Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Summary of Consolidated Financial Results for the Three Months Ended May 31, 2024 (Based on Japanese GAAP)
July 12, 2024
Company name: | IDOM Inc. | |||
Stock exchange listing: | Tokyo | |||
Stock code: | 7599 | URL https://221616.com | ||
Representative: | President | Yusuke Hatori | ||
Inquiries: | Director CFO | Ryo Nishihata | TEL 050-1749-8962 | |
Scheduled date to file Quarterly Securities Report: | July 16, 2024 | |||
Scheduled date to commence dividend payments: | - | |||
Preparation of supplementary material on quarterly financial results: | Yes | |||
Holding of quarterly financial results meeting: | No |
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended May 31, 2024 (from March 1, 2024 to May 31, 2024)
(1) Consolidated operating results (cumulative) | Percentages indicate year-on-year changes | ||||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||||||
owners of parent | |||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||||
Three months ended May 31, 2024 | 124,558 | 18.3 | 4,449 | 60.5 | 4,314 | 60.0 | 2,901 | 55.3 | |||||||||
Three months ended May 31, 2023 | 105,258 | (22.4) | 2,771 | (47.3) | 2,696 | (46.6) | 1,868 | (65.2) | |||||||||
Earnings per share | Diluted earnings per share | ||||||||||||||||
Yen | Yen | ||||||||||||||||
Three months ended May 31, 2024 | 28.90 | - | |||||||||||||||
Three months ended May 31, 2023 | 18.61 | - | |||||||||||||||
(2) Consolidated financial position | |||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||||||
Millions of yen | Millions of yen | % | Yen | ||||||||||||||
As of May 31, 2024 | 178,887 | 70,859 | 39.1 | 697.05 | |||||||||||||
As of February 29, 2024 | 184,031 | 69,930 | 37.5 | 687.34 | |||||||||||||
2. Cash dividends | |||||||||||||||||
Annual dividends per share | |||||||||||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | |||||||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||||||
Year ended February 29, 2024 | - | 14.41 | - | 19.78 | 34.19 | ||||||||||||
Year ending February 28, 2025 | - | ||||||||||||||||
Year ending February 28, 2025 (Forecast) | 20.02 | - | 20.61 | 40.63 | |||||||||||||
3. Forecast of consolidated financial results for the year ending February 28, 2025 (from March 1, 2024 to February 28, 2025)
Percentages indicate year-on-year changes
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | |||||
owners of parent | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Six months ending | 223,200 | 9.6 | 10,100 | 42.3 | 9,850 | 42.4 | 6,700 | 38.9 | 66.73 |
August 31, 2024 | |||||||||
Full year | 456,500 | 8.7 | 20,300 | 26.0 | 19,800 | 25.1 | 13,600 | 18.9 | 135.45 |
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4. Notes | ||||||||
(1) | Changes in significant subsidiaries during the three months ended May 31, 2023 | No | ||||||
(changes in specified subsidiaries resulting in the change in scope of consolidation): | ||||||||
(2) | Application of special accounting methods for preparing quarterly consolidated financial statements: | No | ||||||
(3) | Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements | |||||||
Changes in accounting policies due to revisions to accounting standards and other regulations: | No | |||||||
Changes in accounting policies due to other reasons: | No | |||||||
Changes in accounting estimates: | No | |||||||
Restatement of prior period financial statements: | No | |||||||
(4) | Number of issued shares (common shares) | |||||||
Total number of issued shares at the end of the period (including treasury shares) | ||||||||
As of May 31, 2024 | 106,888,000 | shares | As of February 29, 2024 | 106,888,000 | shares | |||
Number of treasury shares at the end of the period | ||||||||
As of May 31, 2024 | 6,480,691 | shares | As of February 29, 2024 | 6,480,691 | shares | |||
Average number of shares during the period (cumulative from the beginning of the fiscal year) | ||||||||
Three months ended May 31, 2024 | 100,407,339 shares | Three months ended May 31, 2023 | 100,407,339 shares |
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1. Qualitative Information on Quarterly Financial Results
(1) Analysis of operating results
In the first quarter of the fiscal year under review (March 1 to May 31, 2024), retail unit sales at directly managed stores in Japan were 38,842 (down 1.1% year on year). This result is almost on a par with the record high we achieved in the same period of the previous year. Gross profit per retail unit also remained strong.
