Kewpie (2809) Q2 2024 earnings summary

Executive summary

• Net sales rose 7.5% year-over-year to ¥236,834 million for the six months ended May 31, 2024.

• Operating income surged 175.8% to ¥18,882 million, and profit attributable to owners of parent increased 160.9% to ¥12,513 million year-over-year.

• Comprehensive income grew 280.3% to ¥14,996 million compared to the same period last year.

Financial highlights

• Gross profit increased to ¥73,182 million from ¥57,002 million year-over-year.

• Ordinary income rose 168.9% to ¥20,306 million year-over-year.

• Earnings per share (EPS) was ¥90.02, up from ¥34.51 in the prior year period.

• Equity ratio improved to 67.4% as of May 31, 2024, from 66.2% at November 30, 2023.

• Cash and cash equivalents at period end increased to ¥67,243 million from ¥61,496 million at the previous year-end.

Outlook and guidance

• Full-year net sales forecast revised to ¥486,000 million, up 6.8% year-over-year.

• Operating income projected at ¥34,000 million (72.6% increase), ordinary income at ¥36,100 million (76.2% increase), and profit attributable to owners of parent at ¥20,700 million (57.1% increase).

• Full-year EPS forecast at ¥148.92.

• Dividend forecast revised upward to ¥54.00 per share for FY2024.