Tsuruha Holdings (3391) Q3 2025 earnings summary

Executive summary

• Fiscal period was shortened to 9.5 months due to a change in fiscal year-end, making direct year-over-year comparisons unavailable; reference values for the previous 12-month period are provided.

• Economic environment showed moderate recovery, but consumer spending remained sluggish due to rising prices and continued savings trends.

• Tsuruha Holdings focused on store strategy, pharmacy enhancement, private brand development, and digital transformation to drive growth.

• Group ended the period with 2,658 domestic stores and 22 overseas stores, after 73 new openings and 68 closures.

Financial highlights

• Net sales: ¥845.6 billion for the 9.5-month period (previous 12 months: ¥1,027.5 billion).

• Operating income: ¥37.9 billion (previous: ¥47.2 billion); ordinary income: ¥37.8 billion (previous: ¥47.5 billion).

• Net income attributable to owners: ¥17.2 billion (previous: ¥21.7 billion).

• Gross profit: ¥257.5 billion; gross margin approximately 30.5%.

• Earnings per share: ¥353.67 (previous: ¥447.27).

Outlook and guidance

• FY2026 (12 months) forecast: net sales ¥1,113.4 billion, operating income ¥51.1 billion, ordinary income ¥50.3 billion, net income attributable to owners ¥24.8 billion, EPS ¥509.59.

• Annual dividend forecast for FY2026: ¥267 per share, unchanged from FY2025.

• Company will continue to focus on store, pharmacy, PB, and DX strategies to improve profitability.