AS ONE (7476) Q1 2025 earnings summary

Executive summary

• Net sales rose 11.2% year-over-year to ¥24,168 million, marking the 15th consecutive year of growth and a record high for the 13th straight year.

• Operating profit increased 11.3% year-over-year to ¥2,741 million, with ordinary profit up 11.5% to ¥2,854 million, both achieving record highs for the fourth consecutive year.

• Net profit grew 10.9% year-over-year to ¥1,959 million, also a record for the fourth consecutive year.

Financial highlights

• Gross profit rose 6.3% year-over-year to ¥7,267 million, but gross margin declined by 1.4 percentage points to 30.1% due to product mix changes and higher-priced equipment sales.

• SG&A expenses increased 3.5% year-over-year, with notable rises in freight, warehouse, and personnel costs, partially offset by lower real estate rental and depreciation expenses.

• Gross profit per employee improved to ¥9.8 million from ¥9.6 million year-over-year, with the average number of employees rising to 740 from 708.

Outlook and guidance

• Medium-term management plan targets exceeded: overall sales +6.9% vs plan, e-commerce +6.5%, and overseas sales +9.5%.