Tsi Holdings Co., Ltd. · TSE:3608
Tsi — 1H FY2027 Earnings Presentation
28 slides from Tsi's earnings presentation, Oct 15, 2026
Slide 1: First Half of Fiscal Year 2027 Financial Results Briefing
First Half of Fiscal Year 2027 Financial Results Briefing
Slide 2: Agenda
AGENDA 1 1H FY2027 Overview 2 Sales Performance by Channel 3 Business Highlights 4 Structural Reforms – Progress Update 5 Appendix 6 <Definitions> Q1: March 1 – May 31, 2026 7 Q2: June 1 – August 31, 2026 1H: March 1 – August 31, 2026 2H: September 1, 2026 – February 28, 2027 FY: Fiscal year ending
Slide 3: 1H FY2027 Overview
1H FY2027 Overview (March 1-August 31, 2026) 2
Slide 4: Executive Summary
1H FY2027 Overview Executive Summary Throughout the first half, the Japanese economy showed positive signs, including improvements in real wages and higher spending per inbound tourist. However, continued yen depreciation and rising prices kept consumers cautious about spending, preventing a full-fl
Slide 5: 1H Financial Highlights
1H FY2027 Overview 1H Financial Highlights Net sales rose over 30% YoY, driven by contributions from acquired businesses and growth in existing businesses. Operating income increased 55% YoY, supported by cost controls, including structural reforms, although growth moderated in Q2. Both fell short o
Slide 6: 1H Financial Highlights (in billion yen)
1H FY2027 Overview 1H Financial Highlights (in billion yen) Net Sales Net sales increased significantly, driven by contributions from acquired 88.9B companies and new businesses. Existing businesses recorded sales growth, led by menswear, while brands that had underperformed in the previous year
Slide 7: Operating Income Analysis
1H FY2027 Overview Operating Income Analysis A recovery in sales at existing businesses, led by core menswear and womenswear brands, contributed to higher operating income. However, weather conditions and increased discounting weighed on sales and profits in Q2, moderating 1H growth compared with Q1
Slide 8: Net Income Impact — Itemized Breakdown
1H FY2027 Overview Net Income Impact — Itemized Breakdown Dividend income and equity-method investment income contributed to net non-operating income of approximately ¥0.9 billion, bringing ordinary income to ¥1.9 billion. Interest expenses increased due to borrowings to finance acquisitions. Income
Slide 9: Balance Sheet
1H FY2027 Overview Balance Sheet Cash and deposits 1H FY2026 1H FY2027 Cash and deposits of acquired companies※ were newly Composition Composition Y/Y consolidated. Results Results Y/Y (%) Despite significant cash outflows from share repurchases and Rate (%) Rate (%) Change acquisitions funded w
Slide 10: Sales Performance by Channel
1H FY2027 Sales Performance by Channel 9
Slide 11: Domestic Sales by Channel
1H FY2027 Sales Performance by Channel Sales by Channel Total domestic retail store sales increased by ¥8.3 billion to 120.3% YoY. Directly operated store sales reached 124.7% YoY, driven by Daytona International and continued strength in menswear brands. Domestic Other sales reached 127.4% YoY, sup
Slide 12: E-commerce Sales
1H FY2027 Sales Performance by Channel E-commerce Sales Domestic sales increased by ¥12.8 billion to 196.5% YoY, with significant contributions from acquired businesses across both owned and third-party platforms. Owned sales rose by ¥4.3 billion to 178.8% YoY, while third-party sales increased by ¥
Slide 13: Business Highlights
Next Agenda Business Highlights human woman
Slide 14: Core Brands
1H FY2027 Business Highlights Core Brands Core brands showed a recovery in sales, particularly in womenswear. MARGARET HOWELL and NATURAL BEAUTY BASIC returned to growth, while AVIREX and FREAK’S STORE maintained strong momentum, continuing to drive Group sales. YoY* 103.8% YoY 123.5% YoY 110.6% S
Slide 15: Emerging Growth Brands
