Financial Results for Q1, FY2024 March 1, 2024 - May 31, 2024
July 11, 2024
Contents | 1 |
Financial Results for Q1, FY2024 March 1, 2024 - May 31, 2024
Financial Results for Q1, FY2024
Overview of Consolidated Results ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 3
Performance by Segment (Japan)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 4
Performance by Segment (Overseas)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 5
Change in Profit (Loss) by Segment・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 6
Japan Sales Growth Factors (Renovations and Inbound)・・・・・・・・・・・・・・・・・・・・・ P 7
Sales Promotions to Recover Customer Traffic at Existing Malls・・・・・・・・・・・・・・・・・・ P 8
Overseas: Specialty Store Sales at Existing Malls, Year-on-Year (by Business Model)・・・・・・・・・・ P 9
Japan: 92 Specialty Store Sales at Existing Malls, Year-on-Year (by Business)・・・・・・・・・・・・・ P 10
Income Statement Summary・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 11
Balance Sheet Summary・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 12
Cash Flow Statement Summary・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 13
Topics for Q2 and Beyond
Management Focus・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 15
Plans to Open Four New Malls During FY2024・・・・・・・・・・・・・・・・・・・・・・・・・ P 16
China Accelerate Mall Openings in Priority Areas・・・・・・・・・・・・・・・・・・・・・・・ P 17
Renovating Existing Malls in Japan・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 18
Strengthen Inbound・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 19
Efforts to Attract More Customers to Malls in Japan・・・・・・・・・・・・・・・・・・・・・・・ P 20
Circular Malls・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 21
Initiatives to Strengthen Our Organizational Structure (Human Capital)・・・・・・・・・・・・・・・・ P 22
Inclusion in ESG Indexes・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 23
Three-YearMedium-Term Management Plan (FY2023-FY2025) Numerical Plans
Long-TermVision ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 25
Medium- and Long-Term Numerical Targets・・・・・・・・・・・・・・・・・・・・・・・・・・ P 26
Consolidated Plan for FY2024 (Fiscal Year Ending February 28, 2025)・・・・・・・・・・・・・・・・ P 27
Three-Year New Mall Opening Plan・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 28
Three-Year Capital Investment and Funds Acquisition Plan・・・・・・・・・・・・・・・・・・・・ P 29
Target Performance Indicators・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 30
Shareholder Returns ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 31
Three-YearMedium-Term Management Plan (FY2023 - FY2025) Growth Policy
Three-YearMedium-Term Management Plan Growth Policy・・・・・・・・・・・・・・・・・・・ P 33
Pursue a Regional Shift in Japan and Overseas・・・・・・・・・・・・・・・・・・・・・・・・・ P 34
Create a Platform for Health and Wellness・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 35
Discover and Commercialize Business Opportunities in Overseas Growth Markets・・・・・・・・・・・ P 36
Indonesia Opened Suburban Malls・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 37
Vietnam Securing New Properties・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 38
Pursue Business Model Innovation in Japan・・・・・・・・・・・・・・・・・・・・・・・・・・ P 39
Improve Profitability Through the Effective Use of Existing Assets・・・・・・・・・・・・・・・・・ P 40
Securing Revenue Opportunities Through the Effective Use of Existing Assets・・・・・・・・・・・ P 41
Progress in Fundamental Business Structure Reforms・・・・・・・・・・・・・・・・・・・・・ P 42
Create New Business Models That Break From Existing Business Frameworks・・・・・・・・・・・・ P 43
Expand Office Complex Development Functions・・・・・・・・・・・・・・・・・・・・・・・ P 44
Corporate Venture Capital: Life Design Fund・・・・・・・・・・・・・・・・・・・・・・・・・ P 45
Develop Joint Delivery Services to Solve Logistics Issues・・・・・・・・・・・・・・・・・・・・ P 46
Build Strong Financial Foundations and Resilient Organizations From the Perspective of Sustainability・・・ P 47 The Three Initiatives Each AEON MALL Offers for the Environment・・・・・・・・・・・・・・・・ P 48
Protecting Biodiversity・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 49
Achieve Decarbonized Societies・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 50
Attachments (Mall Data)
Property Listing: ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 52-57
2
Financial Results for Q1, FY2024
Financial Results for Q1, FY2024 | 3 |
Overview of Consolidated Results
■Consolidated Statements of Income
・Record-high operating revenue and operating income
・The Japan Business contributed to sales growth and cost reductions, resulting in a double-digitincrease in operating income. ・The company made progress at each profit level in line with the internal Q1 plan.
