BIC Cameras Inc. · TSE:3048
BIC Cameras — Bic Camera — H1 FY2024 Earnings Presentation
47 slides from BIC Cameras's earnings presentation, Apr 18, 2024
Slide 1: Financial Results Briefing FY2024/08 First Half
Financial Results Briefing FY2024/08 First Half (September 1, 2023 to February 29, 2024) April 18, 2024 （Tokyo Stock Exchange, Prime Market：3048） （Tokyo Stock Exchange, Prime Market ：7513）
Slide 2: Financial Results Briefing materials
Financial Results Briefing materials 1. 2.
Slide 3: Purpose - Kojima President
（Tokyo Stock Exchange, Prime Market ：7513） Purpose To be a company that supports everyday living by providing consumer electronics with a view toward the creation of a bright and happy future full of smiles Yuji Nakazawa Representative Director and President
Slide 4: Financial Results Highlights (FY2024 1H)
【Kojima】 Financial Results Highlights （FY2024 1H） FY2023 1H FY2024 1H (Sep. 2022 – Feb. 2023) (Sep. 2023 – Feb. 2024) (million yen, %) Results % to Forecast % to Results % to vs. YoY sales sales sales Forecast Net sales 136,945 100.0 134,400 100.0 129,385 100.0 94.5 96.3 Gross profit 35,955 26.3 36,
Slide 5: Financial Results Highlights (FY2024 1Q 2Q 1H)
【Kojima】 Financial Results Highlights （FY2024 1Q 2Q 1H） 1Q 2Q １H (million yen, %) Results vs. Results vs. Results vs. YoY YoY YoY Forecast Forecast Forecast Net sales 59,992 94.3 99.4 69,393 94.7 93.6 129,385 94.5 96.3 Operating 210 （149） +371 1,978 （162） （503） 2,188 （311） （131） profit Ordinary 262
Slide 6: Net sales (By Sales Channel)
【Kojima】 Net sales （By Sales Channel） 1Q 2Q 1H (million yen, %) FY2023 FY2024 FY2023 FY2024 FY2023 FY2024 Results Results Difference YoY Results Results Difference YoY Results Results Difference YoY Total 63,632 59,992 (3,640) 94.3 73,312 69,393 (3,919) 94.7 136,945 129,385 (7,560) 94.5 Existing sto
Slide 7: Net sales (By Sales Channel)
【Kojima】 Net sales （By Sales Channel） 1Q 2Q 1H (million yen, %) FY2023 FY2024 FY2023 FY2024 FY2023 FY2024 Composi Compositi Composi Compositi Composi Compositi Results tion ratio Results on ratio YoY Results tion ratio Results on ratio YoY Results tion ratio Results on ratio YoY Audio visual 10,638
Slide 8: Gross profit margin
【Kojima】 Gross profit margin Total Stores YoY difference in YoY difference in gross profit margin +０.7P (％) １Q 2Q 1H gross profit margin +０.04P FY2023 26.6 25.9 26.3 Strengthen sales of [Stores] Strengthen sales of FY2024 27.3 26.8 27.0 high value-added products high value-added products Difference
Slide 9: SG&A expenses
【Kojima】 SG&A expenses FY2023 1H FY2024 1H (Sep. 2022 – Feb. 2023) (Sep. 2023 – Feb. 2024) (million yen, %) Results Forecast Results vs. % to sales % to sales % to sales YoY Forecast SG&A expenses 33,455 24.4 33,769 25.1 32,751 25.3 97.9 97.0 Personnel expenses 11,586 8.5 12,085 9.0 11,799 9.1 101.8
Slide 10: Operating profit
【Kojima】 Operating profit Factors for increase/decrease Changes in operating profit （billion yen） （billion yen） Operating Operating profit 営業利益 profit 営業利益率 margin vs FY23 (0.31) Sep. 2019 (FY2020 1H) ： Rush demand before consumption tax hike Decline in the Decrease in SG&A 60 From Oct. 2019 (FY2020
Slide 11: Store Development
【Kojima】 Store Development Stand-alone stores Supermarket complex FY2023 FY2024 Number of Stores FY24 Aug.31 Sep.30 Oct.31 Nov.30 Dec.31 Jan.31 Feb.29 1H All stores 141 142 142 143 143 143 142 142 New Open － ＋1 +1 +2 Closed － (1) (1) Shopping mall Other complex stores New Open ■ On September 1, 2023
Slide 12: Initiatives in 2H ①
