Ito En (TYO:2593) cut its full-year consolidated profit forecast for fiscal 2024, projecting a 20% decline in net profit to 13.7 billion yen from 17.2 billion yen initially expected.
Earnings per share are now expected to range between 115.70 yen and 140.70 yen.
Net sales are expected to grow 1.2% to 472 billion yen, operating income is now forecast at 22.3 billion yen, down 16% from prior estimates.
The beverage maker cited intensified market competition and necessary upfront marketing spending as key factors behind the revision, despite ongoing productivity improvements.
On a non-consolidated basis, the company anticipates an even steeper 29% drop in attributable profits to 10.7 billion yen from 15 billion yen earlier.
Net sales are expected to be lower at 334 billion yen from 336.5 billion yen.
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