1H FY2027 Business Highlights Emerging Growth Brands Strong-performing brands saw robust sales through e-commerce and existing stores, attracting inbound tourists and new customers. Exclusive and collaborative products performed particularly well, with demand-driven product allocation supporting sal
Slide 16: mix.tokyo Update
1H FY2027 Business Highlights mix.tokyo Update Sales exceeded prior-year levels every month in 1H, driven by recovering core brands, online exclusives, and collaborations. Successful brand initiatives attracted new customers and boosted registrations, expanding membership to approximately 1.4 millio
Slide 17: Sustainability Management
1H FY2027 Business Highlights Sustainability Management Charity T-shirts for Kumamoto Earthquake Relief Second Sustainability WEEK The Company held its second Sustainability WEEK, featuring a low-carbon materials exhibition and an environmental labeling seminar to promote responsible communication a
Slide 18: Structural Reforms Progress Update
Structural Reforms Progress Update 17
Slide 19: Structural Reforms – Progress Update
1H 2027 Structural Reform Progress Structural Reforms – Progress Update Restructuring initiatives across all areas delivered measurable YoY improvements, contributing approximately ¥800 million to operating income. In 2H, the Company will continue reviewing and refining these initiatives to maximize
Slide 20: Outlook for 2H and Beyond
Outlook for 2H and Beyond Despite YoY growth in net sales and operating income across both consolidated and existing businesses, 1H results fell short of plan. The Company will strengthen sales capabilities and continue structural reforms to achieve its full-year targets. Toyo Enterprise's manuf
Slide 21: Creator of Fashion Entertainment
We create empathy and social value across the world through the power of fashion entertainment. Creator of Fashion Entertainment copyright © 2026 TSI HOLDINGS CO., LTD. All right reserved. 20
Slide 22: Appendix
Next Agenda Appendix MARGARET HOWELL
Slide 23: Financial Highlights for the 1H FY2027
Financial Highlights for the 1H FY2027 (Sales amount in million JPY) 1H Overview 1H FY2026 1H FY2027 （Revenue Recognition Standards） Composition Composition Y/Y Results Results Y/Y (%) Rate (%) Rate (%) Change Net Sales 66,167 100.0 88,905 100.0 22,738 134.4 Gross Profit 36,827 55.7 47,623 53.6 10,7
Slide 24: Net Sales Per Channel
Financial Highlights for the 1H FY2027 (Sales amount in million JPY) Net Sales Per Channel （Revenue Recognition Standards） 1H FY2026 1H FY2027 ※3 Composition Composition Composition Rate Sales Rate (%) Sales (*3) Rate (%) Y/Y (%) Y/Y Change(pt) Department Stores 7,577 11.5 7,607 8.6 100.4 ▲2.9pt Com
Slide 25: Brands Overview
Financial Highlights for the 1H FY2027 (Sales amount in million JPY) Brands Overview 1H FY2026 1H FY2027 YoY （Revenue recognition standards） Compositi Composition Gross Profit Gross Profit Sales Gross Profit Sales Sales on Rate (%) Ratio (%) Rate (%) Ratio (%) (%) Ratio (pt) 1. FREAK'S STORE※1 - - -
Slide 26: Trends in Sales for Domestic Existing and All Stores
Financial Highlights for the 1H FY2027 Trends in Sales for Domestic Existing and All Stores 1H FY2026 1H FY2027 All Stores Existing Stores All Stores ：91.1％ All Stores ：140.5％ Existing Stores ：95.2％ Existing Stores ：104.0％ 160.0 150.0 151.1 147.2 140.0 139.8 141.0 143.1 ※ 136.2 13… 130.0 133.2 ※ 134
Slide 27: The Number of Stores
Financial Highlights for the 1H FY2027 The Number of Stores ※ Store Store Y/Y 1H FY2026 FY2026 1H FY2027 vs FY2026 Open Close Change Domestic 678 724 +21 -17 728 50 4 Apparel Overseas 16 16 - 0 16 0 0 Total 694 740 +21 -17 744 50 4 Restaurant Domestic 4 5 +1 0 6 2 1 Cosmetics Domestic 31 30 - -2 28
Slide 28: Disclaimer
Disclaimer This document contains forward-looking statements, including forecasts, outlooks, targets, and plans of the Company and its subsidiaries and affiliates. These statements are based on information available to the Company as of the date of this document and on certain assumptions deemed rea