Tsuruha Holdings (3391) Q2 2027 earnings summary

Executive summary

• Reported H1 net sales were ¥1,275,514 million, operating income ¥54,770 million and net income attributable to owners ¥30,252 million, up 128.7%, 92.6% and 48.5% YoY following the WELCIA integration.

• On a comparable basis, H1 sales rose 3.0% and operating income 3.2%, while net income fell 16.6%, mainly due to the absence of a prior-year ¥6.6 billion securities-sale gain.

• Integration synergies and SG&A control supported margin improvement and operating-income growth; unfavorable weather weighed on Q2 sales.

Financial highlights

• Consolidated gross profit was ¥393,589 million, up 4.5% on a comparable basis; SG&A was ¥338,818 million, up 4.8%.

• Ordinary income was ¥54,850 million; reported YoY growth was 90.3%, versus 1.1% on a comparable basis.

• EBITDA was ¥85,530 million, up 126.3% on a reported basis and 13.4% on a comparable basis.

• Net sales reached 99.7% of plan; operating income was 103.2%, ordinary income 105.7% and net income 111.2% of plan.

• Basic and diluted EPS were ¥66.75 and ¥66.65, versus ¥83.64 and ¥83.32 in the prior-year period.

Outlook and guidance

• FY2/27 guidance remains unchanged: net sales ¥2,555,000 million, EBITDA ¥162,300 million, operating income ¥99,400 million, ordinary income ¥98,100 million and net income ¥41,500 million.

• Full-year integration-synergy plan is ¥15.0 billion; H1 progress was ~57%.

• H2 priorities include gradual category-level merchandising integration, supplier alignment, private-brand development, priority-product sales and broader TOPVALU food-product use.

• Next-year initiatives include assortment and promotion optimization, continued supplier negotiations, joint fixture procurement, and a unified app and points program.

• Forecasts are based on available information and remain subject to significant uncertainty as business conditions change.