated accounting period

(August 15, 2023)

Debt section

 

 

Current Liabilities

 

 

Accounts payable

108,177

114,830

Long-term borrowing scheduled to be repaid within one year

10,350

10,175

Accounts payable

18,685

17,962

Lease debt

1,053

1,107

Income taxes payable, etc.

9,267

5,366

Contract liability

13,948

15,030

Bonus reserve

6,228

3,428

Reserve for directors' bonuses

748

168

Point reserve

291

296

others

5,564

8,902

Total current liabilities

174,316

177,268

Fixed liabilities

 

 

Long-term borrowing

29,125

27,500

Lease debt

14,335

14,556

Deferred tax liability

6,254

7,449

Retirement Benefit Revenue

3,033

3,111

Asset retirement obligations

4,149

4,285

others

4,471

4,042

Total fixed liabilities

61,369

60,945

Total debt

235,686

238,213

Of Net Assets

 

 

Shareholders' equity

 

 

Capital

11,433

11,433

Capital surplus

29,486

21,348

an earned surplus

221,256

222,552

Treasury stock

5,313

5,313

Total shareholders' equity

256,863

250,020

Accumulated other comprehensive income

 

 

Valuation difference on other securities

19,613

22,650

Accumulated adjustment for retirement benefits

90

84

Total other comprehensive income

19,704

22,735

Stock acquisition right

1,779

1,852

Non-controlling interests

25,797

22,347

Total net assets

304,144

296,957

Total liabilities and net assets

539,830

535,171

 

(2) Quarterly consolidated income statement and quarterly consolidated income statement

(Quarterly consolidated income statement)

(First quarter consolidated cumulative period)

 

 

(Unit: million yen)

 

First quarter of the previous consolidated cumulative period

(From May 16, 2022

To August 15, 2022)

First quarter consolidated cumulative period

(From May 16, 2023

(to August 15, 2023)

amount of sales

243,181

259,827

Cost of sales

170,806

181,758

Gross profit

72,374

78,068

Selling, general and administrative expenses

59,057

63,964

Operating income

13,317

14,103

Non-operating income

 

 

Interest income

30

29

Dividend income

77

78

Subsidy income

0

180

Equipment donations

139

92

Rent received

59

60

Compensation received

23

22

Insurance money received

10

5

others

109

56

Total non-operating income

449

524

Non-operating expenses

 

 

Interest expense

265

375

Premature cancellation penalty

68

14

Closed store related expenses

71

32

others

3

5

Total non-operating expenses

408

427

Ordinary profit

13,357

14,200

Extraordinary loss

 

 

Loss on retirement of fixed assets

15

50

Impairment loss

68

148

Loss due to disaster

64

Total extraordinary loss

84

263

Income before tax adjustment

13,273

13,937

Income Taxes

4,725

4,882

Quarterly net income

8,548

9,055

Quarterly net income attributable to non-controlling interests

1,046

785

Quarterly net income attributable to owners of the parent company

7,501

8,269

 

(Quarterly Consolidated Comprehensive Income Statement)

(First quarter consolidated cumulative period)

 

 

(Unit: million yen)

 

First quarter of the previous consolidated cumulative period

(From May 16, 2022

To August 15, 2022)

First quarter consolidated cumulative period

(From May 16, 2023

(to August 15, 2023)

Quarterly net income

8,548

9,055

Other comprehensive income

 

 

Valuation difference on other securities

2,887

3,060

Adjustment amount for retirement benefits

10

6

Total other comprehensive income

2,898

3,053

Quarterly comprehensive income

11,446

12,108

(breakdown)

 

 

Quarterly comprehensive income for parent company shareholders

10,378

11,301

Quarterly comprehensive income for non-controlling interests

1,068

807

 

(3) Notes to Quarterly Consolidated Financial Statements

(Notes on going concern assumption)

Not applicable.

 

(Note when there is a significant change in the amount of shareholders' equity)

Not applicable.

 

(Application of special accounting treatment to the preparation of quarterly consolidated financial statements)

(Calculation of tax costs)

Tax expenses are calculated by reasonably estimating the effective tax rate after applying tax effect accounting to income before income taxes for the consolidated fiscal year including the first quarter of the fiscal year under review, and multiplying quarterly net income before income taxes by the estimated effective tax rate. is calculated.

However, if the calculation of tax costs using the estimated effective tax rate results in a significantly unreasonable result, the statutory effective tax rate is used.

The amount of corporate tax adjustment is included in the corporate tax.