Trusco Nakayama (9830) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 FYE December 2025 rose 10.1% year-over-year to 79,164 million yen, driven by enhanced logistics and inventory initiatives.

• Operating profit increased 16.9% to 5,843 million yen, and net income attributable to owners grew 13.9% to 4,002 million yen.

• Comprehensive income decreased 7.0% year-over-year to 3,587 million yen, reflecting negative other comprehensive income items.

• Sales growth was broad-based across all sales routes, with e-business and home center routes showing double-digit increases.

Financial highlights

• Q1 gross profit: 16,610 million yen (+12.1% YoY); SGA expenses: 10,766 million yen (+9.7% YoY).

• Operating income: 5,843 million yen (+16.9% YoY); ordinary income: 5,817 million yen (+14.8% YoY).

• Net income attributable to owners: 4,002 million yen (+13.9% YoY); basic EPS: 60.69 yen.

• Total assets grew to 293,376 million yen as of March 31, 2025, with net assets at 175,737 million yen and a capital adequacy ratio of 59.9%.

• Dividend per share planned at 55.50 yen (+1.50 yen YoY).

Outlook and guidance

• Full-year net sales forecast at 317,430 million yen (+7.6% YoY); gross profit at 65,700 million yen (+6.5% YoY).

• Operating profit projected at 21,130 million yen; net income attributable to owners expected at 14,520 million yen.

• Net income attributable to owners expected to decrease 9.8% YoY due to absence of prior year special gains.

• Basic earnings per share for the full year is forecast at 220.20 yen.

• SGA expenses projected to rise with higher salaries, bonuses, and freight costs.