Lowing Yamazaki Profits and FVE After a Sizable Guidance Miss; Rising Labor Costs Burdening Profits
Narrow-moat Yamazaki Baking’s fourth-quarter profits came in significantly below its revised guidance and our forecasts. The miss is attributable to a sizable cost increase in the moaty bakery business while profits contributed by the subsidiaries improved during the quarter. Management has taken a more cautious stance after missing the guidance for two years in a row and guided a more conservative outlook for 2019, indicating a 17% growth in operating profits with a 1.4% growth in the top line ...Yamazaki Baking is a baking company. Co. is engaged in the manufacture of bread, Japanese and western confectionery and the sale of its products to retailers; the manufacture and sale of bakery products; the operation of bakery cafes and bakeries; and the manufacture and sale of sandwiches, packed meals, rice balls, Japanese crackers, snacks and rice crackers. Co. is also engaged in the operation of convenience stores and food supermarkets; the logistics business; the design, supervision and construction of food manufacturing facilities; the office work entrusted business; the non-life insurance agency business; and the manufacture and sale of cleaning agents for baking equipment.
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