Tsi Holdings Co., Ltd. · TSE:3608
Tsi — Q3 FY2026 Earnings Presentation
32 slides from Tsi's earnings presentation, Jan 15, 2026
Slide 1: Third Quarter of Fiscal Year 2026 Financial Results Briefing
Third Quarter of Fiscal Year 2026 Financial Results Briefing
Slide 2: Agenda
AGENDA 1 Q3 FY2026 Overview 2 Sales Performance by Channel 3 Business Highlights 4 Appendix 5 6 Note: “FY” refers to the fiscal year ending in February of the year indicated. For example, FY2026 refers to the period from March 1, 2025, to February 28, 2026. “Q3” refers to the period from September 1
Slide 3: Q3 FY2026 Overview
Q3 FY2026 Overview (September 1-November 30, 2025) 3
Slide 4: Executive Summary
Q3 FY2026 Overview Executive Summary In the third quarter, Japan’s domestic economy remained solid, supported by stable consumer spending and employment, as well as steady price trends. While expectations for economic policy have increased under the new Takaichi administration, uncertainties surroun
Slide 5: Financial Highlights
Q3 FY2026 Overview Financial Highlights Initiatives under the medium-term management plan progressed steadily, resulting in improved profitability. With the contribution from the consolidation of Daytona International, performance exceeded the prior year on both a cumulative and a standalone basis.
Slide 6: Financial Highlights (Q3 FY2026)
Q3 FY2026 Overview Financial Highlights (Q3 FY2026) (Unit: JPY billion) Overview Net Sales ⚫ The consolidation of Daytona International has made a positive contribution. 50.44B ⚫ Sustained strong performance in men’s casual, along with recovery in some core brands. ⚫ Revenue declined due to business
Slide 7: Factors Affecting Operating Income (Q3 FY2026)
Q3 FY2026 Overview Factors Affecting Operating Income (Q3 FY2026) Excluding businesses exited in the prior year, core operations delivered net sales and operating income broadly in line with the previous year. Structural reforms contributed approximately JPY 592 million in improvements. While M&A ge
Slide 8: Net Income Impact — Itemized Breakdown
Q3 FY2026 Overview Net Income Impact — Itemized Breakdown Non-operating income and expenses, including dividend income, rental income, and foreign exchange gains, totaled JPY 560 million, resulting in ordinary income of JPY 3,610 million. Interest expenses increased mainly due to additional borrowin
Slide 9: Balance Sheet
Q3 FY2026 Overview Balance Sheet (Unit: JPY million) As of As of Cash and Deposits November 30, 2024 November 30, 2025 ⚫ Increased due to the consolidation of Daytona International, reaching 112.3% year on year. Composition Composition Y/Y Results Rate (%) Results Rate (%) Change Y/Y (%) Inventories
Slide 10: Full-Year Forecast
Q3 FY2026 Overview Full-Year Forecast The Company maintains its full-year consolidated earnings forecast for the fiscal year ending February 2026, as announced on October 14, 2025. FY2026 Forecast (Unit: JPY billion) Net Sales 169.0B Operating Income 5.7B (Profit margin：3.4%) Ordinary Income 6.0B (P
Slide 11: Sales Performance by Channel
Q3 FY2026 Sales Performance by Channel 11
Slide 12: Domestic Sales by Channel
Q3 FY2026 Sales Performance by Channel Sales by Channel Total domestic retail sales rose by JPY 4.32 billion, up 117.6% YoY, as gains from M&A more than offset the impact of prior-year business exits. Department store sales declined to 89.6% YoY. Sales at stores in commercial facilities increased to
Slide 13: E-commerce Sales
Q3 FY2026 Sales Performance by Channel E-commerce Sales Domestic e-commerce sales increased by JPY 5.65 billion, up 166.8% YoY, with a significant contribution from Daytona International. Company-operated domestic e-commerce sales rose by JPY 1.47 billion to 141.6% YoY, while third-party e-commerce
Slide 14: Business Highlights
Business Highlights Next Agenda
Slide 15: Core Brands
Q3 FY2026 Business Highlights Core Brands Lower temperatures from October onward supported sell-through of fall and winter items, leading to a recovery in MARGARET HOWELL and PEARLY GATES, which had struggled in the first half. AVIREX continued to accelerate its strong performance. YoY 128.9% YoY 10
Slide 16: New Businesses: Daytona International Co., Ltd.
3Q FY2026 Business Highlights New Businesses: Daytona International Co., Ltd. FREAK’S STORE, operated by Daytona International, which became a consolidated subsidiary in September 2025, performed strongly, with Q3 sales at 115.6% YoY. Collaborative Project for the Shinshu Area Began selling FILSON o
Slide 17: New Businesses: Waterfront Co., Ltd.
