J. Front Retailing Co., Ltd. · TSE:3086
J. Front Retailing — H1 FY2025 Earnings Presentation
38 slides from J. Front Retailing's earnings presentation, Oct 14, 2025
Slide 1: Presentation of Results for Interim Period of Fiscal Year Ending February 28, 2026
～ No Change, No Growth. ～ Presentation of Results for Interim Period of Fiscal Year Ending February 28, 2026 October 14, 2025 J. Front Retailing Co., Ltd. Create and Bring to Life “New Happiness.”
Slide 2: Today's Agenda
Today’s Agenda I. H1 FY2025 Results and Full FY2025 Forecast II. Progress of FY2024-2026 Medium-term Business Plan 1
Slide 3: H1 FY2025 Results and Full FY2025 Forecast
H1 FY2025 Results and Full FY2025 Forecast NAGAMINE Takamasa Executive Officer Senior Executive General Manager, Financial Strategy Unit J. Front Retailing Co., Ltd. Create and Bring to Life “New Happiness.” 2
Slide 4: H1 FY2025 Consolidated Performance PL (IFRS)
H1 FY2025 Consolidated Performance PL (IFRS) SC and Developer performed well; Department Store saw growth in gaisho sales but sharp slowdown in inbound sales. Business profit fell short, but operating profit was roughly in line with plan due to increased other operating income. Interim dividend incr
Slide 5: Segment Performance (IFRS)
Segment Performance (IFRS) (Billions of yen, unless otherwise stated) Q1 Q2 H1 Interim period of fiscal year ending February 28, 2026 vs. April Results % YoY Results % YoY Results % YoY forecast Gross sales 192.5) (2.5) 201.3 (0.1) 393.8 (1.3) (27.6) Department Revenue 63.5) 1.6) 66.0 2.1) 129.6 1.8
Slide 6: Segment Information (IFRS) Main Reasons for Changes
Segment Information (IFRS) Main Reasons for Changes Department Store Business Inbound sales have slowed sharply this fiscal year due to last fiscal year’s rapid yen depreciation and the backlash from last-minute purchases before luxury goods price hikes. Although gaisho sales remain strong, this can
Slide 7: Daimaru Matsuzakaya Department Stores Major Store Sales
Daimaru Matsuzakaya Department Stores Major Store Sales Struggled primarily at stores with high inbound sales share, such as Shinsaibashi and Kyoto stores. Umeda store saw 30% increase in inbound sales as character content expansion paid off. Although the impact of large-scale renovation work remain
Slide 8: Daimaru Matsuzakaya Department Stores Inbound Sales Trends
Daimaru Matsuzakaya Department Stores Inbound Sales Trends Inbound sales slowed sharply, remaining largely flat and sluggish throughout H1, primarily due to a decline in per-customer spending While per-customer spending decreased by 30%, the number of visitors increased by about 10%, driven by visit
Slide 9: Daimaru Matsuzakaya Department Stores SGA Analysis (IFRS)
Daimaru Matsuzakaya Department Stores SGA Analysis (IFRS) H1 FY2025 (Millions of yen) SGA analysis Decrease in personnel Decrease in expenses packing and transportation (490) Increase in expenses other SGA Increase in (110) operation (706) (62) costs ・Increase in cleaning and 595 Decrease in ad 203
Slide 10: PARCO Major Store Tenant Transaction Volume Percentage Change
PARCO Major Store Tenant Transaction Volume Percentage Change Overall growth, with Sendai PARCO and Nagoya PARCO seeing double-digit revenue growth thanks to renovations. Shibuya PARCO’s strong performance slowed due to first major renovation work since the new store opened, but this is temporary. (
Slide 11: Consolidated BS Results (IFRS)
Consolidated BS Results (IFRS) Total assets were ¥1,140.1 billion, a decrease of ¥24.0 billion from the end of the previous fiscal year. Interest-bearing liabilities (excluding lease liabilities) were ¥184.9 billion, a reduction of ¥5.0 billion from the end of the previous fiscal year. Equity attrib
Slide 12: Consolidated CF Results (IFRS)
Consolidated CF Results (IFRS) Net cash provided by operating activities was ¥33.5 billion, down ¥15.4 billion YoY mainly due to a decrease in profits and an increase in corporate tax payments. Net cash used in investing activities decreased by ¥5.3 billion YoY mainly due to the backlash from the ac
Slide 13: Business Environment Outlook for H2 FY2025 and Beyond
Business Environment Outlook for H2 FY2025 and Beyond ＋） Favorable employment environment, continued momentum for wage increases, and the materialization of the effects of various economic measures are expected. ＋） Stock market is expected to rise and strong consumption by the wealthy due to asset t
