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    3391   JP3536150000

TSURUHA HOLDINGS INC.

(3391)
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Tsuruha : Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending May 15, 2021

03/17/2021 | 10:16pm EST

Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending May 15, 2021 [J-GAAP]

Name of listed company: TSURUHA Holdings, Inc. Securities code: 3391

Listed on: Tokyo Stock Exchange, 1st Section URL: http://www.tsuruha-hd.co.jpRepresentative: Jun Tsuruha, President and Representative Director

Contact: Makoto Murakami, Executive Officer and Chief Administrative Officer

March 16, 2021

TEL: +81-11-783-2755

Scheduled date of filing quarterly financial report:

March 30, 2021

Scheduled date to start dividends distribution:

Supplementary quarterly materials prepared:

Yes

Quarterly results information meeting held:

Yes (for institutional investors and financial analysts)

(Figures shown are rounded down to the nearest million yen.)

1. Consolidated financial results for the third quarter ended February 15, 2021 (May 16, 2020 - February 15, 2021)

(1) Consolidated operating results

(Percentage figures show changes from the same period in the previous year.)

Net Sales

Operating Income

Ordinary Income

Net Income Attributable to Owners of the Parent

Nine months ended February 15, 2021 Nine months ended February 15, 2020

Millions of yen 683,914 625,608

% 9.3

6.7

Millions of yen 39,710 36,528

% 8.7

15.7

Millions of yen 39,337 37,405

% 5.2

14.5

Millions of yen 22,556 23,303

%

(3.2)

19.8

Note: Comprehensive income:

Nine months ended February 15, 2021: 26,105 million yen (-6.6%)

Nine months ended February 15, 2020: 27,957 million yen (70.9%)

Net Income per Share

Diluted Net Income per Share

Nine months ended February 15, 2021 Nine months ended February 15, 2020

Yen

465.31 481.87

Yen

463.35 480.24

(2) Consolidated financial position

Total Assets

Net Assets

Equity Ratio

Net Assets per Share

As of February 15, 2021

As of May 15, 2020

Millions of yen 468,706 414,002

Millions of yen 272,961 250,934

% 53.3

56.4

Yen 5,151.21 4,821.26

Reference: Equity capital:

2. Dividends

As of February 15, 2021: 250,023 million yenAs of May 15, 2020: 233,332 million yen

Annual Dividends (Yen)

First Quarter-end

Second Quarter-end

Third Quarter-end

Year-end

Annual

Year ended May 15, 2020

Year ended May 15, 2021

― ―

74.00 83.50

93.00

167.00

Year ended May 15, 2021

(Forecast)

83.50

167.00

Note: Revisions to the most recently announced dividend forecast during the period: None

3. Consolidated financial forecasts for the year ending May 15, 2021 (May 16, 2020 - May 15, 2021)

(Percentage figures show changes from the same period in the previous year.)

Net Sales

Operating Income

Ordinary IncomeNet Income Attributable to Owners of the Parent

Net Income per Share

Full year

Millions of yen 920,000

% 9.4

Millions of yen 49,000

Millions of yen 48,400

% 8.9

% 4.5

Millions of yen 27,000

(3.2)Yen 557.89

Note: Revisions to the most recently announced earnings forecasts during the period: None

Notes

  • (1) Significant changes to subsidiaries during the period (transfers of specific subsidiaries with changes in the scope of consolidation): None

  • (2) Application of the specific accounting methods for preparing the quarterly consolidated financial statements: Yes

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

    1) Changes in accounting policies due to revision of accounting standard, etc.: None

    2) Changes in accounting policies other than 1):

    Yes

    3) Changes in accounting estimates:

    None

    4) Restatement of revisions:

    None

    (4) Number of shares issued and outstanding (common shares)

    1) Number of shares issued and

    outstanding (including

    treasury shares)

    • 2) Number of treasury shares

    • 3) Average number of shares issued and outstanding in each period (quarterly consolidated cumulative period)

As of February 15, 2021

49,423,368 shares

As of May 15, 2020

49,282,868 shares

As of February 15, 2021

886,630 shares

As of May 15, 2020

886,255 shares

Nine months ended February 15, 2021

48,475,884 shares

Nine months ended February 15, 2020

48,360,734 shares

* This financial results report is outside the scope of audit procedures conducted by certified public accountants or the independent auditor.

* Explanation of appropriate use of financial forecasts and other special items

This document contains projections of performance based on information currently available. Please refer to page 2 of the supplementary materials for further details about the above financial forecasts.

