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    8273   JP3138400001

IZUMI CO., LTD.

(8273)
  Report
Delayed Japan Exchange  -  01:00:00 2023-02-03 am EST
2881.00 JPY   -0.76%
01/18Izumi's FY23 Nine-month Profit Falls on Lower Sales, Higher Expenses
MT
01/16Izumi : Summary of Consolidated Financial Results for the Nine Months Ended November 30, 2022
PU
01/10Izumi Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending February 28, 2023
CI
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Izumi : Support Documentation about the Consolidated Financial Results for the Year Ended February 28, 2022 (FY2021)

04/20/2022 | 03:45am EST

April 12, 2022

IZUMI CO., LTD.

(Stock code: 8273)

Support Documentation about the Consolidated Financial Results for the Year Ended February 28, 2022 (FY2021)

1. Summary of Financial Results

1) Consolidated Financial Results

(Unit: millions of yen)

Year ended Feb. 28, 2021

Year ended Feb. 28, 2022

Year ending Feb. 28, 2023 (Forecast)

Operating revenue

(YoY)

679,778 91.3%

676,800 99.6%

454,300 -

Operating profit

(YoY)

35,781 112.2%

34,717 97.0%

32,600 -

Ordinary profit

(YoY)

36,078 112.8%

34,696 96.2%

32,600 -

Profit attributable to owners of parent

(YoY)

23,053 115.5%

23,204 100.7%

20,900 -

Earnings per share

¥321.72

¥324.45

¥292.40

Profit/equity

10.3%

9.6%

Ordinary profit/total assets

7.4%

7.2%

Operating profit/net sales

5.5%

5.4%

Total assets Net assets

Net assets per share Equity ratio

489,692 245,411 ¥3,244.56 47.5%

468,798 262,433 ¥3,479.26 53.0%

Total number of issued shares at the end of period (excl. treasury shares) Average number of shares during the period (excl. treasury shares)

71,657,094 71,657,606

71,477,638 71,517,631

Number of consolidated subsidiaries Number of equity-method affiliates

15 5

17 4

91.3%

(*Reference)

697,100

99.6%

112.2%

97.0%

112.8%

96.2%

115.5%

100.7%

- - - -

103.0% 32,600 93.9% 32,600 94.0% 20,900 90.1%

* As the Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29) from the beginning of the year ending February 28, 2023, the financial results forecast after this application is presented. As a reference, if reclassified to figures prior to the application of the "Accounting Standard for Revenue Recognition," operating revenue would be 697,100 million yen. With regard to year-on-year change, operating revenue would be 103.0%, operating profit would be 93.9%, ordinary profit would be 94.0%, and profit attributable to owners of parent would be 90.1% (presented as reference outside of the table).

2) Non-consolidated Financial Results

(Unit: millions of yen)

Year ended Feb. 28, 2021

Year ended Feb. 28, 2022

Year ending Feb. 28, 2023 (Forecast)

Operating revenue

(YoY)

634,583 90.6%

632,836 99.7%

355,500 -

Operating profit

(YoY)

29,128 111.9%

28,065 96.3%

25,600 -

Ordinary profit

(YoY)

29,420 112.1%

28,273 96.1%

25,600 -

Profit

(YoY)

17,461 102.4%

19,140 109.6%

16,600 -

Dividends per share

¥83.00

¥86.00

¥86.00

Total assets Net assets Equity ratio

423,212 189,151 44.7%

407,231 201,520 49.5%

* As the Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29) from the beginning of the year ending February 28, 2023, the financial results forecast after this application is presented. As a reference, if reclassified to figures prior to the application of the "Accounting Standard for Revenue Recognition," operating revenue would be 651,700 million yen. With regard to year-on-year change, operating revenue would be 103.0%, operating profit would be 91.2%, ordinary profit would be 90.5%, and profit would be 86.7% (presented as reference outside of the table).

(*Reference)

