Tsi Holdings Co., Ltd. · TSE:3608
Tsi — H1 FY2026 Earnings Presentation
31 slides from Tsi's earnings presentation, Oct 15, 2025
Slide 1: First Half of Fiscal Year 2026 Financial Results Briefing
First Half of Fiscal Year 2026 Financial Results Briefing
Slide 2: Agenda
AGENDA 1 1H FY2026 Overview 2 Sales Performance by Channel 3 Business Highlights 4 Structural Reforms – Progress Update 5 Full-Year Consolidated Earnings Forecast 6 Appendix Note: “FY” refers to the fiscal year that ends in February of the year indicated. For example, FY2026 refers to the period fro
Slide 3: 1H FY2026 Overview
1H FY2026 Overview (March 1-August 31, 2025) 2
Slide 4: Executive Summary
1H FY2026 Overview Executive Summary During the first half, the apparel market was impacted by macroeconomic factors, including inflation and U.S. tariff policies. Although overall market conditions stayed f a i r l y s t e a d y, c o n s u m e r s e n t i m e n t v a r i e d a n d r e m a i n e d u
Slide 5: 1H Financial Highlights
1H FY2026 Overview 1H Financial Highlights The various initiatives under the medium-term management plan aimed at reforming the profit structure advanced steadily, leading to improved profitability. Although net sales declined more than expected due to factors beyond the impact of last year's busine
Slide 6: Financial Highlights
1H FY2026 Overview Financial Highlights (in billion yen) 111.3% 101.7% 102.7% 88.0% Positive Factors Net Sales Solid sales performance in men's casual apparel brands such as “AVIREX” and 66.16B “Schott.” Negative Factors 75.2 72.0 73.2 Revenue decline reflecting business exits and divestitures i
Slide 7: Factors Affecting Operating Income
1H FY2026 Overview Factors Affecting Operating Income The combined revenue decline from exited and ongoing businesses had a negative impact of approximately ¥2.4 billion on operating income, reflecting both the decrease in gross profit and the reduction in sales-linked expenses. In contrast, profita
Slide 8: Net Income Impact — Itemized Breakdown
1H FY2026 Overview Net Income Impact — Itemized Breakdown Non-operating income and expenses totaled ¥690 million, including dividend income, rental income, share of profit of entities accounted for using equity method, and foreign exchange losses, resulting in ordinary income of ¥1.33 billion. Inclu
Slide 9: Balance Sheet
1H FY2026 Results Overview Balance Sheet (in million yen) Cash and Deposits 1H FY2025 1H FY2026 Significant cash inflow from the sale of real estate at the end of Composition Composition Y/Y the previous fiscal year. Results Results Y/Y (%) Despite cash outflows associated with dividend increase
Slide 10: Sales Performance by Channel
1H FY2026 Sales Performance by Channel 9
Slide 11: Sales by Channel: Domestic
1H FY2026 Sales Performance by Channel Sales by Channel Department store sales were 81.4% of the previous year's level due to the underperformance of core brands, while sales at commercial facilities remained nearly unchanged, excluding the impact of exits from certain businesses. As a result, total
Slide 12: E-commerce Sales
1H FY2026 Sales Performance by Channel E-commerce Sales Domestic e-commerce sales through “mix.tokyo” were down ¥1.66 billion year on year to 76.7%, continuing to struggle but showing gradual month-by-month improvement. Sales through third-party e-commerce platforms (3rd EC) focused on promotional i
Slide 13: Business Highlights
Next Agenda Business Highlights ~
Slide 14: Core Brands
1H FY2026 Business Highlights Core Brands AVIREX, a leading brand in the men's casual segment, continued to perform strongly with double-digit sales growth. Delays in migrating members to the new “mix.tokyo” platform and challenges in acquiring new customers weighed on core brand sales in the first
Slide 15: Emerging Growth Brands
1H FY2026 Business Highlights Emerging Growth Brands Brands that successfully executed collaboration initiatives and corresponding promotion strategies performed strongly in both men's and women's categories. In addition, cross-industry collaborations helped expand brand awareness among new customer
Slide 16: Progress on E-commerce Integration
