[Translation]
Consolidated Business Results for the First Quarter of the Fiscal Year Ending March 31, 2024
[IFRS]
August 9, 2023 | |||||
Listed Company: Wacoal Holdings Corp. | Stock Exchange: Tokyo | ||||
Code Number: 3591 | (URL:https://www.wacoalholdings.jp/) | ||||
Representative: (Position) Representative Director, President and CEO | (Name) | Masaaki Yajima | |||
For Inquiries: (Position) Corporate Officer, Head of Corporate Planning Dept. | (Name) | Katsuya Hirooka | |||
Scheduled quarterly report submission date: | August 14, 2023 | Tel: +81 (075) 682-1010 | |||
Scheduled dividend payment start date: | - | ||||
Supplementary materials regarding quarterly business results: | Yes | ||||
Explanatory meeting regarding quarterly business results: | Yes (for institutional investors, analysts and the press) |
(Amounts less than 1 million yen have been rounded)
1. First Quarter of the Fiscal Year Ending March 31, 2024 (April 1, 2023 - June 30, 2023)
- Consolidated Business Results
(% indicates increase (decrease) from the corresponding period of the previous fiscal year) | |||||||||||||||
Revenue | Business | Operating | Profit Before | Profit | |||||||||||
Profit | Profit | Income Taxes | |||||||||||||
Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen % | Millions of Yen | % | |||||||
First Quarter | |||||||||||||||
ended June 30, | 48,789 | (0.5) | 2,371 | (0.3) | 2,727 | 10.4 | 4,004 | 11.8 | 2,885 | 16.6 | |||||
2023 | |||||||||||||||
First Quarter | |||||||||||||||
ended June 30, | 49,027 | 15.5 | 2,378 | 21.2 | 2,469 | 0.5 | 3,580 | 23.4 | 2,474 | - | |||||
2022 | |||||||||||||||
Net Profit | Total | Basic Earnings | Diluted Earnings | ||||||||||||
Attributable to | Comprehensive | ||||||||||||||
per Share | per Share | ||||||||||||||
Owners of Parent | Income | ||||||||||||||
Millions of Yen | % | Millions of Yen | % | Yen | Yen | ||||||||||
First Quarter | |||||||||||||||
ended June 30, | 2,844 | 18.0 | 13,222 | 59.6 | 49.03 | 48.82 | |||||||||
2023 | |||||||||||||||
First Quarter | |||||||||||||||
ended June 30, | 2,411 | - | 8,286 | - | 39.28 | 39.12 | |||||||||
2022 |
(Note) 1. Business profit is calculated by subtracting cost of sales, and selling, general and administrative expenses from revenue.
2. Following the adoption of IAS 12 Income Taxes (as amended in May 2021), the figures for the first quarter ended June 30, 2022 represent the retrospectively adjusted figures. The percentage change in profit, net profit attributable to owners of parent and total comprehensive income compared to the corresponding period of the previous fiscal year is not shown.
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- Consolidated Financial Condition
Equity Attributable to | Ratio of Equity | |||
Total Assets | Total Equity | Attributable to | ||
Owners of Parent | ||||
Owners of Parent | ||||
Millions of Yen | Millions of Yen | Millions of Yen | % | |
As of June 30, 2023 | 296,731 | 224,369 | 220,907 | 74.4 |
As of the end of Fiscal | 285,659 | 213,482 | 210,197 | 73.6 |
Year (March 31, 2023) | ||||
(Note) Following the adoption of IAS 12 Income Taxes (as amended in May 2021), the figures for the fiscal year ended March 31, 2023 represent the retrospectively adjusted figures.
