Bull-Dog Sauce Co., Ltd. (TSE: 2804), the long-established maker of Worcester-style and tonkatsu sauces, reported consolidated first-quarter results for the year ending March 31, 2027 under Japanese GAAP. Revenue edged up 0.4% to ¥3,711 million, operating profit rose 23.4% to ¥154 million, ordinary profit more than doubled — up 113.0% to ¥890 million — while net profit attributable to owners of the parent fell 65.9% to ¥601 million. Basic earnings per share were ¥47.69.
Non-operating income drives the ordinary-profit surge
The gap between the operating and ordinary lines reflects a sharp rise in non-operating income, including dividend and investment gains, which lifted ordinary profit well above the thin operating result. The core sauce business remained steady, with revenue essentially flat amid soft domestic condiment demand and continued cost pressure.
Net profit falls against a one-off base
The 66% drop in net profit is a base effect: the year-earlier first quarter included a large one-time gain that pushed prior-year net profit to ¥1,765 million. Comprehensive income was ¥461 million, down 78.7%, for the same reason.
Solid balance sheet
Total assets were ¥36,312 million and net assets ¥25,404 million, an equity ratio of 70.0%; book value per share was ¥2,014.66.
Guidance and dividend unchanged
The company maintained full-year guidance for revenue of ¥15,200 million (+3.5%), operating profit of ¥620 million (+1.1%), ordinary profit of ¥1,350 million (+2.4%) and net profit of ¥950 million (−61.1%, again a one-off base effect), with EPS of ¥74.03. It plans an annual dividend of ¥45.00 (¥20 interim, ¥25 year-end), matching the prior year, which had included a ¥5 special dividend.
| Metric | Q1 FY3/2027 | Q1 FY3/2026 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 3,711 | 3,695 | +0.4% |
| Operating profit (¥ million) | 154 | 125 | +23.4% |
| Ordinary profit (¥ million) | 890 | 418 | +113.0% |
| Net profit attrib. to owners (¥ million) | 601 | 1,765 | −65.9% |
| Basic EPS (¥) | 47.69 | 135.31 | −64.8% |
| Annual dividend (¥) | 45.00 | 45.00 | ±0% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.