Matsukiyococokara & Co. · TSE:3088
Matsukiyococokara & — FY2024 Earnings Presentation
44 slides from Matsukiyococokara &'s earnings presentation, May 16, 2025
Slide 1: Financial Results for the Fiscal Year Ended March 31, 2025
This document is a translation of the original Japanese document for reference purposes only. In the event of any discrepancy between this document and the Japanese original, the original shall prevail. Financial Results for the Fiscal Year Ended March 31, 2025 Copyright 2025 May 16, 2025 MatsukiyoC
Slide 2: Table of contents
Table of contents Financial Results and Financial Forecasts P.3 ～ P.13 Financial Results for FY2024 ・Financial Summary YoY (Full Year) ・Segment Results YoY (Full Year) ・Net Sales by Product ・Balance Sheet ・Statement of Cash Flows ・Store Openings, Closings, and Renovations in Japan Financial Forecast
Slide 3: Financial Results and Financial Forecasts
Financial Results and Financial Forecasts Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 3
Slide 4: Financial Summary YoY (Full Year)
Financial Results for FY2024 Financial Summary YoY(Full Year) ◼ Sales increased due to strong performance mainly in cosmetics due to people's flow expansion, an increase in duty- free sales, and the strengthening of the development of seasonal products. ◼ Profit increased due to the control of expen
Slide 5: Segment Results YoY (Full Year)
Financial Results for FY2024 Segment Results YoY(Full Year) ◼ The expansion of people's flow in urban and downtown areas and the increase in the number of foreign tourists visiting Japan are among the factors that have impacted the Matsumotokiyoshi Group's businesses.Increase in both sales and profi
Slide 6: Segment Results YoY (Full Year) - Reference
Financial Results for FY2024 Segment Results YoY(Full Year) Excluding amortization of goodwill and trademark rights totaling 7,237 million yen Reference associated with the management integration with cocokarafine Inc. (Millions of yen) FY2023 FY2024 Change Change (amount) (%) Profitable Profitable
Slide 7: Net Sales by Product
Financial Results for FY2024 Net Sales by Product ◼ Health and Beauty category grew due to the strengthening of the development of seasonal products and efficient and effective sales promotion measures, etc. ◼ Gross profit margin improved due to increased sales of high value-added products such as p
Slide 8: Balance Sheet
Financial Results for FY2024 Balance Sheet ◼ Equity ratio 73.1％ (Millions of yen) End of March, 2024 End of March, 2025 Change Current assets 370,798 364,316 (6,481) Cash and deposits 117,720 111,750 (5,970) Accounts receivable - trade 61,747 64,469 2,721 Merchandise 138,573 144,168 5,594 Non-curren
Slide 9: Statement of Cash Flows
Financial Results for FY2024 Statement of Cash Flows ◼ Net cash provided by operating activities was approximately 81.4 billion yen mainly due to the recognition of profit before income taxes. ◼ We have continued to actively and systematically implement shareholder returns, with share buybacks of ap
Slide 10: Store Openings, Closings, and Renovations in Japan
Financial Results for FY2024 Store Openings, Closings, and Renovations in Japan ◼ Given the rising costs of land and building rent, construction costs, and consumables, we will focus on opening stores carefully so that they can contribute to our business performance. ◼ Promoted scrap-and-build to re
Slide 11: FY2025 Financial Forecasts
Financial Forecasts for FY2025 FY2025 Financial Forecasts (Millions of yen) First Half 1H FY2024 1H FY2025 Change Change % to net sales % to net sales (amount) (%) Net sales 525,729 544,500 18,770 3.6 Gross profit 182,357 34.7 193,000 35.5 10,642 5.8 SG & A 144,694 27.5 153,500 28.2 8,805 6.1 Operat
Slide 12: Store openings, closings, and renovations plan in Japan
Financial Forecasts for FY2025 Store openings, closings, and renovations plan in Japan ◼ Focus on careful store openings in light of rising rents, construction costs, and supplies costs. ◼ Promoted scrap-and-build to respond to changes in store history, sales floor space, and market area. (Unit: No.
