Tsuruha Holdings (3391) Q2 2026 earnings summary

Executive summary

• Net sales for FY2/26 1H reached ¥557.8bn, exceeding plan, with operating income at ¥28.4bn and net income at ¥20.4bn, driven by higher sales in pharmaceuticals and food, and effective SG&A control.

• The period saw 53 new store openings and 35 closures, resulting in a net increase of 18 stores and 2,676 directly managed stores at period-end.

• Existing store sales increased 2.1% year-on-year, with notable growth in dispensing pharmacy sales and strong performance in food and daily goods.

• Ongoing preparations for business integration with WELCIA HOLDINGS and AEON, scheduled for December 1, 2025; post-merger vision and financial strategy to be announced in early 2026.

Financial highlights

• Net sales: ¥557.8bn (100.2% of plan); operating income: ¥28.4bn (111.1% of plan); net income: ¥20.4bn (133.1% of plan).

• Gross profit for the period was ¥168,782 million, with a gross margin of 30.3%; SG&A expenses ratio improved to 25.2%.

• Extraordinary items included a ¥6.6bn gain on sale of investment securities and a ¥1.6bn provision for store closures.

• Ordinary income reached ¥28,818 million; comprehensive income totaled ¥21,585 million.

• Basic EPS was ¥83.64 (post-stock split basis).

Outlook and guidance

• Full-year consolidated earnings forecast and year-end dividend remain undetermined due to the pending impact of the business integration with WELCIA HOLDINGS.