(Unit: ¥, Millions)
FY2024 | FY2023 | YoY Change | |||||||
Q1 Results | Q1 Results | Change | % | ||||||
Operating revenue | 109,432 | 105,529 | +3,902 | 103.7 | |||||
Operating costs | 85,526 | 83,592 | +1,934 | 102.3 | |||||
Gross profit | 23,906 | 21,937 | +1,968 | 109.0 | |||||
Selling, general and | 8,434 | 8,054 | +379 | 104.7 | |||||
administrative expenses | |||||||||
Operating income | 15,472 | 13,883 | +1,588 | 111.4 | |||||
Ordinary income | 12,367 | 11,471 | +896 | 107.8 | |||||
Net income attribute | 6,871 | 6,372 | +499 | 107.8 | |||||
to owners of parent | |||||||||
Net income per share (yen) | 30.19 | 28.00 | +2.19 | - | |||||
1H Plan
Progress Rate | |
(%) | |
221,000 | 49.5 |
- | - |
- | - |
- | - |
26,000 | 59.5 |
19,700 | 62.8 |
5,400 | 127.3 |
23.72 | - |
Financial Results for Q1, FY2024 | 4 |
Performance by Segment (Japan)
Domestic Mall Business
・Q1 specialty store sales at existing malls rose +3.1% year on year with an increasing lease income percentages.
Reduced electricity costs and other cost improvement effects
Operating income up 14.2% year on year, +1,462 million yen
・Existing mall specialty store sales improved in June at +12.8% year on year.
Operating Income | Existing Mall Specialty Store Sales, Customers (92 Malls) | ||||||||
(Unit: ¥, millions) | *June figures are preliminary. | ||||||||
Q1 | |||||||||
12,000 | +14.2% | Specialty Store Sales : 103.1% | |||||||
Customers | : 101.5% | ||||||||
10,000 | |||||||||
8,000 |
Q1 FY21
Q1 FY22
Q1 FY23
Q1 FY24
Specialty Store Sales
Customers
March
April
May
June
Financial Results for Q1, FY2024 | 5 |
Performance by Segment (Overseas)
Operating Income
4,000 | Record (Unit: ¥, millions) |
Profits | |
3,500 |
3,000
2,500
Q1 FY21 | Q1 FY22 | Q1 FY23 | Q1 FY24 |
Existing Mall Specialty Store Sales, Year-on-Year (China, Vietnam)
Q1 | *June figures are preliminary. |
China : 106.7%
Vietnam: 108.8%
China
Vietnam
114.6%
January | February | March | April | May | June |
Operating Income YoY Change Factors
(Unit: ¥, millions) | ||||||||||
ASEAN | ||||||||||
+371 | Q1 FY24 | |||||||||
Operating Income | ||||||||||
Indonesia | 3,708 | |||||||||
Q1 FY23 | +172 | Cambodia | ||||||||
Operating Income | China | -40 | ||||||||
3,582 | -245 | Vietnam | ||||||||
+239 | ||||||||||
・Operating income increased +125 million yen, marking a new record high
・China: Decrease in profit due to the impact of profit decline from malls closed in the previous fiscal year
However, specialty store sales at existing malls rose +6.7% year on year.
Profit levels remained at the same as the previous year, excluding the impact of mall closures
・Vietnam: Existing mall sales increased by +8.8% year on year.