This mainly reflected solid gross profits per retail unit due to the continuation of appropriate price setting, coupled with solid incidental earnings associated with retail sales primarily at large stores.
Selling, general and administrative expenses increased, chiefly reflecting higher advertising expenses linked to the opening of large stores and higher personnel expenses due to a rise in the number of employees as the result of increased new hiring for the implementation of growth strategies and recruitment costs.
As a result of the above, the consolidated business results for the first quarter under review were net sales of 124,558 million yen (up 18.3% year on year), operating profit of 4,449 million yen (up 60.5%), ordinary profit of 4,314 million yen (up 60.0%) and profit attributable to owners of parent of 2,901 million yen (up 55.3%).
Regional segment-specific earnings are as indicated below:
I. Japan
The results of the Japan segment were net sales of 123,775 million yen (up 18.2% year on year) and segment profit of 4,433 million yen (down 62.3% year on year).
II. Others
The results were net sales of 783 million yen (up 40.7% year on year) and segment profit of -25 million yen (in the previous fiscal year, there was a profit of 0 million yen in the corresponding period).
-
Analysis of financial position Assets
Total assets as of the end of the first quarter ended May 31, 2024 were 178,887 million yen (down 2.8% compared to the end of the previous fiscal year).
Current assets were 127,504 million yen (down 5.1% compared to the end of the previous fiscal year), mainly reflecting a decrease in cash and deposits (down 11,409 million yen), among other factors.
Non-current assets were 51,382 million yen (up 3.3% from the end of the previous fiscal year) due primarily to a increase in buildings and structures (up 830 million yen) and an increase in construction in progress (up 429 million yen).
Liabilities
Total liabilities as of the end of the first quarter under review were 108,027 million yen (down 5.3% compared to the end of the previous fiscal year).
Current liabilities totaled 57,073 million yen (down 9.9% from the end of the previous fiscal year) chiefly as a result of a decrease in the current portion of long-term borrowings (down 11,300 million yen) and a fall in the provision for bonuses (down 889 million yen).
Non-current liabilities were 50,954 million yen (up 0.4% compared to the end of the previous fiscal year) due to an increase in Asset retirement obligations because of the opening large stores (up 118 million yen), among other factors.
Net assets
Total net assets as of the end of the first quarter ended May 31, 2024 were 70,859 million yen (up 1.3% compared to the end of the previous fiscal year), due chiefly to a decrease in retained earnings (up 915million yen).
(3) Consolidated earnings forecast and other forward-looking statements
Looking at the consolidated earnings forecasts for the fiscal year ending February 28, 2025, there are no changes in the figures that were presented in the "Summary of Consolidated Financial Results for the Fiscal Year Ending February 29, 2024 (Japanese GAAP)" announced on April 12, 2024.
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Quarterly consolidated financial statements
Consolidated balance sheets
(Millions of yen) | |||
As of February 29, 2024 | As of May 31, 2024 | ||
Assets | |||
Current assets | |||
Cash and deposits | 30,548 | 19,139 | |
Notes and accounts receivable - trade | 12,631 | 15,665 | |
Merchandise | 85,994 | 87,534 | |
Other | 5,606 | 5,586 | |
Allowance for doubtful accounts | (498) | (421) | |
Total current assets | 134,281 | 127,504 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 47,376 | 48,206 | |
Accumulated depreciation | (18,611) | (18,964) | |
Buildings and structures, net | 28,764 | 29,242 | |
Vehicles | 2,214 | 2,302 | |
Accumulated depreciation | (186) | (225) | |
Vehicles, net | 2,027 | 2,077 | |
Tools, furniture and fixtures | 5,735 | 6,144 | |
Accumulated depreciation | (3,734) | (3,844) | |
Tools, furniture and fixtures, net | 2,000 | 2,300 | |
Land | 136 | 136 | |
Construction in progress | 683 | 1,113 | |
Other | 217 | 232 | |
Total property, plant and equipment | 33,829 | 35,102 | |
Intangible assets | |||