Slide 14: H2/Full FY2025 Consolidated PL Forecast (IFRS)
H2/Full FY2025 Consolidated PL Forecast (IFRS) Revised the full-year top line downward by ¥23.0 billion, reflecting changes in inbound sales Due to upfront costs and investments for promoting transformation, revised downward all profit items Dividend per share is expected to increase by ¥2 to ¥54 fo
Slide 15: Dividend Trends
Dividend Trends (Yen) Trends in annual dividends per share 60 Ordinary dividends Commemorative dividends 50 40 2 30 52 54 20 35 36 36 33 31 27 28 27 29 25 10 22 16 16 18 14 14 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (FY) Forecast 14
Slide 16: Segment Performance Forecast (IFRS)
Segment Performance Forecast (IFRS) (Billions of yen, unless otherwise stated) H2 Full year Fiscal year ending February 28, 2026 vs. April vs. April Forecast % YoY forecast Forecast % YoY forecast Gross sales 438.3 3.0) 0.40) 832.2 0.9) (27.2) Department Revenue 141.5 3.8) 1.30) 271.2 2.9) (3.0) Sto
Slide 17: Segment Information (IFRS) Main Reasons for Changes
Segment Information (IFRS) Main Reasons for Changes Department Store Business Promote deepening and expanding the affluent market through new customer acquisition in key gaisho areas and strengthening off-site events. Duty-free sales forecast was revised downward by ¥25.4 billion for the full year,
Slide 18: Daimaru Matsuzakaya Department Stores Major Store Sales Forecast
Daimaru Matsuzakaya Department Stores Major Store Sales Forecast Nagoya store expects double-digit revenue growth thanks to the impact of renovations undertaken since last fiscal year and strengthened gaisho efforts. Kyoto and Sapporo stores, which have a high ratio of inbound sales, expect a decrea
Slide 19: Daimaru Matsuzakaya Department Stores SGA Analysis (IFRS) H2
Daimaru Matsuzakaya Department Stores SGA Analysis (IFRS) H2 FY2025 (Millions of yen) SGA analysis Decrease in packing and Decrease in transportation personnel costs expenses (39) 109 (211) Increase in Increase in operation Decrease in Increase 981 packing and costs 1,204 operation in ad transportat
Slide 20: Consolidated BS Forecast (IFRS)
Consolidated BS Forecast (IFRS) Total assets are expected to be ¥1,160.0 billion, a decrease of ¥4.1 billion from the end of the previous fiscal year. Interest-bearing liabilities (excluding lease liabilities) are expected to be ¥203.0 billion, an increase of ¥12.9 billion from the end of the previo
Slide 21: Consolidated CF Forecast (IFRS)
Consolidated CF Forecast (IFRS) Net cash provided by operating activities is expected to be ¥63.0 billion, a decrease of ¥22.8 billion YoY due to lower profits, increased corporate tax payments, etc. Net cash used in investing activities is expected to be ¥46.0 billion, with capital investments plan
Slide 22: Progress of FY2024-2026 Medium-term Business Plan
Progress of FY2024-2026 Medium-term Business Plan ONO Keiichi Director, President and Representative Executive Officer J. Front Retailing Co., Ltd. Create and Bring to Life “New Happiness.” 21
Slide 23: Review of Medium-term Business Plan (1): Transformation into a Value Co-creation Retailer
Review of Medium-term Business Plan (1) Transformation into a “Value Co-creation Retailer” Co-creation of Excitement Co-prosperity with Communities Values Co-existence with the Environment Customer Area Synergies Content One Team, True “Integration” As 22
Slide 24: Review of Medium-term Business Plan (2)
Review of Medium-term Business Plan (2) Steadily advance the Medium-term Business Plan positioned as a “phase of change” Medium-term Business Plan ～2023 2024 2025 2026 2027～ ▲ Present (turning point) Deepening retail Evolving synergies ► Major renovations of core stores ► Development of the Sakae ar
Slide 25: Medium-term Business Plan Future Initiatives
Medium-term Business Plan Future Initiatives Maximize investment returns Strategic renovation 7 key areas Card consolidation Matsuzakaya Nagoya Develop Sakae, Nagoya PARCO Card Shibuya PARCO Hakata Daimaru Card GINZA SIX Card Achieve transformation for future growth Customer base 7 key areas Content
Slide 26: Enhancing Store Appeal (Matsuzakaya Nagoya Store)
Enhancing Store Appeal (Matsuzakaya Nagoya Store) Renovation has resulted in new customer acquisition and stronger gaisho sales <Changes in customer base> *Sales to identified customers for H1 Gaisho sales 20s 30s share 51.4% ＋13.1% ＋4.1% (+2.8 pts) Address next-generation markets Expanded support f