651,700

90.6%

99.7%

111.9%

96.3%

112.1%

96.1%

102.4%

109.6%

- - - -

103.0% 25,600 91.2% 25,600 90.5% 16,600 86.7%

1

2. Consolidated Statements of Income

Year ended Feb. 28, 2021

Year ended Feb. 28, 2022

Amount

% of Sales

Amount

% of Sales

YoY

Operating revenue

679,778

-

676,800

-

99.6%

Net sales

645,672

100.0%

643,280

100.0%

99.6%

Gross profit

147,467

22.8%

145,943

22.7%

99.0%

Operating revenue

34,105

5.3%

33,519

5.2%

98.3%

Operating gross profit

181,573

28.1%

179,463

27.9%

98.8%

Selling, general and administrative expenses

145,791

22.6%

144,745

22.5%

99.3%

Personnel expenses

67,805

10.5%

66,831

10.4%

98.6%

Depreciation

15,243

2.4%

15,267

2.4%

100.2%

Amortization of goodwill

737

0.1%

532

0.1%

72.3%

Rental expenses

11,526

1.8%

11,248

1.7%

97.6%

Utilities expenses

7,482

1.2%

7,986

1.2%

106.7%

Advertising expenses

9,643

1.5%

9,647

1.5%

100.0%

Other

33,352

5.2%

33,230

5.2%

99.6%

Operating profit

35,781

5.5%

34,717

5.4%

97.0%

Non-operating income

1,893

0.3%

1,600

0.2%

84.5%

Interest and dividend income

243

0.0%

224

0.0%

92.1%

Non-operating expenses

1,597

0.2%

1,621

0.3%

101.5%

Interest expenses

700

0.1%

555

0.1%

79.3%

Ordinary profit

36,078

5.6%

34,696

5.4%

96.2%

Extraordinary income

3,610

0.6%

1,039

0.2%

28.8%

Extraordinary losses

4,835

0.7%

1,456

0.2%

30.1%

Profit before income taxes

34,852

5.4%

34,280

5.3%

98.4%

Total income taxes

10,306

1.6%

10,758

1.7%

104.4%

Profit attributable to non-controlling interests

1,493

0.2%

317

0.0%

21.3%

Profit attributable to owners of parent

23,053

3.6%

23,204

3.6%

100.7%

1) Segment Information

Total

2) Financial Results of Major Subsidiaries

Company

Business / Segment

Year ended Feb.

28, 2021

Year ended Feb.

28, 2022

YoY

YOU-ME CARD CO., LTD.

Finance

Operating revenue

9,393

9,181

97.7%

Retail-peripheral operations

Operating profit

2,060

2,157

104.7%

IZUMI TECHNO Co., Ltd.

Store management

Operating revenue

13,882

14,863

107.1%

Retail-peripheral operations

Operating profit

1,549

1,760

113.6%

IZUMI FOOD SERVICE CO., LTD.

Food services

Operating revenue

4,626

5,277

114.1%

Retail-peripheral operations

Operating profit

-303

74

Youme Mart Kumamoto Co., Ltd.

Retail

Operating revenue

27,975

28,083

100.4%

Retail operations

Operating profit

1,245

872

70.1%

Youme Mart Kitakyushu Co., Ltd.

Retail

Operating revenue

28,715

27,746

96.6%

Retail operations

Operating profit

1,033

850

82.3%

YOURS Co., Ltd.

Retail

Operating revenue

24,094

23,364

97.0%

Retail operations

Operating profit

582

409

70.4%

Amount

% of Total

Amount

% of Total

YoY

659,977

97.1%

656,914

97.1%

99.5%

94,786

13.9%

96,419

14.2%

101.7%

5,297

0.8%

5,079

0.8%

95.9%

-80,283

-11.8%

-81,611

-12.1%

-

679,778

100.0%

676,800

100.0%

99.6%

(Operating profit)

Retail operations

31,217

87.2%

29,589

85.2%

94.8%

Retail-peripheral operations

3,458

9.7%

4,321

12.4%

125.0%

Other

1,172

3.3%

1,004

2.9%

85.6%

Adjustment

-67

-0.2%

-198

-0.6%

-

35,781

100.0%

34,717

100.0%

97.0%

2

(Operating revenue)

Retail operations

Retail-peripheral operations

Other

Adjustment

3. Consolidated Balance Sheets

As of Feb. 28, 2021

As of Feb. 28, 2022

Amount

% of Total

Amount

% of Total

Change

Total assets

489,692

100.0%

468,798

100.0%

- 20,894

Cash and deposits

25,306

5.2%

11,621

2.5%

- 13,685

Notes and accounts receivable - trade

42,497

8.7%

42,794

9.1%

+ 297

Merchandise and finished goods

21,661

4.4%

20,381

4.3%

- 1,279

Property, plant and equipment

330,539

67.5%

329,367

70.3%

- 1,171

Leasehold and guarantee deposits

16,909

3.5%

15,846

3.4%

- 1,063

Investment securities

9,876

2.0%

8,729

1.9%

- 1,147

Other

42,900

8.8%

40,057

8.5%

- 2,843

Liabilities

244,281

49.9%

206,364

44.0%

- 37,916

Notes and accounts payable - trade

47,367

9.7%

29,697

6.3%

- 17,669

Interest-bearing liabilities

109,414

22.3%

99,366

21.2%

- 10,048

Other

87,499

17.9%

77,301

16.5%

- 10,198

Net assets

245,411

50.1%

262,433

56.0%

+ 17,021

Treasury shares

-30

0.0%

-800

-0.2%

- 769

Other

232,526

47.5%

249,489

53.2%

+ 16,963

Non-controlling interests

12,915

2.6%

13,744

2.9%

+ 828

*Change in the number of issued shares

Year ended

Year ended

Feb. 28, 2021

Feb. 28, 2022

Total number of issued shares

at the beginning of the period

71,665,200

71,665,200

at the end of the period (A)

