JINS HOLDINGS (3046) Q2 2025 earnings summary

Executive summary

• Achieved 17.9% YoY sales growth to JPY 44.83bn, led by strong domestic comparable store sales and product innovation, with improved overseas profitability, especially in China and Taiwan.

• Operating profit rose 101.1% YoY to JPY 5.15bn; net income surged 143.2% YoY to JPY 3.78bn.

• Store count reached 761 globally, with 509 in Japan and 252 overseas, reflecting continued expansion and selective closures.

• SG&A expenses rose with store expansion but improved as a percentage of sales; interim dividend increased due to strong 1H results.

Financial highlights

• 1H FY8/25 sales: JPY 44.83bn (+17.9% YoY, +5.7% vs. forecast); operating profit: JPY 5.15bn (+101.1% YoY, +80.9% vs. forecast); net income: JPY 3.78bn (+143.2% YoY).

• Gross profit margin improved to 78.3% (+0.4pt YoY); EBITDA: JPY 6.60bn (+62.9% YoY).

• EPS for the six months was JPY 162.17, compared to JPY 66.69 in the prior year period.

• Interim dividend raised to 50JPY/share (+27JPY YoY); full-year dividend forecast increased to 94JPY/share.

• Comprehensive income increased to JPY 3.66bn, a 162.0% YoY rise.

Outlook and guidance

• Full-year FY8/25 sales forecast revised up to JPY 92.53bn (+2.7% vs. initial forecast); operating profit forecast raised to JPY 10.80bn (+27.1% vs. initial forecast).

• Net income forecast: JPY 7.20bn (+54.2% YoY); gross profit margin expected at 78.6%.

• EPS for the full year is projected at JPY 308.69.

• Dividend forecast revised to 94JPY/share for FY2025.

• 2H plan unchanged, with focus on maintaining momentum despite high YoY hurdles.