Software | 1,249 | 1,201 | |
Goodwill | 78 | 76 | |
Other | 2 | 2 | |
Total intangible assets | 1,330 | 1,280 | |
Investments and other assets | |||
Investment securities | 0 | 0 | |
Shares of subsidiaries and associates | 29 | 29 | |
Long-term loans receivable | 1,574 | 1,770 | |
Leasehold and guarantee deposits | 5,514 | 5,654 | |
Construction assistance fund receivables | 3,537 | 3,606 | |
Deferred tax assets | 3,471 | 3,485 | |
Other | 464 | 454 | |
Allowance for doubtful accounts | (2) | (2) | |
Total investments and other assets | 14,589 | 14,999 | |
Total non-current assets | 49,749 | 51,382 | |
Total assets | 184,031 | 178,887 |
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(Millions of yen) | |||
As of February 29, 2024 | As of May 31, 2024 | ||
Liabilities | |||
Current liabilities | |||
Accounts payable - trade | 5,783 | 5,691 | |
Short-term loans payable | - | 5,000 | |
Current portion of long-term borrowings | 16,300 | 5,000 | |
Accounts payable - other | 4,151 | 4,010 | |
Income taxes payable | 2,556 | 1,539 | |
Contract liabilities | 26,809 | 27,946 | |
Deposits received | 247 | 365 | |
Provision for bonuses | 1,046 | 156 | |
Other provisions | 48 | 48 | |
Other | 6,384 | 7,315 | |
Total current liabilities | 63,327 | 57,073 | |
Non-current liabilities | |||
Long-term borrowings | 46,700 | 46,700 | |
Long-term guarantee deposits | 679 | 732 | |
Asset retirement obligations | 3,085 | 3,204 | |
Other | 308 | 316 | |
Total non-current liabilities | 50,773 | 50,954 | |
Total liabilities | 114,101 | 108,027 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 4,157 | 4,157 | |
Capital surplus | 4,726 | 4,726 | |
Retained earnings | 64,093 | 65,009 | |
Treasury shares | (4,344) | (4,344) | |
Total shareholders' equity | 68,631 | 69,547 | |
Accumulated other comprehensive income | |||
Foreign currency translation adjustment | 381 | 440 | |
Total accumulated other comprehensive income | 381 | 440 | |
Share acquisition rights | 10 | 11 | |
Non-controlling interests | 906 | 860 | |
Total net assets | 69,930 | 70,859 | |
Total liabilities and net assets | 184,031 | 178,887 |
5
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen) | |||
Three months ended | Three months ended | ||
May 31, 2023 | May 31, 2024 | ||
Net sales | 105,258 | 124,558 | |
Cost of sales | 88,142 | 103,041 | |
Gross profit | 17,116 | 21,517 | |
Selling, general and administrative expenses | 14,344 | 17,068 | |
Operating profit | 2,771 | 4,449 | |
Non-operating income | |||
Interest income | 37 | 48 | |
Subsidy income | - | - | |
Foreign exchange gains | - | - | |
Other | 17 | 14 | |
Total non-operating income | 55 | 62 | |
Non-operating expenses | |||
Interest expenses | 87 | 96 | |
Foreign exchange losses | 33 | 74 | |
Other | 9 | 26 | |
Total non-operating expenses | 130 | 197 | |
Ordinary profit | 2,696 | 4,314 | |
Extraordinary income | |||
Gain on sale of non-current assets | - | 0 | |
Subsidy income | 58 | - | |
Other | 2 | - | |
Total extraordinary income | 60 | 0 | |
Extraordinary losses | |||
Loss on retirement of non-current assets | 16 | 41 | |
Loss on closing of stores | 28 | ||
Other | 1 | 0 | |
Total extraordinary losses | 18 | 70 | |
Profit before income taxes | 2,738 | 4,243 | |
Income taxes - current | 473 | 1,402 | |
Income taxes - deferred | 436 | (14) | |
Total income taxes | 909 | 1,388 | |
Profit | 1,828 | 2,855 | |
Profit (loss) attributable to non-controlling interests | (40) | (46) | |
Profit attributable to owners of parent | 1,868 | 2,901 |
6
Consolidated statements of comprehensive income (cumulative)
(Millions of yen) | |||||
Three months ended | Three months ended | ||||
May 31, 2023 | May 31, 2024 | ||||
Profit | 1,828 | 2,855 | |||
Other comprehensive income | |||||
Foreign currency translation adjustment | (17) | 59 | |||
Total other comprehensive income | (17) | 59 | |||
Comprehensive income | 1,810 | 2,914 | |||
Comprehensive income attributable to | |||||
Comprehensive | income | attributable to owners of | 1,851 | 2,960 | |
parent | |||||
Comprehensive | income | attributable | to non- | (40) | (46) |
controlling interests | |||||
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IDOM Inc. published this content on 12 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2024 06:50:04 UTC.