Slide 27: Floor Layout Reform (Parco)
Floor Layout Reform (Parco) Expanding successful practices horizontally increases both customer numbers and transaction volume <H1 FY2025 results (% change YoY)> Number of Transaction customers volume Shibuya ＋4% ＋4% Shinsaibashi ＋12% ＋10% Nagoya ＋23% ＋18% Sendai ＋12% ＋12% Total ＋6% ＋7% comparable s
Slide 28: Expansion of Overseas Customer Base
Expansion of Overseas Customer Base CRM for inbound tourists expands membership and initiatives Department Store duty-free sales Expansion of customer base (Billions of yen) ► No. of inbound tourists who use app 150 No. of new members: 100 Approx. 40,000 (Mar to Aug 2025) Total No. of members: Appro
Slide 29: Strengthening Approach to the Affluent Market
Strengthening Approach to the Affluent Market Strengthen gaisho business by expanding activity areas and other means Department Store Expansion of areas gaisho sales (Billions of yen) ► Set key areas for development in 250 “blank areas” 200 ► Utilization of digital technology Expand business area th
Slide 30: The Group Customer Strategy
The Group Customer Strategy Card consolidation completed, moving into customer base expansion phase <H1 FY2025 (March to August)> No. of new cards issued: Approx. 60,000 Card transaction volume: +6.5% (vs. before card consolidation) <H1 FY2025 (end of August)> No. of identified customers in the Grou
Slide 31: Development of Key Areas (Sakae, Nagoya)
Development of Key Areas (Sakae, Nagoya) New luxury mall HAERA will open in early summer 2026 Collaboration with local community, other Evolving synergies in the JFR Group companies, and local government HAERA PARK? in Hisaya-odori Park Collaboration Collaboration with within the Group other compani
Slide 32: Development of Key Areas (Shinsaibashi and Hakata)
Development of Key Areas (Shinsaibashi and Hakata) Finalize business plans for large-scale projects to make our future vision clearer Shinsaibashi area of Osaka Tenjin area of Fukuoka Umeda Scheduled to open in 2026 Scheduled to open in 2028 Shinsaibashi Project (tentative) ←Yotsubashi St Nagahori-d
Slide 33: Aims of Content Ownership and Development
Aims of Content Ownership and Development Improve growth scalability Store operation business Established competitive 【WHERE business】 advantage primarily in 7 key cities, but room for new (Purchase, store openings is limited tenant attraction) Content business MD IP Growth beyond the floor 【WHAT bu
Slide 34: Realization of Content Ownership and Development
Realization of Content Ownership and Development New businesses are launching across all sectors Established a JV with a leading food partner MD and also collaborate with the local community to develop an original product Entered the game publishing business IP Chiikawa Ramen Buta expanded overseas
Slide 35: Strengthening the Group Management Base (Business Restructuring)
Strengthening the Group Management Base (Business Restructuring) Accelerate business growth through integration of interior design and BM businesses Business profit trends Purposes of integration *Total of J. Front Design & Construction and Parco Space Systems Leverage strength in “providing premium
Slide 36: Strengthening the Group Management Base (Improving Productivity)
Strengthening the Group Management Base (Improving Productivity) Take a step further toward “improving productivity” Improve business SGA trends efficiency through DX Ratio of SGA to total sales (Billions of yen) SGA (%) (right axis) ► Utilize data and reduce costs (left axis) 200 20 17.2 through sy
Slide 37: Toward Enhancing Corporate Value over the Medium to Long Term
Toward Enhancing Corporate Value over the Medium to Long Term Transform into a Value Co-creation Retailer to achieve ROE of 10% or more Values Co-creation of Co-prosperity with Excitement communities Area Customer Synergies Content Co-existence with the environment As 36
Slide 38: https://www.j-front-retailing.com/english/
https://www.j-front-retailing.com/english/ Create and Bring to Life “New Happiness.” Forward-looking statements in this document represent our assumptions based on information currently available to us and inherently involve potential risks, uncertainties, and other factors. Therefore, actual result