Tsuruha Holdings
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Tsuruha Holdings (3391) investor relations material

Tsuruha Holdings Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary8 Jan, 2026

Executive summary

  • Net sales for 9M FY2/26 reached ¥833,383 million, with operating income at ¥40,595 million and net income attributable to owners at ¥26,976 million, progressing in line with plan.

  • Existing store sales increased 2.4% YoY, with strong performance in pharmaceuticals and food.

  • The period reflects a fiscal year-end change, so YoY comparisons use reference values.

  • 78 new stores were opened and 46 closed, resulting in 2,690 directly managed stores at period end.

  • Major business integration with WELCIA HOLDINGS CO., LTD. was completed, creating the largest drugstore alliance in Japan.

Financial highlights

  • Gross profit for 9M FY2/26 was ¥250,765 million (30.1% of sales), and net income attributable to owners was ¥26,976 million (3.2% of sales).

  • Ordinary income totaled ¥40,733 million; comprehensive income was ¥30,743 million.

  • Basic earnings per share were ¥110.73, post five-for-one stock split.

  • Extraordinary items included a ¥6.6bn gain on sale of investment securities and a ¥1.9bn provision for loss on store closings.

  • SG&A expenses ratio improved to 25.2% due to productivity gains and cost controls.

Outlook and guidance

  • Full-year forecast: consolidated net sales ¥1,453,000 million, operating income ¥63,300 million, net income ¥39,500 million.

  • Basic earnings per share forecasted at ¥133.66.

  • Goodwill amortization from WELCIA HD integration: ¥5.5bn; gain on step acquisitions: ¥10.6bn.

  • Year-end dividend per share revised to ¥23.00, with total annual dividend forecast at ¥20.7bn.

Clarify synergy calculation for WELCIA integration
What is the Q4 integration cost and its accounting?
Are current results exceeding initial integration projections?
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Frequently asked questions

Tsuruha Holdings Inc. is a Japanese company operating a large chain of drugstores across Japan and parts of Asia. The company provides a wide range of products, including pharmaceuticals, health and wellness items, beauty and personal care products, household goods, and everyday essentials. Tsuruha Holdings also offers in-store healthcare services, such as pharmaceutical consultations, to support customer wellness. With a focus on convenience, the company operates stores in urban and suburban locations, providing easy access to health and lifestyle products. The company is headquartered in Sapporo, Japan, and its shares are listed on the Tokyo Stock Exchange.

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