【Kojima】 Initiatives in 2H ① Improvement of sales capabilities Washing machines YoY, on a POS basis Refrigerators Enhancement of customer service 120.0% Washing machines Refrigerators skills and specialization TVs Gradually recovering from the reactionary 100.0% decline in demand due to people refra
Slide 13: Initiatives in 2H ②
【Kojima】 Initiatives in 2H ② Increasing efforts to attract customers Attracting tenants to make the stores more attractive Kojima & BicCamera Morioka store (Morioka City, Iwate Prefecture) opened on March 15 • Yorozuya Morioka, a recycled and used goods stores, opened on the third floor of the build
Slide 14: Initiatives in 2H ③
【Kojima】 Initiatives in 2H ③ Initiatives for human capital management Continued efforts to secure human resources • The utilization of our talent management system helps place the right people in the right jobs and facilitates employees’ career development. • A nearly 8.8％ pay raise has been impleme
Slide 15: Earnings Forecast (FY2024/8)
【Kojima】 Earnings Forecast (FY2024/8) 1H 2H Full year (million yen, %) FY20２４/８ FY20２４/８ FY20２４/８ FY20２４/８ FY20２４/８ FY20２４/８ vs. vs. vs. Previous Previous Revised Previous Revised forecast Results Previous forecast forecast Previous forecast Previous forecast forecast forecast forecast Net sales 134
Slide 16: Dividends and Purchase of Treasury Shares
【Kojima】 Dividends and Purchase of Treasury Shares FY2019/8 FY2020/8 FY2021/8 FY2022/8 FY2023/8 FY2024/8 (Forecast) Total 10 12 14 14 14 14 Dividends per share (yen) 1H 0 0 0 0 0 0 2H 10 12 14 14 14 14 Total cash dividends (million yen) 776 931 1,079 1,079 1,080 1,080 Dividend payout ratio (%) 11.7
Slide 17: Toru Akiho, Representative Director and President
（Tokyo Stock Exchange, Prime Market ： 3048） Toru Akiho Representative Director and President
Slide 18: Financial Results for the First Half of FY2024/8
1. Financial Results for the First Half of FY2024/8 2. Earnings Forecast for FY2024/8 3. Important Management Issues
Slide 19: Financial Results Highlights (Non-Consolidated)
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) 〈Non-Consolidated〉 Financial Results Highlights FY2023 1H FY2024 1H (Sep. 2022 – Feb. 2023) (Sep. 2023 – Feb. 2024) (million yen, %) Results % to sales Results % to sales YoY Forecast Net sales 211,968 100.0 219,278 100.0 103.4
Slide 20: Net sales (Non-Consolidated)
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) 〈Non-Consolidated〉 Net sales Change factors in non-consolidated net sales (YoY) （billion yen） +0.8 +18.4 Corporate customers ＥＣ +8 Inbound (7.2) Other (Physical stores) Domestic demand (Physical stores) FY23/8 FY24/8 211.9 (5.5)
Slide 21: Consolidated subsidiaries ①
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) 〈Consolidated〉 Consolidated subsidiaries ① Sofmap Nippon BS Broadcasting (Non-consolidated) (Non-consolidated) (million yen, %) FY23 1H FY24 1H YoY FY23 1H FY24 1H YoY Net sales 20,363 21,066 103.5 5,720 5,547 97.0 Gross profit
Slide 22: Consolidated subsidiaries ②
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) 〈Consolidated〉 Consolidated subsidiaries ② Ranet ＴＤmobile (Non-consolidated) (million yen, %) FY23 1H FY24 1H YoY FY24 1H Net sales 53,438 61,519 115.1 34,091 Gross profit 10,345 11,076 107.1 6,675 Amount SG&A expenses 7,435 8,1
Slide 23: Financial Results Highlights (Consolidated)
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) 〈Consolidated〉 Financial Results Highlights FY2023 1H FY2024 1H (Sep. 2022 – Feb. 2023) (Sep. 2023 – Feb. 2024) (million yen, %) Results % to sales Results % to sales YoY Forecast Net sales 407,653 100.0 447,524 100.0 109.8 445,
Slide 24: Operating profit (Consolidated)
