売上高は精肉事業を除くすべての事業セグメントで増収となり、中間期として過去最高を連続更新した。一方、利益面では人件費や店舗改装費の増加、市場環境悪化に伴う精肉事業の粗利率低下に加えて、ボン・サンテを子会社化※したことに伴う一時費用174百万円を計上したことが減益要因となった。会社計画は開示していないが自社ブランド業態が苦戦し、売上高・各利益ともに数%下回ったようだ。■Performance trends of G-7 Holdings <7508>
1. Overview of the interim performance for the fiscal year ending March 2025
In the interim period of the fiscal year ending March 2025, the consolidated performance recorded a 8.5% year-on-year increase in revenue to 100,994 million yen, a 1.9% decrease in operating profit to 2,854 million yen, a 2.5% decrease in ordinary profit to 3,047 million yen, and a 9.4% decrease in interim net profit attributable to the parent company shareholders to 2,040 million yen.
Revenue increased in all business segments except for the fresh meat business, setting a new record for consecutive highs in the interim period. On the other hand, factors contributing to the decline include increased personnel costs, store renovation expenses, lower gross margins in the fresh meat business due to the deteriorating market environment, and the one-time cost of 174 million yen attributed to the subsidiary acquisition of Bon Santé. While the company has not disclosed its business plan, it appears that its proprietary brand formats are struggling, resulting in a slight decline in both revenue and profits.
※ In July 2024, the company acquired all shares for 4,735 million yen. The goodwill is 4,177 million yen (amortized over 10 years at a fixed rate).
Bon Santé became a part of the consolidated group from the second quarter, achieving sales of approximately 3,200 million yen and an ordinary profit level of slightly over 100 million yen. The goodwill amortization amount for the quarter stood at 104 million yen, contributing to profits even after amortization.
Regarding the opening and closing trends in the interim period ending March 2025, there were 24 new store openings (including 15 Bon Santé stores) and 2 store closures, resulting in a total of 630 stores at the end of the interim period, an increase of 22 stores from the previous year (15 new store openings and 2 closures). The breakdown of new store openings includes 20 store openings for 'Business Super,' 3 for 'Meat Terabayashi,' and 1 for the new format outlet store 'RJ market.'
(Written by FISCO guest analyst, Jo Sato)