Slide 13: Shareholder Return
Financial Forecasts for FY2025 Shareholder Return ◼ We have set a target dividend on equity (DOE) ratio of 6% and a dividend payout ratio of 50% for the fiscal year ending March 31, 2031. ◼ Maintain or increase dividends Progressive dividend policy. ◼ We will flexibly implement share buyback, taking
Slide 14: Overview of the Medium-Term Management Plan
Overview of the Medium-Term Management Plan (Fiscal Year Ended March 31,2026 to Fiscal Year Ended March31, 2031) Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 14
Slide 15: Background to the Formulation of the New Medium-Term Management Plan
Background to the Formulation of the New Medium-Term Management Plan • We achieved key targets we set at the time of our merger in 2021 early. • In response to the rapid changes in the management environment surrounding us, we formulated a new medium-term management plan ahead of schedule to aim for
Slide 16: Goals for FY2030
Goals for FY2030 • We will retain our Management Philosophy and Group Vision unchanged as we regard them as goals to be pursued and put into practice. • With the aim of becoming Asia’s No. 1 drugstore, we have newly set Group management targets. Management Philosophy Group management targets Creatin
Slide 17: 3 Key Strategies
3 Key Strategies • To achieve the Group management targets, we will pursue three key strategies. • In line with our basic approach of “Co-creating and sharing value,” we aim to enhance corporate value. Basic Approach Co-creating and Sharing Value Differentiation Strategy Investment Strategy Strength
Slide 18: Medium-Term Management Plan Differentiation Strategy and Investment Strategy
Medium-Term Management Plan Differentiation Strategy and Investment Strategy Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 18
Slide 19: Operating profit margin for FY2024
Operating profit margin for FY2024 • The operating profit margin for Matsumotokiyoshi Group reached 8.7%. • The operating profit margin for Cocokara fine Group was also high. Matsumotokiyoshi Group Cocokara fine Group Retail business Retail business Operating profit margin 8.7 ％ Operating profit mar
Slide 20: Efforts to Be Made in FY2025 and Beyond
Efforts to Be Made in FY2025 and Beyond By the end of the previous fiscal year, we made progress in merging together toward our goals. This fiscal year, we will utilize the value generated by the merger to increase earnings. To FY2024 From FY2025 to FY2030 Membership Management merger EC Apps DX Dis
Slide 21: MatsukiyoCocokara Platform
Platform We will launch a marketing platform that will allow monitoring from customer reviews to purchasing activities at MatsukiyoCocokara and after-purchase follow-ups. MatsukiyoCocokara Platform Customer reviews Recognition Trial Delivery Purchase Follow-up Repurchase Copyright 2025 MatsukiyoCoco
Slide 22: Scale of Sales and Touchpoints
Scale of Sales and Touchpoints We will maintain a scale that can be leveraged for marketing across the key components of our platform, i.e., large enough numbers of stores, apps/EC, and customer reviews. Sales Stores Capitalize on our scale advantages in the health and beauty market Customer Custome
Slide 23: Enhancing Our Presence in the Asian Market
Enhancing Our Presence in the Asian Market It has been ten years since we entered the Asian market. We are operating 79 stores across six areas. We are continuing to expand our business with a target of 100.0 billion yen in net sales in FY2030. Total overseas net sales 30-fold growth in ten years FY
Slide 24: Medium-Term Management Plan Social Contribution and Return
Medium-Term Management Plan Social Contribution and Return Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 24
Slide 25: Status of Respective Spreads
Where We Are Now in Realizing the new Medium-Term Management Plan: Status of Respective Spreads The respective spreads at the end of the Financial Year ended March 2025 are perceived to be positive by around 3.6% to 5.6%. The Company considers improving PBR by maximizing respective spreads to be a c
Slide 26: PBR / PER / Changes in Share Price
Where We Are Now in Realizing the New Management Plan: PBR/ PER/ Changes in Share Price As a result of the financial results for the Fiscal Year ended March 2025 and the formulation of a new medium-term management plan, the PBR has more than doubled in the most recent period and the stocks have also
Slide 27: Priority Strategy: Social Contribution and Return
Medium-Term Management Plan_Priority Strategy "Social Contribution and Return" The basic concept of social contribution and return is to resolve materiality by ① maximizing customer value ② creating economic value ③ using the virtuous cycle of appropriate returns, which will make us a sustainable gr
Slide 28: Main Initiatives linked to New Materiality and Corporate Value Improvement
Main Initiatives linked to New Materiality and Corporate Value Improvement The materiality identified during our merger in 2021 has been reevaluated and reviewed into four categories. The Company aims to increase corporate value by promoting KPIs linked to the materiality and the main initiatives to
Slide 29: Cash allocation to further enhance corporate value