3Q FY2026 Business Highlights New Businesses: Waterfront Co., Ltd. The addition of a leading umbrella brand to the Group enables entry into a previously unaddressed portfolio segment under the medium-term management plan, while creating new customer touchpoints through strong affinity with existing
Slide 18: mix.tokyo Update (Q3 FY2026)
3Q FY2026 Business Highlights mix.tokyo Update (Q3 FY2026) Awareness-building efforts, including new key visuals and in-person events, supported e-commerce sales and member growth. While mix.tokyo–led product launches and cost-efficient promotions showed signs of recovery, sales volatility persisted
Slide 19: Driving Awareness and Membership Growth for mix.tokyo
3Q FY2026 Business Highlights Driving Awareness and Membership Growth for mix.tokyo In the second half, the Company aims to broaden the reach of mix.tokyo and accelerate new customer acquisition through a balanced combination of digital and real-world measures. Within this framework, actions taken i
Slide 20: Sustainability Initiatives
3Q FY2026 Business Highlights Sustainability Initiatives Hosted the First “Sustainability Week” (October 27–30, 2025) First OCS-Certified Product Launch by the Company “Sustainability Week” took place at the Company’s HQ event hall, On December 20, a product certified featuring a series of activitie
Slide 21: Outlook for Q4 and Beyond
Outlook for Q4 and Beyond ➢ In the third quarter, sales from existing businesses recovered to broadly prior-year levels, providing clear signs that the Company’s selling capabilities have returned. ➢ PMI efforts with Daytona International Co., Ltd. will extend beyond contributions to consolidated re
Slide 22: 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 rights reserved. 22
Slide 23: Appendix
Next Agenda Appendix
Slide 24: Financial Highlights for the Q3 FY2026 (9M Overview)
Financial Highlights for the Q3 FY2026 9M Overview (Unit: JPY million) （New Revenue Recognition Standards） 9M FY2025 9M FY2026 Composition Composition Y/Y Results Rate (% ) Results(*) Rate (% ) Change Y/Y (%) Net Sales 116,051 100.0 116,611 100.0 560 100.5 Gross Profit 63,465 54.7 65,149 55.9 1,683
Slide 25: Financial Highlights for the Q3 FY2026 (Q3 Overview)
Financial Highlights for the Q3 FY2026 Q3 Overview (Unit: JPY million) （New Revenue Recognition Standards） Q3 FY2025 Q3 FY2026 Composition Composition Y/Y Results Rate (%) Results(*) Rate (%) Y/Y (%) Change Net Sales 40,821 100.0 50,444 100.0 9,622 123.6 Gross Profit 22,911 56.1 28,321 56.1 5,410 12
Slide 26: 9M Net Sales Per Channel
Financial Highlights for the Q3 FY2026 (Unit: JPY million) 9M Net Sales Per Channel ※３ （Revenue Recognition Standards） 9M FY2025 9M FY2026 Composition Composition Composition Rate Sales Rate (%) Sales(*4) Rate (% ) Y/Y (% ) Y/Y Change(pt) Department Stores 14,161 12.2 11,923 10.2 84.2 -2.0pt Commerc
Slide 27: Q3 Net Sales Per Channel
Financial Highlights for the Q3 FY2026 (Unit: JPY million) Q3 Net Sales Per Channel ※３ （Revenue Recognition Standards） Q3 FY2025 Q3 FY2026 Composition Composition Composition Rate Sales Rate (% ) Sales(*4) Rate (%) Y/Y (%) Y/Y Change(pt) Department Stores 4,850 11.9 4,346 8.6 89.6 -3.3pt Commercial
Slide 28: 9M Brands Overview
Financial Highlights for the Q3 FY2026 (Unit: JPY million) 9M Brands Overview （Revenue Recognition Standards） 9M FY2025 9M FY2026 YoY Composition Gross Profit Composition Gross Profit Gross Profit Sales Rate (%) Sales Rate (%) Sales (%) Ratio (%) Ratio (%) Ratio (pt) 1. FREAK'S STORE(*1) - - - 11,89
Slide 29: Q3 Brands Overview
Financial Highlights for the Q3 FY2026 Q3 Brands Overview (Unit: JPY million) （Revenue Recognition Standards） Q3 FY2025 Q3 FY2026 YoY Composition Gross Profit Composition Gross Profit Gross Profit Sales Rate (%) Sales Rate (%) Sales (%) Ratio (%) Ratio (%) Ratio (pt) 1. FREAK'S STORE(*1) - - - 11,89
Slide 30: Trends in Sales for Domestic Existing and All Stores
Financial Highlights for the Q3 FY2026 Trends in Sales for Domestic Existing and All Stores 9M FY2025 9M FY2026 All Stores：101.8％ All 全店 Stores 既存店 Stores Existing All Stores：105.7％ Existing Stores：102.6％ Existing Stores：96.6％ (Unit: JPY million) 150.0 140.0 139.4 130.0 133.2 120.0 112.6 121.7 103.2
Slide 31: Number of Stores
Financial Highlights for the Q3 FY2026 Number of Stores Store Store Y/Y Q3 FY2025 FY 2025 Q3 FY2026 vs FY2025 Open(*1) Close Change Domestic 729 688 +103 -42 749 20 61 Apparel Overseas 29 18 +2 -4 16 -13 -2 Total 758 706 +105 -46 765 7 59 Restaurant Domestic 6 1 +4 5 -1 4 Cosmetics Domestic 31 32 +1
Slide 32: 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