Each of the consolidated profits exceeded the forecast.
Profit of ¥16.4 reached a record high due to sale of less efficient properties and investment securities and review of tax effects associated with recovery of profitability.(ROE 6.7%)
Operating profit results by segment [Department Store] Exceeded forecast
- recovery in both domestic and inbound sales centered on urban stores
[Supermarket] Exceeded the previous year but lower than expected
impact of price hike was more than cost reduction. [Shopping Center] Exceeded forecast
strengthened sales force and cost reduction in H2OSC Development and improved occupancy rate of business hotel in Oi Development.
Invest aggressively in high-priority projects. IT/DX investment was lower than forecast due to the gap in the recording period and delay.
Forecast of FY2024 is ¥17.0 billion in operating profit as planned on mid-term plan
Plans to increase profit due to sales growth in department store business and the effect of operational improvement in supermarket business.
Capital investment in FY2024 will focus on large store remodels and IT/DX investments.
Total capital investment during 3 years of the mid-term plan is expected to be 91.3 billion yen (planned: 95 billion yen)
Sales continued to recover particularly in department store business and increased significantly from the previous year.
Gross profit and operating profit increased due to sales recovery though SG&A expenses including external factors like higher utility costs increased. Operating profit and ordinary profit exceeded the full-year forecast as a result of cost control efforts mainly in department stores.
Profit exceeded the full-year forecast and reached a record high.(ROE 6.7%)
H2O Retailing Corporation published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 06:47:03 UTC.
H2O RETAILING CORPORATION is mainly engaged in the department store business. The Company operates in five segments. The Department Store segment operates department stores. The Kobe and Takatsuki segment operates department stores. The Food segment conducts comprehensive supermarkets, food supermarkets, and food product manufacturing. The Real Estate segment conducts commercial real estate rental management and building maintenance. The Other segment conducts hotels, interior work, individual home delivery, friend's meetings, staffing, restaurants, information processing services business.
H2O RETAILING CORPORATION 
