Tsuruha Holdings (3391) Q4 2025 earnings summary

Executive summary

• Fiscal year ended February 28, 2025, was a 9.5-month transitional period due to a change in fiscal year-end; year-on-year comparisons are not provided for this period.

• Net sales reached ¥845,603 million, operating income ¥37,894 million, and net income attributable to owners of the parent ¥17,207 million.

• 73 new stores opened and 68 closed, resulting in 2,658 directly managed stores in Japan and 22 in Thailand at period end.

• Key strategies included store expansion, pharmacy functionality enhancement, private brand development, and digital transformation initiatives.

• Impairment loss of ¥10,743 million and provision for loss on store closings of ¥3,110 million recorded; gain on sale of investment securities was ¥3,830 million.

Financial highlights

• Total assets increased to ¥583,362 million, up ¥33,810 million from previous year-end.

• Net assets rose to ¥306,377 million, mainly due to higher retained earnings.

• Cash and cash equivalents at period end were ¥92,605 million, up ¥34,051 million.

• Operating cash flow was ¥64,643 million; investing cash flow was ¥19,713 million outflow; financing cash flow was ¥10,872 million outflow.

• Equity ratio declined to 48.2% from 50.9% at previous year-end.

Outlook and guidance

• Forecast for fiscal year ending February 28, 2026: net sales ¥1,113,400 million, operating income ¥51,100 million, net income attributable to owners of the parent ¥24,800 million.

• Full-year dividend forecast maintained at ¥267 per share.

• Focus remains on profitability improvement, store and pharmacy strategy, private brand, and digital initiatives.