Profit growth was in excess of +20% year on year
・Indonesia: Improvement in vacant floor space and customer traffic to existing malls
rose a significant +14.9% year on year
Profitability improved +172 million yen year on year; segment returned to profitability
Financial Results for Q1, FY2024 | 6 |
Change in Profit (Loss) by Segment | |
Q1 | (Unit: ¥, millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | Gross Profit | SG&A | Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Costs | Expenses | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q1 FY2023 | Vs. FY2023 | Q1 FY2023 | Vs. FY2023 | Q1 FY2023 | Vs. FY2023 | Q1 FY2023 | Vs. FY2023 | Q1 FY2023 | Vs. FY2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Results) | (Results) | (Results) | (Results) | (Results) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic Mall | 79,194 | 78,625 | 568 | 60,443 | 61,483 | -1,039 | 18,750 | 17,142 | 1,608 | 6,421 | 6,361 | 60 | 12,328 | 10,780 | 1,547 | |||||||||||||||||||||||||||||||||||||||||||||||||
Existing Mall | 75,005 | 74,866 | 138 | 56,017 | 57,640 | -1,623 | 18,988 | 17,226 | 1,762 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
New Mall* | 2,216 | 1,630 | 586 | 2,076 | 1,456 | 620 | 140 | 174 | -34 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,971 | 2,128 | -156 | 2,349 | 2,386 | -36 | -377 | -257 | -119 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Urban SC | 5,530 | 5,525 | 5 | 5,558 | 5,574 | -16 | -27 | -49 | 21 | 543 | 436 | 106 | -570 | -485 | -85 | |||||||||||||||||||||||||||||||||||||||||||||||||
Domestic Total | 84,724 | 84,150 | 573 | 66,001 | 67,057 | -1,055 | 18,722 | 17,093 | 1,629 | 6,965 | 6,798 | 166 | 11,757 | 10,294 | 1,462 | |||||||||||||||||||||||||||||||||||||||||||||||||
China | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16,430 | 14,391 | 2,038 | 13,251 | 11,126 | 2,125 | 3,179 | 3,265 | - | 86 | 923 | 764 | 158 | 2,255 | 2,501 | -245 | |||||||||||||||||||||||||||||||||||||||||||||||||
ASEAN | 8,368 | 6,987 | 1,381 | 6,279 | 5,414 | 864 | 2,089 | 1,572 | 516 | 636 | 490 | 145 | 1,452 | 1,082 | 371 | |||||||||||||||||||||||||||||||||||||||||||||||||
Vietnam | 4,013 | 3,528 | 485 | 2,433 | 2,223 | 209 | 1,580 | 1,304 | 276 | 247 | 211 | 36 | 1,332 | 1,093 | 239 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cambodia | 2,238 | 1,899 | 339 | 2,080 | 1,702 | 378 | 158 | 197 | -39 | 101 | 99 | 1 | 56 | 97 | -40 | |||||||||||||||||||||||||||||||||||||||||||||||||
Indonesia | 2,115 | 1,559 | 556 | 1,765 | 1,488 | 276 | 350 | 70 | 279 | 283 | 176 | 107 | 66 | -105 | 172 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | - | - | - | - | 3 | 3 | 0 | -3 | -3 | -0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Overseas Total | 24,799 | 21,378 | 3,420 | 19,530 | 16,540 | 2,990 | 5,268 | 4,838 | 430 | 1,559 | 1,255 | 304 | 3,708 | 3,582 | 125 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment | -90 | - | -90 | -6 | -6 | - | -84 | 6 | -90 | -90 | - | -90 | 6 | 6 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Domestic and | 109,432 | 105,529 | 3,902 | 85,526 | 83,592 | 1,934 | 23,906 | 21,937 | 1,968 | 8,434 | 8,054 | 379 | 15,472 | 13,883 | 1,588 | |||||||||||||||||||||||||||||||||||||||||||||||||
