Tsuruha stock faces integration test after strong interim profit growth

Published on 11/01/2026 at 00:28 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Tsuruha stock enters its first full year after the Welcia merger with strong interim operating growth. Full-year guidance stayed unchanged.

Integration reshapes Tsuruha's outlook

Tsuruha's first interim report after the Welcia merger showed strong sales and operating-profit growth.
Full-year guidance remained unchanged, while goodwill amortization weighed on attributable earnings.
The combined drugstore group is integrating procurement, systems, private brands and loyalty programs.

Tsuruha, JP3536150000, Illustration mit AI erstellt.

Tsuruha Holdings reported strong first-half operating growth on October 7, 2026, in its first interim results after the December 2025 management integration with Welcia Holdings. According to Gyokai Digest, revenue for the six months through August reached 1.2755 trillion yen, while operating profit rose 92.6 percent to 54.77 billion yen. Net income attributable to Tsuruha shareholders increased 48.5 percent to 30.25 billion yen.

Merger scale lifts operating profit

The comparison with the prior-year period is affected by the merger, because the earlier base did not include the combined Welcia operations. Tsuruha maintained full-year guidance of 2.555 trillion yen in revenue, 99.4 billion yen in operating profit and 41.5 billion yen in net income. Goodwill amortization and integration costs remain important factors for investors assessing how much of the operating improvement reaches the bottom line.

Operating cash flow was negative 17.0 billion yen in the first half, according to the same analysis, compared with an inflow of 47.1 billion yen a year earlier. Tsuruha also set annual dividend guidance at 48 yen per share, including 24 yen for the interim period.

Tokyo quote follows earnings update

Tsuruha Holdings Inc stock traded at 2,236 Japanese yen on the Tokyo Stock Exchange at 3:30 p.m. JST on Friday, October 30, 2026.

Drugstore network targets efficiency

Tsuruha Holdings is a Japan-based drugstore holding company operating a nationwide retail pharmacy chain. Its stores sell pharmaceuticals, cosmetics, daily necessities and food products, with additional operations in Thailand. The company is integrating procurement, information systems, private brands and loyalty programs following the Welcia combination.

Tsuruha competes with MatsukiyoCocokara, Cosmos and Sugi Holdings in Japan's drugstore market. The industry comparison cited by Gyokai Digest places Tsuruha above MatsukiyoCocokara and Sugi Holdings by revenue, while Cosmos remains another major direct rival; Tsuruha's strategy emphasizes regional scale and operating efficiency.