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) 〈Consolidated〉 Operating profit 23
Slide 25: Balance Sheet
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) 〈Consolidated〉 Balance Sheet As of As of Increase / As of (million yen) Aug 31, 2023 Feb 29, 2024 Decrease Feb 28, 2023 Total current assets 247,245 274,628 27,383 260,869 Cash and deposits 75,135 75,474 339 74,815 Merchandise a
Slide 26: Cash flow statement
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) 〈Consolidated〉 Cash flow statement (million yen) FY2023 1H FY2024 1H (Sep. 2022 – Feb. 2023) (Sep. 2023 – Feb. 2024) Cash flows from ・Decrease in inventories (5,635) operating (13,209) 3,924 FY2023 1H : (18,536) → FY2023 1H : (1
Slide 27: Sales by Product line
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) 〈Consolidated〉 Sales by Product line FY2023 1H FY2024 1H (Sep. 2022 – Feb. 2023) (Sep. 2023 – Feb. 2024) (million yen, %) Results Composition Results BicCamera Kojima Composition YoY ratio ratio Results YoY Results YoY Audio vis
Slide 28: Monthly Sales (YoY, POS base)
1. Financial Results for the First Half of FY2024 (Sep.2023 – Feb.2024) Monthly Sales (YoY, POS base) First Half (6 months) BicCamera（ALL stores） BicCamera: 105.9％ Kojima: 94.4% 1Q (3 months) 2Q (3 months) Kojima （ALL stores） （%） BicCamera: 106.8％ Kojima: 94.2% BicCamera: 105.2％ Kojima: 94.6% 120 10
Slide 29: Earnings Forecast for FY2024/8
1. Financial Results for the First Half of FY2024/8 2. Earnings Forecast for FY2024/8 3. Important Management Issues
Slide 30: Earnings Forecast for FY2024 (Non-Consolidated)
2. Earnings Forecast for FY2024 (Sep.2023 – Aug.2024) 〈Non-Consolidated〉 Earnings Forecast for FY2024 Full-year Second half-year (million yen, %) FY2023 FY2024 FY2024 FY2023 FY2024 FY2024 vs. vs. Previous Revised Previous Revised Results YoY Previous Amount YoY Previous forecast forecast forecast fo
Slide 31: Earnings Forecast: Net sales
2. Earnings Forecast for FY2024 (Sep.2023 – Aug.2024) 〈Non-Consolidated〉 Earnings Forecast: Net sales Change factors in non-consolidated net sales (YoY) （billion yen） +1.7 EC Other +25.3 Corporate (0.4) (0.2) customers Inbound (Physical stores) Domestic demand (Physical FY23/8 stores) Fy24/8 425.5 4
Slide 32: Earnings Forecast (by company ①)
2. Earnings Forecast for FY2024 (Sep.2023 – Aug.2024) 〈Consolidated〉 Earnings Forecast (by company ①) Sofmap Nippon BS Broadcasting (million yen, %) (Non-consolidated) (Non-consolidated) Previous Revised vs. Previous Previous Revised vs. Previous YoY forecast YoY forecast forecast forecast forecast
Slide 33: Earnings Forecast (by company ②)
2. Earnings Forecast for FY2024 (Sep.2023 – Aug.2024) 〈Consolidated〉 Earnings Forecast (by company ②) Ranet ＴＤmobile (million yen, %) (Non-consolidated) Previous Revised vs. Previous Previous Revised vs. Previous YoY forecast YoY forecast forecast forecast forecast forecast Net sales 95,962 106,655
Slide 34: Earnings Forecast for FY2024 (Consolidated)
2. Earnings Forecast for FY2024 (Sep.2023 – Aug.2024) 〈Consolidated〉 Earnings Forecast for FY2024 Full-year Second half-year (million yen, %) FY2023 FY2024 FY2024 FY2023 FY2024 FY2024 Previous Revised vs. Previous Revised vs. Results YoY Previous Results YoY Previous forecast forecast forecast forec
Slide 35: Earnings Forecast: Operating profit
2. Earnings Forecast for FY2024 (Sep.2023 – Aug.2024) 〈Consolidated〉 Earnings Forecast: Operating profit 34
Slide 36: Capital Expenditure / Depreciation
2. Earnings Forecast for FY2024 (Sep.2023 – Aug.2024) 〈Consolidated〉 Capital Expenditure / Depreciation FY2023 FY2024（Project） Capital Expenditure 12.4 billion yen 12.7 billion yen Previous project 12.7 billion yen ・ IT (Core, EC, improving efficiency) ・ IT (Core, EC, improving efficiency) ・ Stores
