Bic Cameras Inc.TSE: 3048

Summary of Consolidated Financial Results for the Nine Months Ended May 31, 2024

Jul 12, 2024 at 6:20 AM UTC · Issued by Bic Cameras Inc.

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Nine Months Ended May 31, 2024 (Based on Japanese GAAP)

				July 12, 2024
Company name:	BIC CAMERA INC.
Stock exchange listing:	Tokyo
Stock code:	3048	URL https://www.biccamera.co.jp/ir/
Representative:	Representative Director and President	Toru Akiho
Inquiries:	Director and Managing Director	Toru Abe	TEL 03-3987-8785
Scheduled date to file Quarterly Securities Report:	July 12, 2024
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended May 31, 2024 (from September 1, 2023 to May 31, 2024)

(1) Consolidated operating results (cumulative)				Percentages indicate year-on-year changes
	Net sales		Operating profit	Ordinary profit	Profit attributable to
		owners of parent

	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
Nine months ended May 31, 2024	687,678	12.3	19,194	76.1	20,719	67.1	10,554	128.6
Nine months ended May 31, 2023	612,485	2.7	10,902	(28.6)	12,397	(27.5)	4,617	(43.4)

Note: Comprehensive income	Nine months ended May 31, 2024	¥15,655 million	[72.3%]
		Nine months ended May 31, 2023	¥9,084 million	[(19.1)%]

			Earnings per share	Diluted earnings per share
				Yen	Yen
Nine months ended May 31, 2024		61.66	61.61
Nine months ended May 31, 2023		26.97	26.94
(2) Consolidated financial position
				Total assets	Net assets	Equity ratio
				Millions of yen	Millions of yen	%
As of May 31, 2024				501,126	187,819	29.4
As of August 31, 2023				449,840	176,383	30.5
Reference: Equity	As of May 31, 2024:	¥147,519 million
	As of August 31, 2023:	¥137,173 million

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2. Cash dividends

Annual dividends per share

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Year ended August 31, 2023

5.00

10.00

15.00

Year ending August 31, 2024

9.00

Year ending August 31, 2024 (Forecast)

15.00

24.00

Note: Revision to the forecast for dividends announced most recently:

Yes

3. Forecast of consolidated financial results for the year ending August 31, 2024 (from September 1, 2023 to August 31, 2024)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Millions of yen

Yen

Full year

916,000

12.3

22,500

58.3

24,600

48.5

10,000

240.5

58.42

Note: Revision to the financial results forecast announced most recently: Yes

4. Notes

(1) Changes in significant subsidiaries during the nine months ended May 31, 2024

(changes in specified subsidiaries resulting in the change in scope of consolidation):

(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions to accounting standards and other regulations:

Changes in accounting policies due to other reasons:

Changes in accounting estimates:

Restatement of prior period financial statements:

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

As of May 31, 2024

188,146,304 shares

As of August 31, 2023

188,146,304 shares

Number of treasury shares at the end of the period

As of May 31, 2024

16,963,708 shares

As of August 31, 2023

16,974,305 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)

Nine months ended May 31, 2024

171,181,293 shares

Nine months ended May 31, 2023

171,167,706 shares

Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
Proper use of forecasts of financial results, and other special matters (Caution concerning forward-looking statements)
The forward-looking statements, including the earnings forecasts, shown in this document are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Consequently, the statements herein do not constitute assurances regarding the Company's actual results. Actual financial results may differ substantially due to various factors.
(How to obtain supplementary materials on quarterly financial results)
The supplementary materials on quarterly financial results will be posted on the Company's website.

