Tsuruha Holdings reported sales of ¥1.276tn for the six months to 31 August 2026, up 128.7% on the same half a year earlier, in its first interim results since combining with Welcia Holdings on 1 December 2025. The prior-year half (March to August 2025) ended before that date. The growth rate therefore compares a combined group with a pre-integration one, and the release gives no organic breakdown.
Profit grew more slowly than sales
Operating profit was ¥54.77bn, up 92.6%. Profit attributable to owners of the parent was ¥30.25bn, up 48.5%. EBITDA, which the release defines as operating profit plus depreciation and goodwill amortisation, was ¥85.53bn, up 126.3%. Goodwill amortisation was ¥12.34bn, against ¥1.41bn a year earlier.
| Metric | Six months to Aug 2026 | Six months to Aug 2025 | Change |
|---|---|---|---|
| Sales | ¥1.276tn | ¥557.8bn | +128.7% |
| Operating profit | ¥54.77bn | ¥28.44bn | +92.6% |
| Profit attributable to owners of parent | ¥30.25bn | ¥20.37bn | +48.5% |
Full-year guidance is unchanged from the 9 April 2026 announcement. Tsuruha still expects sales of ¥2.555tn (up 76.1%), operating profit of ¥99.4bn (up 57.7%) and net profit of ¥41.5bn, which is 2.7% lower than the previous year. The half-year summary is not subject to review by an auditor.
What the integration work looks like
Tsuruha describes the year as the first of a new medium-term plan covering the years to February 2027, 2028 and 2029. On merchandising, it is merging the two companies' buying departments and developing a new private brand. It is also introducing each other's existing private-label lines and standardising some products. Preparation is under way to unify merchandising in some categories from the second half.
On systems, the company says it is building common foundations for core systems, product master data and customer IDs and databases. It is also preparing a shared points scheme and app. The release describes these as preparations ahead of a future core-system integration, not completed measures.
On stores, development and management run across the group under six national blocks. Tsuruha opened 53 domestic stores and closed 77 in the half, taking directly operated domestic stores to 5,652 from 5,676. Of these, 3,338 handle dispensing. It also operates 36 overseas stores.
Cash and balance sheet
Operating activities used ¥17.02bn of cash, against a ¥47.1bn inflow a year earlier. A ¥71.68bn fall in trade payables was the largest negative item. Cash and deposits fell ¥60.69bn. The release attributes that fall partly to the prior year-end having landed on a bank holiday. The equity ratio was 56.4%, up 3.3 percentage points. The company expects to file its half-year report on 14 October 2026.