Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>H2O released 3/18 results yesterday. They slightly beat expectations. Sales came in at Y921bn (+2%) vs. the forecast of Y915bn and operating profit came in at Y22.8bn (+1%) vs. the Y22.7bn forecast. For this year the company is expecting further sales growth, with sales rising to Y945.5bn (+3%) but operating profits falling to Y18.4bn (-19%).</p><p>As far as last year is concerned, the department store operations continued to benefit from an improved domestic economy and were further helped by on-going…</p>

H2O released 3/18 results yesterday. They slightly beat expectations. Sales came in at Y921bn (+2%) vs. the forecast of Y915bn and operating profit came in at Y22.8bn (+1%) vs. the Y22.7bn forecast. For this year the company is expecting further sales growth, with sales rising to Y945.5bn (+3%) but operating profits falling to Y18.4bn (-19%).As far as last year is concerned, the department store operations continued to benefit from an improved domestic economy and were further helped by on-going…

H2O Retailing

H2O (8242) Buy the Dip