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of August 31, 2023	As of May 31, 2024

Assets
Current assets
Cash and deposits	75,135	79,100
Accounts receivable - trade	44,540	50,844
Merchandise and finished goods	105,260	123,860
Raw materials and supplies	575	674
Program right	269	271
Other	21,662	30,662
Allowance for doubtful accounts	(198)	(182)
Total current assets	247,245	285,232
Non-current assets
Property, plant and equipment
Buildings and structures, net	25,547	26,076
Land	47,747	47,738
Other, net	9,809	8,955
Total property, plant and equipment	83,104	82,770
Intangible assets
Goodwill	5,303	9,912
Other	26,687	30,529
Total intangible assets	31,990	40,442
Investments and other assets
Guarantee deposits	40,641	39,975
Other	47,599	53,443
Allowance for doubtful accounts	(740)	(738)
Total investments and other assets	87,500	92,680
Total non-current assets	202,595	215,893
Total assets		449,840	501,126

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			(Millions of yen)
		As of August 31, 2023	As of May 31, 2024

Liabilities
Current liabilities
Accounts payable - trade	39,919	56,803
Short-term borrowings	78,000	83,860
Current portion of bonds payable	200	200
Current portion of long-term borrowings	20,304	19,579
Income taxes payable	2,817	4,719
Contract liabilities	31,112	32,495
Provision for bonuses	4,358	7,890
Provision for loss on store closings	135	192
Asset retirement obligations	433	544
Other	27,581	35,409
Total current liabilities	204,862	241,696
Non-current liabilities
Bonds payable	200	-
Long-term borrowings	24,022	25,701
Contract liabilities	8,781	8,809
Provision for goods warranties	178	150
Provision for loss on store closings	387	133
Provision for loss on business of subsidiaries and	47	-
associates

Retirement benefit liability	19,347	20,700
Asset retirement obligations	10,387	10,811
Other	5,241	5,303
Total non-current liabilities	68,593	71,611
Total liabilities	273,456	313,307
Net assets
Shareholders' equity
Share capital	25,929	25,929
Capital surplus	27,081	27,054
Retained earnings	99,438	106,742
Treasury shares	(21,684)	(21,670)
Total shareholders' equity	130,764	138,055
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	5,517	8,646
Remeasurements of defined benefit plans	892	816
Total accumulated other comprehensive income	6,409	9,463
Share acquisition rights	211	163
Non-controlling interests	38,998	40,136
Total net assets	176,383	187,819
Total liabilities and net assets		449,840	501,126

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Nine months ended	Nine months ended
		May 31, 2023	May 31, 2024

Net sales	612,485	687,678
Cost of sales	450,633	507,735
Gross profit	161,852	179,942
Selling, general and administrative expenses	150,949	160,748
Operating profit	10,902	19,194
Non-operating income
Interest income	25	44
Dividend income	98	107
Share of profit of entities accounted for using equity	-	85
method

Commission income	1,198	1,245
Other	549	575
Total non-operating income	1,870	2,058
Non-operating expenses
Interest expenses	175	241
Share of loss of entities accounted for using equity	95	-
method

Commission expenses	34	202
Other	69	89
Total non-operating expenses	375	534
Ordinary profit	12,397	20,719
Extraordinary income
Gain on sale of non-current assets	25	89
Reversal of provision for loss on business of	-	47
subsidiaries and associates

Insurance claim income	64	-
Other	-	16
Total extraordinary income	89	154
Extraordinary losses
Loss on sale of non-current assets	-	2
Loss on retirement of non-current assets	94	97
Loss on sale of investment securities	7	0
Loss on valuation of investment securities	1,889	-
Impairment losses	-	669
Loss on withdrawal from business	-	647
Other	463	1
Total extraordinary losses	2,455	1,419
Profit before income taxes	10,032	19,454
Income taxes - current	3,804	6,101
Income taxes - deferred	31	723
Total income taxes	3,835	6,824
Profit	6,196	12,629
Profit attributable to non-controlling interests	1,579	2,074
Profit attributable to owners of parent		4,617	10,554

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Consolidated statements of comprehensive income (cumulative)

		(Millions of yen)
	Nine months ended	Nine months ended
	May 31, 2023	May 31, 2024

Profit	6,196	12,629
Other comprehensive income
Valuation difference on available-for-sale securities	2,860	3,129
Remeasurements of defined benefit plans, net of tax	27	(103)
Total other comprehensive income	2,887	3,026
Comprehensive income	9,084	15,655
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	7,543	13,609
Comprehensive income attributable to non-controlling	1,540	2,046
interests

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