Tsi Holdings Co., Ltd. · TSE:3608
Tsi — Q1 FY2027 Earnings Presentation
28 slides from Tsi's earnings presentation, Jul 15, 2026
Slide 1: FY2027 First Quarter Financial Results Briefing
FY2027 First Quarter Financial Results Briefing
Slide 2: Agenda
AGENDA 1 Q1*1 FY2027*2 Overview 2 Existing Channels Overview 3 Brands Overview 4 Appendix 5 6 7 Note 1: “Q1” refers to the three-month period from March 1, 2026, to May 31, 2026. Note 2: “FY” refers to the fiscal year ending in February of the indicated year. For example, FY2027 refers to the period
Slide 3: Q1 FY2027 Overview
Q1 FY2027 Overview (March 1–May 31, 2026) 2
Slide 4: Executive Summary
Q1 FY2027 Overview Executive Summary During the quarter under review, Japan's domestic economy showed resilience, with improvements in consumer spending, pricing, and employment conditions, which in turn supported further wage growth. However, concerns about the economic outlook have increased due t
Slide 5: Performance Highlights
Q1 FY2027 Overview Performance Highlights Net sales increased year on year, driven by the expansion of the consolidated scope and growth in existing businesses. Operating income rose 65% year on year, reaching a record high for the first quarter, supported by structural reforms and effective cost co
Slide 6: Performance Highlights (Unit: JPY billion)
Q1 FY2027 Overview Performance Highlights (Unit: JPY billion) ⚫ Net sales increased significantly, primarily driven by the contribution from Daytona Net Sales International Co., Ltd. and Waterfront Co., Ltd., acquired through M&A in FY2026. 46.2B ⚫ Existing businesses - Men's casual brands continued
Slide 7: Operating Income: Year-on-Year Variance Analysis
Q1 FY2027 Overview Operating Income: Year-on-Year Variance Analysis The recovery in sales of existing businesses, led by core brands, contributed to higher operating income. Continued structural reforms and disciplined cost control further enhanced profitability. In addition, portfolio changes, incl
Slide 8: Operating Income: Five-Year Trend
Q1 FY2027 Overview Operating Income: Five-Year Trend Operating income reached a record high for the first quarter and progressed steadily against the full-year plan. While profitability had remained weak prior to the structural reforms, earnings have steadily improved since the initial restructuring
Slide 9: Net Income Impact – Itemized Breakdown
Q1 FY2027 Overview Net Income Impact – Itemized Breakdown Non-operating income, including dividend income and the share of profit of entities accounted for using the equity method, resulted in net non-operating income of approximately ¥0.8 billion, bringing ordinary income to ¥3.3 billion. Interest
Slide 10: Balance Sheet (as of May 31, 2026)
Q1 FY2027 Overview Balance Sheet (as of May 31, 2026) (Unit: JPY million) As of As of May 31, 2025 May 31, 2026 Cash and deposits Results Composition Composition Y/Y ⚫ 82.6% of the previous fiscal year-end level, reflecting growth investments Rate (%) Results Rate (%) Y/Y (%) including M&A, sharehol
Slide 11: Existing Channels Overview
Existing Channels Overview 10
Slide 12: Sales Performance by Channel
Q1 FY2027 Sales Performance by Channel Sales by Channel Sales at domestic physical stores increased by ¥4.4 billion year on year, reaching 119.9% of the previous year's level. Department stores returned to growth at 101.3% as the impact of business withdrawals in the previous year subsided. Sales at
Slide 13: E-commerce Sales
Q1 FY2027 Sales Performance by Channel E-commerce Sales Domestic e-commerce (EC) sales increased 88.3% year on year, up ¥6.0 billion. The subsidiaries consolidated in the second half of the previous fiscal year made significant contributions to both owned and third-party EC. Owned EC sales in Japan
Slide 14: Business Highlights
Next Agenda Business Highlights Dice& Dice
Slide 15: Core Brands
Q1 FY2027 Business Highlights Core Brands Sales of our key womenswear brands recovered, driven primarily by growth at existing stores and on our proprietary e-commerce platform, supporting overall sales growth. Men's brands, led by AVIREX, and FREAK'S STORE continued to perform well. vs PY* 106.0% v
Slide 16: Emerging Growth Brands
Q1 FY2027 Business Highlights Emerging Growth Brands Strong-performing brands expanded sales through timely product planning and appropriate inventory allocation. JILL by JILL STUART entered the Taiwan market, broadening its sales channels. vs PY 121.2 % vs PY 110.4 % vs PY 102.8 % ⚫ Performance exc
Slide 17: Waterfront Co., Ltd.