71,665,200

71,665,200

Treasury shares, etc.

at the beginning of the period

7,346

8,106

at the end of the period (B)

8,106

187,562

(Acquired during the period)

760

200,717

(Share-based remuneration)

0

21,261

(Cancelled during the period)

0

0

AB

71,657,094

71,477,638

(Average during the period)

71,657,606

71,517,631

4. Consolidated Statements of Cash Flows

(Unit: millions of yen)

Year ended Feb. 28, 2021

Year ended Feb. 28, 2022

Cash flows from operating activities

+ 48,320

+ 18,577

Profit before income taxes

+ 34,852

+ 34,280

Non-cash loss/gain (depreciation, etc.)

+ 18,311

+ 17,348

Increase/decrease in claims and obligations related to operating activities

+ 6,045

- 20,515

Income taxes and interest income

- 9,543

- 13,077

Other

- 1,345

+ 542

Cash flows from investing activities

- 6,633

- 14,246

Capital investment related

- 13,921

- 16,336

Other

+ 7,287

+ 2,089

Cash flows from financing activities

- 25,361

- 18,016

Interest-bearing liabilities related

- 19,536

- 10,960

Other

- 5,825

- 7,056

Increase/decrease in cash and cash equivalents

+ 16,324

- 13,685

5. IZUMI CO., LTD.: Income Statement and Other Financial Information

1) Statement of Income

(Unit: millions of yen)

Year ended Feb. 28, 2021

Year ended Feb. 28, 2022

Amount

% of Sales

Amount

% of Sales

YoY

Operating revenue

634,583

-

632,836

-

99.7%

Net sales

603,041

100.0%

601,881

100.0%

99.8%

Gross profit

117,561

19.5%

116,432

19.3%

99.0%

Operating revenue

31,541

5.2%

30,954

5.1%

98.1%

Real estate lease revenue

8,148

1.4%

8,125

1.4%

99.7%

Distribution center revenue

9,517

1.6%

9,217

1.5%

96.8%

Store lease joint management expense revenue

8,851

1.5%

8,470

1.4%

95.7%

Other

5,024

0.8%

5,141

0.9%

102.3%

Operating gross profit

149,102

24.7%

147,387

24.5%

98.8%

Selling, general and administrative expenses

119,973

19.9%

119,321

19.8%

99.5%

Personnel expenses

48,025

8.0%

47,142

7.8%

98.2%

Depreciation

13,132

2.2%

12,910

2.1%

98.3%

Rental expenses

9,751

1.6%

9,684

1.6%

99.3%

Store management expenses

10,135

1.7%

10,649

1.8%

105.1%

Utilities expenses

5,824

1.0%

6,221

1.0%

106.8%

Advertising expenses

8,108

1.3%

8,173

1.4%

100.8%

Other

24,996

4.1%

24,539

4.1%

98.2%

Operating profit

29,128

4.8%

28,065

4.7%

96.3%

Non-operating income

1,571

0.3%

1,288

0.2%

82.0%

Interest and dividend income

335

0.1%

329

0.1%

98.0%

Non-operating expenses

1,280

0.2%

1,080

0.2%

84.4%

Interest expenses

727

0.1%

605

0.1%

83.2%

Ordinary profit

29,420

4.9%

28,273

4.7%

96.1%

Extraordinary income

579

0.1%

466

0.1%

80.6%

Extraordinary losses

4,455

0.7%

1,027

0.2%

23.1%

Profit before income taxes

25,544

4.2%

27,712

4.6%

108.5%

Profit

17,461

2.9%

19,140

3.2%

109.6%

2) Sales Information

Year ended Feb. 28, 2021

Year ended Feb. 28, 2022

Amount

% of Total

Amount

% of Total

YoY

(By Product)

Lifestyle

89,854

14.9%

87,609

14.6%

97.5%

Foods

231,751

38.4%

227,820

37.9%

98.3%

Directly managed stores total

321,606

53.3%

315,430

52.4%

98.1%

Tenants

208,863

34.6%

215,647

35.8%

103.2%

X-SELL Department

11,706

1.9%

10,845

1.8%

92.6%

Product supply, etc.

