[Translation]
Consolidated Business Results for the First Quarter of the Fiscal Year Ending March 31, 2023 [IFRS]
August 10, 2022 | |||||
Listed Company: Wacoal Holdings Corp. | Stock Exchange: Tokyo | ||||
Code Number: 3591 | (URL:https://www.wacoalholdings.jp/) | ||||
Representative: (Position) Representative Director, President and CEO | (Name) | Hironobu Yasuhara | |||
For Inquiries: (Position) Corporate Officer, Head of Corporate Planning Dept. | (Name) | Katsuya Hirooka | |||
Scheduled quarterly report submission date: | August 15, 2022 | Tel: +81 (075) 682-1010 | |||
Scheduled dividend payment start date: | - | ||||
Supplementary materials regarding quarterly business results: | Yes | ||||
Explanatory meeting regarding quarterly business results: | Yes (for institutional investors, analysts and the press) |
(Amounts less than 1 million yen have been rounded)
1. First Quarter of the Fiscal Year Ending March 31, 2023 (April 1, 2022 - June 30, 2022)
- Consolidated Business Results
(% indicates increase (decrease) from the corresponding period of the previous fiscal year) | ||||||||||||||||||
Profit Before | ||||||||||||||||||
Business | Operating | Income Taxes and | ||||||||||||||||
Revenue | Equity in Net | Profit | ||||||||||||||||
Profit | Profit | |||||||||||||||||
Profit of Affiliated | ||||||||||||||||||
Companies | ||||||||||||||||||
Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | |||||||||
First Quarter ended | 49,027 | 15.5 | 2,378 | 21.2 | 2,469 | 0.5 | 3,580 | 23.4 | 2,467 | 51.1 | ||||||||
June 30, 2022 | ||||||||||||||||||
First Quarter ended | 42,453 | - | 1,962 | - | 2,456 | - | 2,902 | - | 1,633 | - | ||||||||
June 30, 2021 | ||||||||||||||||||
Net Profit | Total | Basic Earnings | Diluted Earnings | |||||||||||||||
Attributable to | Comprehensive | |||||||||||||||||
per Share | per Share | |||||||||||||||||
Owners of Parent | Income | |||||||||||||||||
Millions of Yen | % | Millions of Yen | % | Yen | Yen | |||||||||||||
First Quarter ended | 2,404 | 47.8 | 8,273 | - | 39.17 | 39.01 | ||||||||||||
June 30, 2022 | ||||||||||||||||||
First Quarter ended | 1,627 | - | 632 | - | 26.06 | 25.95 | ||||||||||||
June 30, 2021 | ||||||||||||||||||
(Note) Business | profit is calculated by | subtracting cost of | sales, and selling, general and administrative expenses from | |||||||||||||||
revenue. |
- Consolidated Financial Condition
Equity Attributable to | Ratio of Equity | |||
Total Assets | Total Equity | Attributable to | ||
Owners of Parent | ||||
Owners of Parent | ||||
Millions of Yen | Millions of Yen | Millions of Yen | % | |
As of June 30, 2022 | 305,330 | 226,172 | 223,239 | 73.1 |
As of the end of Fiscal | 299,177 | 220,868 | 217,990 | 72.9 |
Year (March 31, 2022) | ||||
- 1 -
2. | Status of Dividends | ||||||||||
Annual Dividend | |||||||||||
End of First | End of Second | End of Third | Year-End | Total | |||||||
Quarter | Quarter | Quarter | |||||||||
Yen | Yen | Yen | Yen | Yen | |||||||
Fiscal Year Ended March 31, 2022 | - | 20.00 | - | 30.00 | 50.00 | ||||||
Fiscal Year Ending March 31, 2023 | - | ||||||||||
Fiscal Year Ending March 31, 2023 | 40.00 | - | 40.00 | 80.00 | |||||||
(Estimates) | |||||||||||
(Note) | Revision of estimated dividends announced | during the latest quarter: No |
3. Forecast of Consolidated Business Results for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March 31, 2023)