1H FY2026 Business Highlights Progress on E-commerce Integration Sales declined significantly in the first quarter due to delays in migrating existing members to the new platform, but showed month-by-month improvement in the second quarter. Although signs of recovery are emerging in the second half,
Slide 17: E-Commerce Expansion Strategy
1H FY2026 Business Highlights E-Commerce Expansion Strategy The first summer sale campaign on “mix.tokyo” combined site-wide and brand-specific initiatives to drive online sales. “mix.tokyo” will host a POP-UP Event this winter, featuring cross-brand experiences and exclusive content to deepen user
Slide 18: Sustainability Initiatives
1H FY2026 Business Highlights Sustainability Initiatives ESG Data Book Released Seven New Group Policies Introduced The Company released its ESG Data Book, To realize our purpose, “We create global empathy and social value through the power of fashion outlining key Group initiatives and communicatin
Slide 19: Structural Reforms Progress Update
Structural Reforms Progress Update 18
Slide 20: Structural Reforms – Progress Update
1H 2026 Structural Reform Progress Structural Reforms – Progress Update Structural reforms delivered tangible improvements across all areas, generating about ¥3.2 billion in operating profit gains in the first half. Further enhancement will continue through ongoing review and refinement in the secon
Slide 21: Full-Year Consolidated Earnings Forecast
Full-Year Consolidated Earnings Forecast 20
Slide 22: Full-Year Forecast
FY2026 Full-Year Consolidated Earnings Forecast Full-Year Forecast We revised our consolidated earnings forecast for the fiscal year ending February 2026, announced on April 11, 2025, reflecting recent business performance and the consolidation impact of Daytona International Co., Ltd., which became
Slide 23: Outlook for 2H and Beyond
Outlook for 2H and Beyond First Half: Achieved higher profits despite lower sales, supported by steady progress in structural reforms. Restoring sales capabilities will be the key to future success. Second Half: Launching new growth initiatives, including “mix.tokyo” pop-up events and the debut
Slide 24: Creator of Fashion Entertainment
We create empathy and social value across the world through the power of fashion entertainment. Creator of Fashion Entertainment copyright © 2025 TSI HOLDINGS CO., LTD. All right reserved. 23
Slide 25: Appendix
Next Agenda Appendix
Slide 26: Financial Highlights for the 1H FY2026
Financial Highlights for the 1H FY2026 (Sales amount in million JPY) 1H Overview （Revenue Recognition Standards） 1H FY2025 1H FY2026 Composition Composition Y/Y Results Results Y/Y (%) Rate (% ) Rate (% ) Change Net Sales 75,230 100.0 66,167 100.0 -9,062 88.0 Gross Profit 40,554 53.9 36,827 55.7 -3,
Slide 27: Net Sales Per Channel
Financial Highlights for the 1H FY2026 (Sales amount in million JPY) Net Sales Per Channel 1H FY2025 1H FY2026 （Revenue Recognition Standards） Composition Composition Composition Rate Sales Rate (% ) Sales Rate (% ) Y/Y (%) Y/Y Change(pt) Department Stores 9,311 12.4 7,577 11.5 81.4 -0.9pt Commercia
Slide 28: Brands Overview
Financial Highlights for the 1H FY2026 (Sales amount in million JPY) Brands Overview （Revenue recognition standards） 1H FY2025 1H FY2026 YoY Composition Gross Profit Composition Gross Profit Sales Gross Profit Sales Sales Rate (% ) Ratio (% ) Rate (% ) Ratio (% ) (%) Ratio (pt) 1. MARGARET HOWELL 6,
Slide 29: Trends in Sales for Domestic Existing and All Stores
Financial Highlights for the 1H FY2026 Trends in Sales for Domestic Existing and All Stores 1H FY2025 1H FY2026 All Stores：103.0％ All Stores：91.1％ Existing Stores：103.9％ Existing Stores：95.2％ copyright © 2025 TSI HOLDINGS CO., LTD. All right reserved. 28
Slide 30: The Number of Stores
Financial Highlights for the 1H FY2026 The Number of Stores Store Store Y/Y 1H FY2025 FY2025 1H FY2026 vs FY2025 Open Close Change Domestic 728 688 +27 - 37 678 - 50 - 10 Apparel Overseas 29 18 +2 -4 16 - 13 -2 Total 757 706 +29 - 41 694 - 63 - 12 Res taurant Domestic 6 1 +3 - 4 -2 3 C os metic s Do
Slide 31: 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