Q1 FY2027 Business Highlights Waterfront Co., Ltd. Waterfront (consolidated in December 2025) delivered solid performance, with sales increasing 10.0% year on year.* Pop-up events and promotional campaigns will further enhance brand awareness and drive sales. *Compared with the pre-acquisition perio
Slide 18: mix.tokyo Update
Q1 FY2027 Business Highlights mix.tokyo Update Anniversary campaigns drove continued sales growth, while membership steadily expanded. Event sponsorships and a pilot program using AI-generated models for product styling images supported brand awareness and operational development. mix.tokyo Sales Tr
Slide 19: Sustainability Management
Q1 FY2027 Business Highlights Sustainability Management The Company has received strong external recognition for its initiatives to address environmental issues. In the current fiscal year, it will further accelerate sustainability management through business-driven initiatives, including resale ini
Slide 20: Looking Ahead to Q2
Looking Ahead to Q2 ➢ The first quarter delivered year-on-year growth in both sales and profit on both a consolidated and existing business basis. In addition to the benefits of structural reforms, sales capabilities—an area that had been a key challenge in the previous fiscal year—are showing encou
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 AVIREX
Slide 23: Financial Highlights for Q1 FY2027
Financial Highlights for Q1 FY2027 (Millions of yen) Overview （New Revenue Recognition Standards） Cumulative Cumulative Q1 FY2026 Q1 FY2027 Composition Composition Y/Y Results Rate (%) Results(*) Rate (%) Y/Y (%) Change Net Sales 35,605 100.0 46,279 100.0 10,673 130.0 Gross Profit 20,478 57.5 26,075
Slide 24: Net Sales Per Channel
Financial Highlights for Q1 FY2027 (Sales amount in million JPY) Net Sales Per Channel （New Revenue Recognition Standards） Q1 FY2026 ※3 Q1 FY2027 Composition Composition Composition Rate Y/Y Sales Rate (%) Sales(*3) Rate (%) Y/Y (%) Change(pt) Department Stores 4,233 11.9 4,290 9.3 101.3 -2.6pt Dire
Slide 25: Brands Overview
Financial Highlights for Q1 FY2027 Brands Overview (Sales amount in million JPY) （New Revenue Recognition Standards） Q1 FY2026 Q1 FY2027 YoY Composition Gross Profit Composition Gross Profit Gross Profit Sales Rate (%) Ratio (%) Sales Rate (%) Ratio (%) Sales (%) Ratio (pt) 1. FREAK'S STORE※1 - - -
Slide 26: Trends in Sales for Domestic Existing and All Stores
Financial Highlights for Q1 FY2027 Trends in Sales for Domestic Existing and All Stores Q1 FY2026 Ended Feb Q1 FY2027 Ending Feb All Stores： 91.4％ All Stores Existing Stores All Stores： 137.3％ Existing Stores： 95.1％ Existing Stores： 104.9％ 150.0 147.2 140.0 139.8 ※ 141.0 136.2 133.2 134.3 134.9 134.
Slide 27: Number of Stores
Financial Highlights for Q1 FY2027 Number of Stores ※ Q1 As of Store Store Q1 YoY vs FY2026 Feb 28, 2026 Open(*1) Close FY2027 Change FY2026 Domestic 692 724 +13 -4.0 733 41 9 Apparel Overseas 16 16 - - 16 0 0 Total 708 740 +13 -4.0 749 41 9 Restaurant Domestic 4 5 +1 - 6 2 1 Cosmetics Domestic 31 3
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