Overseas Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*New malls opened in FY2023 |
Financial Results for Q1, FY2024 | 7 |
Japan Sales Growth Factors (Renovations and Inbound)
■Renovating Malls and Enacting Priority Measures for Inbound Customers Revenues and Customers YoY
Revenues | Customers | |||||||||||
FY2023 Mall Renovations (2023, 2024) | 106.7% | 103.7% | ||||||||||
Q1 | Existing Mall Renovation and Expansions | 101.8% | 100.6% | |||||||||
Mall Enacting Priority Measures for | 107.3% | 104.8% | ||||||||||
Inbound Customers (17 Malls) | ||||||||||||
Existing 92 Malls (Japan) | 103.1% | 101.5% | AEON MALL Ota | |||||||||
April 2024 Renovations and Expansions | ||||||||||||
■ Renovations and Expansions | ■ FY2023 Renovated Malls | ■ Mall Enacting Priority Measures | ||||||||||
for Inbound Customers |
Lake town OUTLET
Q1 vs. Plan
Revenues 119.9%
AEON MALL Ota
Q1 vs. Plan
Revenues 110.5%
AEON MALL Hiroshima Fuchu
Q1 YoY
Revenues 115.2%
AEON MALL Makuhari Shintoshin | AEON MALL KYOTO | ||
Q1 YoY | Q1 YoY | ||
Revenues 108.4% | Revenues 121.3% | ||
AEON MALL Tokoname
Q1 YoY
Revenues 110.1%
AEON MALL Okinawa Rycom
Q1 YoY
Revenues 118.1%
Financial Results for Q1, FY2024 | 8 |
Sales Promotions to Recover Customer Traffic at Existing Malls
Launched Loyal Customer Purchase Program
- AEON Gold Card Members only, 5% off on Customer Appreciation Day
Offers from each specialty store for card use on the 20th and 30th of each month; added a 5% off program for Gold members in addition to specialty store benefits beginning April 2024.
Objectives
- Increase specialty store sales by encouraging purchases by Gold Members, who spend significantly on credit
●Send customers who only use cards at GMS to specialty stores
*Excluding certain specialty stores
More Than 1,500 Events Nationwide During Golden Week
- Many Events to Attract Customers During Golden Week Held 1,621 events at AEON MALL locations nationwide to
attract more customers. We maximized the number of customers attracted during peak season.
Golden Week Results | Revenues | Customers | ||||
April 27 (Saturday) to May 6 (Monday) | 108.8% | 104.9% | ||||
Mall Event | ||||||
Same Day, YoY |
April and May Results
AEON Card and AEON
Pay Sales Composition
Sales | Vs. Same | |
Composition | Day, YoY | |
April 20 | 24.59% | +6.87 |
April 30 | 24.79% | +5.89 |
May 20 | 27.86% | +6.52 |
May 30 | 28.54% | +6.15 |
*Normal sales composition is about 15% on average.
Specialty Store Sales
Same Day, YoY
Revenues | Customers | |||
at Checkout | ||||
May 30 | 111.3% | 109.3% | ||
June 20 | 107.2% | 107.7% | ||
*Comparison with weekday Customer Appreciation Day
By industry, sales at specialty stores handling high unit-price merchandise clothing (kimono) and apparel (watches and jewelry))
rose to roughly +20%of the
previous year.