Contents

1. Qualitative Information on Quarterly Financial Results ................................................................................................... 2

(1) Explanation of Consolidated Financial Results ............................................................................................................... 2

(2) Explanation of Consolidated Financial Position ............................................................................................................. 2

(3) Explanation of Consolidated Financial Forecasts and Other Forward-Looking Statements ........................................... 2

2. Quarterly Consolidated Financial Statements and Notes ................................................................................................. 3

(1) Quarterly Consolidated Balance Sheets .......................................................................................................................... 3

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income ..... 5

(Quarterly Consolidated Statements of Income) ............................................................................................................. 5

(Quarterly Consolidated Statements of Comprehensive Income) ................................................................................... 6

(3) Notes on Quarterly Consolidated Financial Statements .................................................................................................. 7

(Going Concern Assumption) ......................................................................................................................................... 7

(Significant Changes in Shareholders' Equity) ............................................................................................................... 7

(Application of the Special Accounting Methods for Preparing the Quarterly Consolidated Financial Statements) ............. 7

(Changes in Accounting Policies) ................................................................................................................................... 7

1. Qualitative Information on Quarterly Financial Results

(1) Explanation of Consolidated Financial Results

In the first nine months of the current fiscal year (May 16, 2020 to February 15, 2021), the Japanese economy witnessed a notable decline in consumer sentiment, largely reflecting the government's state of emergency in April due to the COVID-19 pandemic. Economic activity gradually regained momentum after the state of emergency was lifted, but subsequent waves of infection contributed to a very uncertain outlook due to the government's state of emergency issued for some areas again in January 2021.

In the drugstore sector, with competition to open stores and reduce prices continuing to intensify, the pace of consolidation and realignment grew more pronounced, including among major firms and listed companies.

Against this backdrop, the TSURUHA Group continued to offer a high level of customer service, mainly through advice-based sales, and worked to address the shrinking market caused by Japan's aging population and intensifying competition. Specifically, the Group pushed ahead with store renovations that included the introduction of meat and fresh produce, aimed at improving convenience for customers, while in private brands, the Group reinforced product development and sales structures and worked to renew and expand the private brand business by launching two new brands:- Kurashi Rhythm and Kurashi Rhythm Medical. Targeting improvements in the operational efficiency of stores, the Group also expanded the rollout of systems for staff allocation, inventory management and other functions in order to increase productivity. In terms of the impact of the COVID-19 pandemic, while there was a decline in inbound tourism demand, as well as lower demand particularly for cosmetics, demand for goods designed to prevent the spread of infection rose, as did demand for daily-use items, consumable goods and food, in line with stay-at-home requests following the state of emergency.

As for store openings, the Group targeted specific areas for multiple store openings as part of its area dominance store-opening strategy and implemented a scrap and build approach for existing stores. In the first nine months of the fiscal year under review, the Group opened 86 new stores and closed 55 existing stores. In addition, 207 stores were added to the Group after JR KYUSHU DRUG ELEVEN CO., LTD. became a subsidiary of TSURUHA Holdings, Inc. on May 28, 2020, resulting in a total of 2,388 directly managed stores as of the end of the third quarter.

TSURUHA Group: Store openings and closures (Number of stores)

End of previous fiscal year

Openings

Acquisitions, etc.

Closures

Net change

End of current period

Of which dispensing pharmacies

Hokkaido

404

13

10

3

407

100

Tohoku

506

21

1

20

526

104

Kanto, Koshinetsu

473

22

3

10

15

488

167

Chubu, Kansai

233

11

13

(2)

231

119

Chugoku

300

8

2

3

7

307

98

Shikoku

211

8

6

2

213

57

Kyushu, Okinawa

23

3

202

12

193

216

24

Total for Japan

2,150

86

207

55

238

2,388

669

(The figure at the end of the current period excludes 22 overseas stores and four franchise stores.)

As a result of the above, in the first nine months of the current fiscal year, TSURUHA Holdings reported net sales of ¥683,914 million (up 9.3% year on year), operating income of ¥39,710 million (up 8.7%), ordinary income of ¥39,337 million (up 5.2%), and net income attributable to owners of the parent of ¥22,556 million (down 3.2%).

  • (2) Explanation of Consolidated Financial Position

    As of the end of the third quarter, assets totaled ¥468,706 million, an increase of ¥54,703 million compared with the end of the previous fiscal year. This mainly reflects increases in merchandise related to new store openings and the purchase of shares of JR KYUSHU DRUG ELEVEN CO., LTD.

    Liabilities totaled ¥195,744 million, an increase of ¥32,677 million compared with the end of the previous fiscal year. This mainly reflects the purchase of shares of JR KYUSHU DRUG ELEVEN CO., LTD.

    Net assets totaled ¥272,961 million, an increase of ¥22,026 million compared with the end of the previous fiscal year.

    As a result, the equity ratio was 53.3%, down 3.1 points from the previous fiscal year-end.

  • (3) Explanation of Consolidated Financial Forecasts and Other Forward-Looking

    The full-year consolidated financial forecasts announced on December 15, 2020 are unchanged.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

TSURUHA Holdings Inc. published this content on 16 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2021 03:15:07 UTC.


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Net income 2022 28 397 M 251 M 251 M
Net cash 2022 78 711 M 696 M 696 M
P/E ratio 2022 21,2x
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Number of Analysts 13
Last Close Price 12 260,00 JPY
Average target price 14 738,46 JPY
Spread / Average Target 20,2%
EPS Revisions
Managers and Directors
Jun Tsuruha President & Representative Director
Tatsuru Tsuruha Chairman
Yoshihiro Kobashi Head-Group Information System & Business Strategy
Makoto Murakami Executive Officer & General Manager-Administration
Fumiyo Fujii Independent Outside Director
Sector and Competitors