Trial Holdings (141A) Q4 2024 earnings summary

Executive summary

• Achieved record sales and operating profit in FY2024, with sales up 9.9% and operating profit up 37.2% year-over-year, marking the 24th consecutive year of sales growth.

• Net income attributable to owners was ¥11,439 million, up 41.5% year-over-year.

• Comprehensive income increased 39.6% year-over-year to ¥12,110 million.

• Store network expanded by 33 to 318 stores, with strong performance from renovated and new stores.

• Listed on the Tokyo Stock Exchange Growth Market on March 21, 2024.

Financial highlights

• FY2024 sales reached ¥717.9Bn (+9.9% YoY), gross profit ¥142.3Bn (+13.6% YoY), and operating profit ¥19.1Bn (+37.2% YoY).

• Cash and cash equivalents at period end surged to ¥91,947 million from ¥23,898 million.

• Total assets grew to ¥283,627 million from ¥200,639 million, and net assets to ¥118,187 million from ¥68,020 million.

• Annual dividend per share increased to ¥15.00 from ¥13.00.

• Free cash flow surged to ¥33.5Bn.

Outlook and guidance

• FY2025 sales forecasted at ¥808.9Bn (+12.7% YoY), with operating income expected to reach ¥23.0Bn (+20.0% YoY).

• Profit attributable to owners of parent forecast at ¥13,756 million (+20.3% YoY), EPS ¥112.46.

• Plans to open 27 new stores and renovate 28, targeting 4.1% same-store sales growth.

• Continued focus on food, PB products, and retail tech, aiming for PB sales share of 25% and ready meal sales of 8% mid-term.