Slide 37: Return to Shareholders
2. Earnings Forecast for FY2024 (Sep.2023 – Aug.2024) 〈Consolidated〉 Return to Shareholders FY2024 FY2024 FY2019 FY2020 FY2021 FY2022 FY2023 （Ｐｒｅｖｉｏｕｓ （Revised ｆorecast) Forecast) Total 20 13 15 15 15 18 21 Dividends per Share (yen) 1H 10 10 5 5 5 9 9 2H 10 3 10 10 10 9 12 Total cash dividends 3,543
Slide 38: Important Management Issues
1. Financial Results for the First Half of FY2024/8 2. Earnings Forecast for FY2024/8 3. Important Management Issues
Slide 39: Dramatically Increase Store Attractiveness and Convenience
3. Important Management Issues Dramatically Increase Store Attractiveness and Convenience The most important assets are human resources. Human capital management Strengthen our reuse and and community based Stores telecommunications businesses Sustainability Group assets Management Corporate Philoso
Slide 40: Stores
3. Important Management Issues Stores Rebuilding strong stores unique to BicCamera Characteristics of the strong stores unique to BicCamera Base: Overwhelming ability to draw customers supported by superb store locations in Central Tokyo Store staff members with expert Careful development of well Ab
Slide 41: Product Ranges
3. Important Management Issues Product Ranges We are enhancing the lineup of products Net sales of Bic Shuhan (liquor sales) other than consumer electronics. (million yen) Target of 10.0 billion yen or more Aside from consumer electronics, we are adding to the 10,000 lineup of products other than co
Slide 42: EC
3. Important Management Issues EC Sales of products other than consumer electronics increased Enhance the lineup of products other than consumer Net sales of products other than consumer electronics electronics to increase purchase frequency and Product categories - Glasses and attract more repeat c
Slide 43: Logistics
3. Important Management Issues Logistics Actions against the 2024 issue Streamline logistics and reduce costs using Bic Logistics Service Co., Ltd., a company merging two of our logistics subsidiaries for in-house operations, to continue to offer high-quality delivery services to customers. (1) Revi
Slide 44: Inbound
3. Important Management Issues Inbound Inbound recovery (billion yen) Tax-free sales (non-consolidated) 15.0 Higher than pre-COVID level 10.0 5.0 0.0 19/8 23/8 24/8 19/8 23/8 24/8 19/8 23/8 24/8 19/8 23/8 24/8 1Ｑ 2Ｑ 3Ｑ (Forecast) 4Ｑ (Forecast) Composition by nationality Composition by products sold
Slide 45: Group Assets
3. Important Management Issues Group Assets Initiatives for reusing 40.0 Group sales of reuse products (billion yen) Acquire A-one •Expand our business with a view toward the expansion of 30.0 Acquired Janpara 31.7 market size 20.0 Strengthen the reuse business in the BicCamera Group. 20.1 10.0 Net
Slide 46: Sustainability Management
3. Important Management Issues Sustainability Management Human capital management Changes in the rate of pay increases •Continued investment in human resources (pay raises) 15.0% Pay has been raised in eight consecutive years. Pay raises ranging between 7.2％ and 16.1％ were decided on in October 2023
Slide 47: Bic Camera Inc. Kojima Co., Ltd.
This document mentions future prospects on our business operations and industry trends based on our current plans, estimates, possibilities or expectations. Expressions of these future prospects are associated with various risks and uncertainties. Already known or unknown risks, uncertainties and ot