Cash allocation to further enhance corporate value The Company aims to generate an operating cash flow of 450 to 500 billion yen over six years, allocates 200 to 220 billion yen to growth investments and shareholder returns, and achieves sustainable business growth to maximize total returns to share
Slide 30: Appendix
Appendix Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 30
Slide 31: Corporate profile
Corporate profile Trade name MatsukiyoCocokara ＆ Co． Address 1-8-2 Yushima, Bunkyo-ku, Tokyo Group-wide strategy formulation, strategy implementation support Main business and management and administration President, Representative Director Kiyoo Matsumoto Vice President, Representative Director Ats
Slide 32: History of the Management Integration
History of the Management Integration Oct. 1, 2021 1932 1954 MatsukiyoCocokara ＆ Co． Founded Matsumoto Pharmacy From private enterprise to as a privately-run enterprise incorporated body 2007 Established Matsumotokiyoshi Holdings 1937 Co., Ltd. Established Segami Pharmacy 2008 Established Cocokara f
Slide 33: Philosophy, Vision, and Management Targets
Philosophy, Vision, and Management Targets Group Management Targets for the Fiscal Year Ending March 31, 2026 The Group aims to achieve the following sales and profits in order to become Asia's No.1 drugstore and establish a leading position in the health and beauty fields. Group net sales 1.3 trill
Slide 34: Organizational Structure of the Group
Organizational Structure of the Group Organizational structure of the group Main business activities of MatsukiyoCocokara & Co. ◼ Holding company ◼ Group-wide strategy formulation, strategy implementation support and management and MatsukiyoCocokara & Co. administration Main business activities of M
Slide 35: FY2024 Financial Results and Monthly Trends in Sales
FY2024 Financial Results and Monthly Trends in Sales Results Net sales 103.8％ YoY, Operating profit 108.4％, Operating profit margin7.7％（+0.3pt YoY） Increase Due to the increased flow of people in urban areas and downtown, the increase in overseas tourists visiting Japan, an enhanced lineup of season
Slide 36: Net Sales by Product
Net Sales by Product Medical and pharmaceutical products Cosmetics (Billions of yen) (Billions of yen) Matsumotokiyoshi Group Matsumotokiyoshi Group Cocokara fine Group Cocokara fine Group 368 353 361 331 334 400 400 350 281 307 350 280 279 297 300 164 164 300 113 117 250 143 157 250 89 97 107 200 1
Slide 37: Dispensing
Dispensing Dispensing sales Dispensing pharmacy stores Matsumotokiyoshi Group (Billions of yen) Matsumotokiyoshi Group (stores) Cocokara fine Group Cocokara fine Group 162 1,002 159 899 951 154 827 143 654 121 541 516 533 89 97 100 100 419 484 70 56 59 62 343 372 408 438 461 51 54 FY2020 FY2021 FY20
Slide 38: Stores by Area in Japan
Stores by Area in Japan MatsukiyoCocokara & Co. Group total 3,499 Stores in Japan (As of Mar. 31, 2025) Hokkaido Tohoku 129 ❚ Matsumotokiyoshi Group ：1,938 MKG 93 CFG 36 ❚Cocokara fine Group ：1,561 Koshinetsu Hokuriku 246 Chugoku MKG 183 Shikoku 220 CFG 63 MKG 75 CFG 145 Kyushu Kanto 1,522 Okinawa 3
Slide 39: Customer Contact Points, and PB Product Sales
Customer Contact Points, and PB Product Sales PB product sales Customer contact points Sales composition ratio of PB products 13.6 ％ 2,291 SKU Total 158 millon （As of Mar. 31, 2025） （As of Mar. 30, 2024） KNOWLEDGE – Men’s skincare and hair care brand Advanced skincare designed specifically for men’s
Slide 40: Five years full-years results
Five years full-years results Operating profit and Net sales and No. of stores Gross profit and gross profit margin (%) operating profit margin (%) 3,499 4,000 13,00 0 3,325 3,409 3,464 5,000 35.1％ 40.0 1,200 (Billions of yen) 7.4 7.7％ 8.5 (Billions of yen) 34.6 34.6 32.7 32.9 6.5 1,061 4,500 7.5 35
Slide 41: Quarterly Consolidated Financial Results
Quarterly Consolidated Financial Results FY2023 FY2024 （Millions of yen/%） 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year Net sales 248,222 259,544 262,566 252,197 1,022,531 259,749 265,979 275,791 260,105 1,061,626 Gross profit 84,199 89,627 91,074 89,197 354,097 89,241 93,115 96,201 93,676 372,235 Gr
Slide 42: Quarterly Segment Results
Quarterly Segment Results FY2023 FY2024 （Millions of yen/％） 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year Sales 152,810 159,867 162,999 157,439 633,117 162,010 166,075 173,795 165,346 667,226 Matsumoto- kiyoshi Segment profit 11,783 12,937 14,267 12,753 51,741 12,560 13,647 16,242 15,501 57,952 Group
Slide 43: Quarterly Net Sales and Gross Profit by Product
Quarterly Net Sales and Gross Profit by Product FY2023 FY2024 (Millions of yen/％) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year Sales 85,192 91,340 93,264 92,095 361,892 88,378 90,809 96,478 93,085 368,752 Medical and pharmaceuti Segment profit 35,218 40,039 40,416 40,961 156,636 37,069 40,665 42,564
Slide 44: Cautionary Statement
Cautionary Statement This document contains future outlooks such as plans, forecasts, strategies, and others which are not historical fact and these are made by the management’s judgement based on the obtainable information at the time of the disclosure. Actual results may significantly differ from