60,866

10.1%

59,958

10.0%

98.5%

Total

603,041

100.0%

601,881

100.0%

99.8%

(By Region)

Chugoku

252,960

41.9%

249,878

41.5%

98.8%

Kyushu

224,469

37.2%

225,587

37.5%

100.5%

Other

125,611

20.8%

126,415

21.0%

100.6%

Total

603,041

100.0%

601,881

100.0%

99.8%

* From March 2021, the Company implemented organizational changes, such as combining and reorganizing the Clothing Department and the Household Goods Department, and making them the Lifestyle Division.

Accordingly, results for the year ended Feb. 28, 2021 have been adjusted to figures after these organizational changes.

3) YoY Sales at

Existing Stores

(Excluding X-SELL Department)

4) Gross Profit Ratio

5) Average Number of

Employees during the Period

Year ended Feb. 28, 2021

Year ended Feb. 28, 2022

Lifestyle

77.6%

99.9%

Foods

101.3%

99.2%

Directly managed stores total

93.5%

99.4%

Tenants

84.2%

103.8%

Total

89.7%

101.1%

Chugoku

93.0%

100.4%

Kyushu

87.2%

101.0%

Number of customers

89.4%

99.4%

Average spent per customer

104.5%

99.9%

Average spent per item

97.4%

102.0%

Number of purchases

107.3%

98.0%

* From March 2021, the Company implemented organizational changes, such as combining and reorganizing the Clothing Department and the Household Goods Department, and making them the Lifestyle Division. Accordingly, results for the year ended Feb. 28, 2021 have been adjusted to figures after these organizational changes.

Year ended Feb. 28, 2021

Year ended Feb. 28, 2022

Lifestyle

35.6%

35.6%

Foods

27.7%

28.2%

Directly managed stores total

29.9%

30.3%

Tenants

8.6%

8.3%

X-SELL Department

25.8%

26.0%

Product supply, etc.

0.5%

0.5%

Total

19.5%

19.3%

(Loss rate)

Lifestyle

6.3%

7.2%

Foods

2.5%

2.3%

Directly managed stores total

3.5%

3.6%

(Inventory turnover in days)

Lifestyle

79.3

72.5

Foods

9.2

8.9

Directly managed stores total

28.5

26.4

* From March 2021, the Company implemented organizational changes, such as combining and reorganizing the Clothing Department and the Household Goods Department, and making them the Lifestyle Division. Accordingly, results for the year ended Feb. 28, 2021 have been adjusted to figures after these organizational changes.

Year ended Feb. 28, 2021

Year ended Feb. 28, 2022

Full employees

2,968

2,912

Semi-full employees (8-hour equivalent)

5,971

5,822

Part-time employees (8-hour equivalent)

3,973

3,702

Total

12,912

12,436

(% of Total)

Full employees

23.0%

23.4%

Semi-full employees (8-hour equivalent)

46.2%

46.8%

Part-time employees (8-hour equivalent)

30.8%

29.8%

Total

100.0%

100.0%

(Indicators: Directly managed stores and X-SELL Department)

Net sales per employee

25,815 thousand yen

26,236 thousand yen

Gross profit per employee

7,683 thousand yen

7,903 thousand yen

Personnel expenses per employee

3,720 thousand yen

3,791 thousand yen

Personnel expenses/sales ratio

14.4%

14.4%

Personnel expenses/gross profit ratio

48.4%

48.0%

* Number of full employees at the end of period: 2,907 in the year ended Feb. 28, 2021; 2,857 in the year ended Feb. 28, 2022

5

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Disclaimer

Izumi Co. Ltd. published this content on 20 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2022 07:44:05 UTC.


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Financials
Sales 2023 452 B 3 452 M 3 452 M
Net income 2023 21 625 M 165 M 165 M
Net Debt 2023 83 200 M 635 M 635 M
P/E ratio 2023 9,52x
Yield 2023 3,00%
Capitalization 206 B 1 573 M 1 573 M
EV / Sales 2023 0,64x
EV / Sales 2024 0,63x
Nbr of Employees 4 399
Free-Float 56,9%
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Technical analysis trends IZUMI CO., LTD.
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 3
Last Close Price 2 881,00 JPY
Average target price 4 000,00 JPY
Spread / Average Target 38,8%
EPS Revisions
Managers and Directors
Yasuaki Yamanishi Managing Director
Kazunori Nishimoto Manager-Finance & Accounting
Daisuke Yamanishi Senior Executive Officer & GM-Administration
Kunihiko Yoneda Independent Outside Director
Akio Nitori Independent Outside Director
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