2. | Status of Dividends | |||||||
Annual Dividend | ||||||||
End of First | End of Second | End of Third | Year-End | Total | ||||
Quarter | Quarter | Quarter | ||||||
Yen | Yen | Yen | Yen | Yen | ||||
Fiscal Year Ended March 31, 2023 | - | 40.00 | - | 40.00 | 80.00 | |||
Fiscal Year Ending March 31, 2024 | - | |||||||
Fiscal Year Ending March 31, 2024 | 50.00 | - | 50.00 | 100.00 | ||||
(Estimates) | ||||||||
(Note) | Revision of estimated dividends announced | during the latest quarter: No |
3. Forecast of Consolidated Business Results for the Fiscal Year Ending March 31, 2024 (April 1, 2023 - March 31, 2024)
(% indicates increase (decrease) from the previous fiscal year with respect to "Annual" and from the six-month period ended September 30, 2022 with respect to "Six-month Period Ending September 30, 2023")
Profit Before | Net Profit | Basic Earnings | |||||||||||||
Revenue | Business Profit | Operating Profit | Attributable to | ||||||||||||
Income Taxes | Owners of | per Share | |||||||||||||
Parent | |||||||||||||||
Millions of Yen % | Millions of Yen % | Millions of Yen | % | Millions of Yen | % | Millions of Yen % | Yen | ||||||||
Six-month | |||||||||||||||
Period Ending | 103,000 | 5.6 | 4,500 | 3.6 | 4,400 | 10.0 | 5,500 | (6.5) | 3,900 | (7.5) | 67.23 | ||||
September 30, | |||||||||||||||
2023 | |||||||||||||||
Annual | 205,000 | 8.7 | 6,000 | 46.3 | 6,000 | - | 7,000 | - | 4,800 | - | 82.74 | ||||
(Note) | Revision | of forecast of | consolidated business | results announced | during the latest | quarter: | No |
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Notes
- Changes in significant subsidiaries in the consolidated cumulative first quarter of the current fiscal year (i.e. changes in specified subsidiaries (tokutei kogaisha) which involve change in scope of consolidation): None
- Changes in accounting policies and/or accounting estimates:
- Changes in accounting policies required by IFRS: Yes
- Changes in accounting policies other than (i) above: None
- Changes in accounting estimates: None
(Note) For details, please see "2. Condensed Quarterly Consolidated Financial Statements and Accompanying Notes - (5) "Notes to Condensed Consolidated Financial Statements (Changes in Accounting Policies)" on page 16 of the attached materials.
- Number of Issued Shares (Common Stock)
First Quarter ended | Fiscal Year ended | |
June 30, 2023 | March 31, 2023 |
- Number of issued shares (including
treasury stock) as of the end of: | 61,000,000 shares | 64,500,000 shares |
- Number of shares held as treasury
stock as of the end of: | 2,989,790 shares | 6,487,185 shares |
- Average number of shares during
consolidated first quarter (first | 58,010,347 shares | 61,372,313 shares |
quarter ended June 30): |
*These quarterly financial statements are exempt from the review procedures.
*Cautionary Statement regarding Forecast of Business Results
(Cautionary note on forward-looking statements)
The forecast of business results is based on reasonable information we obtained as of the date hereof and, due to various risks, uncertainties and other factors arising in the future, actual results in the future may differ largely from the estimates set out in this document. For notes on conditions used for the forecast of business results and cautionary statements regarding forecast of business results, please see "1. Qualitative Information regarding Consolidated Performance during the First Quarter - (3) Qualitative Information regarding Forecast of Consolidated Business Results" on page 9 of the attached materials.