(% indicates increase (decrease) from the previous fiscal year with respect to "Annual" and from the six-month period ended September 30, 2021 with respect to "Six-month Period Ending September, 30, 2022")
Profit Before | Net Profit | ||||||||||||
Income Taxes | Basic Earnings | ||||||||||||
Revenue | Business Profit | Operating Profit | and Equity in | Attributable to | |||||||||
Net Profit of | Owners of | per Share | |||||||||||
Affiliated | Parent | ||||||||||||
Companies | |||||||||||||
Millions of Yen % | Millions of Yen % | Millions of Yen % | Millions of Yen % | Millions of Yen % | Yen | ||||||||
Six-month | |||||||||||||
Period Ending | 104,000 | 20.5 | 4,500 | 18.8 | 4,500 | (2.5) | 5,300 | (2.6) | 3,600 | 4.8 | 58.66 | ||
September 30, | |||||||||||||
2022 | |||||||||||||
Annual | 205,000 | 19.1 | 7,000 | - | 6,500 | 97.5 | 8,000 | 95.9 | 5,500 | 217.6 | 89.62 | ||
(Note) | Revision | of forecast of | consolidated business | results announced | during the latest | quarter: | No |
- 2 -
Notes
- Changes in significant subsidiaries in the consolidated cumulative first quarter of the current fiscal year (i.e. changes in specified subsidiaries (tokutei kogaisha) which involve change in scope of consolidation): None
- Changes in accounting principles and/or accounting estimates:
- Changes in accounting principles required by IFRS: None
- Changes in accounting principles other than (i) above: None
- Changes in accounting estimates: None
- Number of Issued Shares (Common Stock)
First Quarter ended | Fiscal Year ended | |
June 30, 2022 | March 31, 2022 |
- Number of issued shares (including
treasury stock) as of the end of: | 64,500,000 shares | 65,589,042 shares |
- Number of shares held as treasury
stock as of the end of: | 3,534,182 shares | 4,130,773 shares |
- Average number of shares during
consolidated first quarter (first | 61,372,313 shares | 62,424,862 shares |
quarter ended June 30): |
*These quarterly financial statements are exempt from the review procedures.
*Cautionary Statement regarding Forecast of Business Results
(Implementation of the International Financial Reporting Standards ("IFRS"))
Our group has implemented IFRS starting from the current consolidated fiscal year. The financial figures for the corresponding period of the previous fiscal year and the previous fiscal year are also presented in accordance with IFRS. For differences between IFRS and U.S. GAAP in the financial figures, please see "2. Condensed Quarterly Consolidated Financial Statements and Accompanying Notes - (5) Notes to Condensed Quarterly Consolidated Financial Statements (First-time adoption)" on page 18 of the attached materials.
(Cautionary note on forward-looking statements)
The forecast of business results is based on reasonable information we obtained as of the date hereof and, due to various risks, uncertainties and other factors arising in the future, actual results in the future may differ largely from the estimates set out in this document. For notes on conditions used for the forecast of business results and cautionary statements regarding forecast of business results, please see "1. Qualitative Information regarding Consolidated Performance during the First Quarter - (3) Qualitative Information regarding Forecast of Consolidated Business Results" on page 9 of the attached materials.