AEON MALL Shinrifu North Wing | AEON MALL Rinku Sennan |
J League Public Viewing | Baby Crawling Race |
AEON Lake Town Bread EXPO
Joint bread-themed events across three buildings
: World Sandwich Expo
: Local Delicious Bread Expo
: Curry Bread Expo
Financial Results for Q1, FY2024 | 9 |
Overseas: Specialty Store Sales at Existing Malls, Year-on-Year (by Business Model)
China
Vietnam
Cambodia
Q1 | Q2 | Q3 | Q4 | Full Year | January | February | March | April | May | ||||||||||||||||||||||||||||||||||
Specialty store sales | 121.8% | 138.1% | 116.8% | 151.0% | 130.3% | 83.6% | 141.2% | 109.1% | 94.7% | 101.5% | |||||||||||||||||||||||||||||||||
Goods | 117.0% | 128.4% | 110.9% | 142.2% | 123.6% | 79.3% | 151.1% | 105.7% | 92.7% | 98.1% | |||||||||||||||||||||||||||||||||
Dining | 135.0% | 152.7% | 123.1% | 163.7% | 141.1% | 95.5% | 118.0% | 111.8% | 97.5% | 106.2% | |||||||||||||||||||||||||||||||||
Amusement | 123.0% | 222.2% | 154.9% | 236.0% | 168.4% | 85.2% | 180.5% | 136.7% | 101.2% | 121.2% | |||||||||||||||||||||||||||||||||
Cinema | 132.5% | 303.7% | 179.8% | 225.2% | 181.6% | 28.9% | 247.5% | 146.0% | 73.7% | 89.1% | |||||||||||||||||||||||||||||||||
No. of visitors | 124.7% | 141.7% | 130.7% | 164.9% | 138.8% | 103.8% | 126.2% | 120.2% | 104.2% | 113.2% | |||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Full Year | January | February | March | April | May | ||||||||||||||||||||||||||||||||||
Specialty store sales | 125.4% | 97.1% | 99.2% | 100.2% | 104.4% | 79.7% | 154.7% | 114.6% | 112.8% | 98.1% | |||||||||||||||||||||||||||||||||
Goods | 111.5% | 93.1% | 99.1% | 99.1% | 100.4% | 87.3% | 161.0% | 113.0% | 109.2% | 96.2% | |||||||||||||||||||||||||||||||||
Dining | 137.3% | 98.8% | 99.9% | 104.4% | 108.0% | 72.5% | 147.3% | 112.6% | 116.0% | 99.3% | |||||||||||||||||||||||||||||||||
Amusement | 221.9% | 103.0% | 99.9% | 93.6% | 115.6% | 52.1% | 142.1% | 95.3% | 103.1% | 78.2% | |||||||||||||||||||||||||||||||||
Cinema | 244.2% | 129.2% | 77.3% | 83.8% | 119.2% | 37.6% | 147.9% | 184.1% | 130.8% | 93.5% | |||||||||||||||||||||||||||||||||
No. of visitors | 134.4% | 103.0% | 102.2% | 102.8% | 109.0% | 75.5% | 135.1% | 108.8% | 108.8% | 94.5% | |||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Full Year | January | February | March | April | May | ||||||||||||||||||||||||||||||||||
Specialty store sales | 100.7% | 84.4% | 86.4% | 93.8% | 90.9% | 87.4% | 113.2% | 104.4% | 100.0% | 94.1% | |||||||||||||||||||||||||||||||||
Goods | 95.0% | 77.9% | 78.7% | 88.1% | 84.7% | 85.3% | 111.9% | 99.3% | 97.1% | 94.6% | |||||||||||||||||||||||||||||||||
Dining | 105.4% | 93.4% | 95.2% | 101.6% | 98.4% | 85.6% | 110.2% | 105.6% | 100.9% | 95.4% | |||||||||||||||||||||||||||||||||
Amusement | 131.1% | 104.4% | 97.3% | 105.3% | 107.4% | 85.6% | 115.2% | 101.4% | 93.8% | 95.5% | |||||||||||||||||||||||||||||||||
Cinema | 137.0% | 93.2% | 93.6% | 91.9% | 99.8% | 101.6% | 123.3% | 135.7% | 114.7% | 71.8% | |||||||||||||||||||||||||||||||||
No. of visitors | 117.0% | 99.0% | 98.1% | 104.0% | 103.8% | 88.4% | 114.2% | 110.7% | 108.5% | 101.7% |
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Aeon Mall Co. Ltd. published this content on 11 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 July 2024 06:21:07 UTC.