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Table of Contents for Attached Materials | ||
1. | Qualitative Information regarding Consolidated Performance during the First Quarter --------------------- | 5 |
(1) | Qualitative Information regarding Consolidated Business Results ---------------------------------------------- | 5 |
(2) | Qualitative Information regarding Consolidated Financial Condition ------------------------------------------ | 8 |
(3) | Qualitative Information regarding Forecast of Consolidated Business Results --------------------------------- | 9 |
2. | Condensed Quarterly Consolidated Financial Statements and Accompanying Notes ------------------------ | 10 |
(1) | Condensed Quarterly Statement of Financial Position ----------------------------------------------------------- | 10 |
- Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated
Statement of Comprehensive Income ------------------------------------------------------------------------------ | 12 | |
(3) | Condensed Quarterly Consolidated Statement of Changes in Equity ------------------------------------------ | 14 |
(4) | Condensed Quarterly Consolidated Statement of Cash Flows -------------------------------------------------- | 15 |
(5) | Notes to Condensed Quarterly Consolidated Financial Statements -------------------------------------------- | 16 |
(Notes on Going Concern) ------------------------------------------------------------------------------------------- | 16 | |
(Changes in Accounting Policies) -------------------------------------------------------------------------------- | 16 | |
(Segment Information) ----------------------------------------------------------------------------------------------- | 17 |
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1. Qualitative Information regarding Consolidated Performance during the First Quarter
- Qualitative Information regarding Consolidated Business Results
- Performance Overview of the Three Months ended June 30, 2023
(Millions of Yen) | |||||
Previous Consolidated | Current Consolidated | Increased/(Decreased) from | |||
Cumulative First | Cumulative First | previous consolidated | |||
Quarter | Quarter | cumulative | |||
(From April 1, 2022 to | (From April 1, 2023 to | first quarter | |||
June 30, 2022) | June 30, 2023) | ||||
Amount | Amount | Amount | % | ||
Revenue | 49,027 | 48,789 | (238) | (0.5) | |
Cost of sales | 20,346 | 20,939 | +593 | +2.9 | |
Gross profit | 28,681 | 27,850 | (831) | (2.9) | |
Selling, general and administrative expenses | 26,303 | 25,479 | (824) | (3.1) | |
Business profit | 2,378 | 2,371 | (7) | (0.3) | |
Other income | 608 | 446 | (162) | (26.6) | |
Other expenses | 517 | 90 | (427) | (82.6) | |
Operating profit | 2,469 | 2,727 | +258 | +10.4 | |
Finance income | 986 | 1,020 | +34 | +3.4 | |
Finance expense | 77 | 79 | +2 | +2.6 | |
Share of profit of investments accounted for using | 202 | 336 | +134 | +66.3 | |
equity method | |||||
Profit before income taxes | 3,580 | 4,004 | +424 | +11.8 | |
Net profit attributable to owners of parent | 2,411 | 2,844 | +433 | +18.0 | |
Business environment surrounding our group during the current consolidated cumulative first quarter (April 1, 2023 - June 30, 2023) was challenging due to sluggish sales of our core brands resulting from selective spending by our customers against the backdrop of the rising inflation as well as a significant rise in raw material costs. In overseas, our business in Europe continued to show strong performance on the back of growing support from the customers for our core brands. On the other hand, sales from our business in China fell short of our expectations as the number of customers visiting our retail stores remained sluggish, despite an improvement from the corresponding period of the previous fiscal year, which was significantly impacted by the coronavirus pandemic ("COVID-19"). In the United States, although there were signs of a recovery in consumption along with a calming of inflation rate, our sales fell short of our expectations due to the impact of inventory adjustments by suppliers and sluggish sales of certain brands.
Under such circumstances, our group is moving forward with our initiatives to "rebuild brand and customer strategies" as well as to "accelerate cost structure reform" for our domestic business, and to "strengthen e-commerce business" as well as to "enhance product capabilities that meet the characteristics of each market" for our overseas business, in order to "improve profitability and capital efficiency", which we have set as one of our priority issues for the current consolidated fiscal year. In addition, we plan to disclose our policies, goals and/or management indicators, specific initiatives and timeframe for implementation of the initiatives to improve the price-to-book ratio in around mid-November 2023.
As a result of the above, for the current consolidated cumulative first quarter, consolidated revenue was
48.79 billion yen (a decrease of 0.5% as compared to the corresponding period of the previous fiscal year), and the consolidated business profit was 2.37 billion yen (a decrease of 0.3% as compared to the corresponding period of the previous fiscal year). We recorded a consolidated operating profit of 2.73 billion yen (an increase of 10.4% as compared to the corresponding period of the previous fiscal year) primarily due to the reversal of one-time expenses recorded as other expenses during the corresponding period of the previous fiscal year in connection with the liquidation of a subsidiary. Consolidated profit before income taxes was 4.00 billion yen (an increase of 11.8% as compared to the corresponding period of the previous fiscal year) and consolidated net profit attributable to owners of parent was 2.84 billion yen (an increase of 18.0% as compared to the corresponding period of the previous fiscal year).
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Wacoal Holdings Corporation published this content on 09 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2023 07:26:05 UTC.