- 3 -
Table of Contents for Attached Materials | ||
1. | Qualitative Information regarding Consolidated Performance during the First Quarter | ---------------------- 5 |
(1) | Qualitative Information regarding Consolidated Business Results ---------------------------------------------- | 5 |
(2) | Qualitative Information regarding Consolidated Financial Condition ------------------------------------------ | 9 |
(3) | Qualitative Information regarding Forecast of Consolidated Business Results ------------------------------- | 9 |
2. | Condensed Quarterly Consolidated Financial Statements and Accompanying Notes ------------------------ | 10 |
(1) | Condensed Quarterly Statement of Financial Position ----------------------------------------------------------- | 10 |
- Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated
Statement of Comprehensive Income ------------------------------------------------------------------------------ | 12 | |
(3) | Condensed Quarterly Consolidated Statement of Changes in Equity ------------------------------------------ | 14 |
(4) | Condensed Quarterly Consolidated Statement of Cash Flows -------------------------------------------------- | 15 |
(5) | Notes to Condensed Quarterly Consolidated Financial Statements -------------------------------------------- | 16 |
(Notes on Going Concern) ------------------------------------------------------------------------------------------- | 16 | |
(Segment Information) ----------------------------------------------------------------------------------------------- | 16 | |
(First-time Adoption) ------------------------------------------------------------------------------------------------- | 18 |
- 4 -
1. Qualitative Information regarding Consolidated Performance during the First Quarter
- Qualitative Information regarding Consolidated Business Results
- Performance Overview of the Three Months ended June 30, 2022
(Millions of Yen) | |||||
Previous Consolidated | Current Consolidated | Increased/(Decreased) from | |||
Cumulative First | Cumulative First | previous consolidated | |||
Quarter | Quarter | cumulative | |||
(From April 1, 2021 to | (From April 1, 2022 to | first quarter | |||
June 30, 2021) | June 30, 2022) | ||||
Amount | Amount | Amount | % | ||
Revenue | 42,453 | 49,027 | +6,574 | +15.5 | |
Cost of sales | 17,594 | 20,346 | +2,752 | +15.6 | |
Sales profit | 24,859 | 28,681 | +3,822 | +15.4 | |
Selling, general and administrative expenses | 22,897 | 26,303 | +3,406 | +14.9 | |
Other income | 596 | 608 | +12 | +2.0 | |
Other expenses | 102 | 517 | +415 | +406.9 | |
Operating profit | 2,456 | 2,469 | +13 | +0.5 | |
Finance income | 672 | 986 | +314 | +46.7 | |
Finance expense | 111 | 77 | (34) | (30.6) | |
Share of profit (loss) of investments accounted for | (115) | 202 | +317 | - | |
using equity method | |||||
Profit before income taxes and equity in net profit of | 2,902 | 3,580 | +678 | +23.4 | |
affiliated companies | |||||
Net profit attributable to owners of parent | 1,627 | 2,404 | +777 | +47.8 | |
(Our group voluntarily implements the International Financial Reporting Standards ("IFRS") starting from the beginning of current cumulative first quarter, and the results for the previous cumulative first quarter have been reclassified to conform to IFRS.)
During the current cumulative first quarter (April 1, 2022 - June 30, 2022), our group's domestic business environment continued to remain challenging as the number of customers visiting our retail stores only had a weak bounce back, despite signs of recovery seen in opportunities to go out due to the progress in vaccination and relaxed travel restrictions related to the coronavirus pandemic ("COVID-19"). While our business in Europe maintained its strong sales, our business environment in the United States remained sluggish due to weaker consumer confidence as a result of various factors including rising inflation and accelerated monetary tightening. In addition, our business in China was negatively affected by the impact of activity restrictions in response to another wave of the spread of COVID-19.
Under the "VISION 2030", our medium- to long-term strategy framework which we announced in June 2022, our group is moving forward with our initiatives to address increasingly complex and diverse social issues as an opportunity for future growth, and to enhance our corporate value by promoting "sustainable management", a management approach that balances resolving social issues on one hand and sustainable growth on the other hand through our business activities. In addition, our new mid-term business plan for the next three years, which starts in the current fiscal year, is designed to lay the foundation to realize our new vision formulated under "VISION 2030", which is "to evolve and grow as "Wacoal Group of the World" by providing both physical and emotional beauty and richness to individuals through high sensitivity and premium quality", and to promote initiatives for transforming into a highly profitable company capable of sustainable growth. In our domestic business, we will continue promoting our unique CX strategy including the utilization of our customer database and merger between online and offline activities to improve value of our customer experience, and strengthening our efforts to improve profitability, aiming "to transform ourselves into a resilient corporate structure". In our overseas business, we will seek further expansion by expanding our e-commerce business and entering into the emerging markets, in addition to expanding solid sales growth in the existing areas where we conduct our business. On the financial strategies side, we will work to improve our return on equity by improving profitability and capital efficiency while conducting active investments for growth.
- 5 -
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Wacoal Holdings Corporation published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 06:13:07 UTC.