Kewpie (2809) Q3 2024 earnings summary

Executive summary

• Net sales for the nine months ended August 31, 2024 rose 7.4% year-over-year to ¥360,911 million, with operating income up 123.5% to ¥29,815 million and net income attributable to owners of parent up 78.3% to ¥19,756 million.

• Comprehensive income increased 79.8% year-over-year to ¥27,335 million.

Financial highlights

• Gross profit increased from ¥88,789 million to ¥111,569 million year-over-year, while operating income more than doubled from ¥13,341 million to ¥29,815 million.

• Ordinary income rose 113.4% to ¥32,182 million, and EPS increased from ¥79.72 to ¥142.13.

• Total assets grew to ¥456,381 million as of August 31, 2024, up from ¥426,006 million at the previous fiscal year-end.

• Equity ratio remained strong at 65.6%.

Outlook and guidance

• Full-year net sales forecast is ¥486,000 million, up 6.8% year-over-year, with operating income projected at ¥34,000 million (+72.6%) and net income attributable to owners of parent at ¥21,000 million (+57.1%).

• Full-year EPS is forecast at ¥148.92.