Tsi Holdings Co., Ltd. · TSE:3608
Tsi — FY2026 Earnings Presentation
42 slides from Tsi's earnings presentation, Apr 13, 2026
Slide 1: FY2026 Full-Year Financial Results Briefing
FY2026 Full-Year Financial Results Briefing
Slide 2: Agenda
AGENDA 1 FY2026 Full-Year Overview 2 Existing Channels Overview 3 Brands Overview 4 Progress of Structural Reforms 5 FY2027 Consolidated Earnings Forecast 6 Capital Policy 7 Appendix <Note>: “FY” refers to the fiscal year ending in February of the year indicated. For example, FY2026 refers to the pe
Slide 3: FY2026 Full-Year Overview
Next Agenda FY2026 Full-Year Overview i \ mi r
Slide 4: Executive Summary
FY2026 Full-Year Overview Executive Summary Throughout FY2026, the Japanese economy remained resilient, with steady trends in consumption, prices, and employment. Wage increases and expectations for economic and inflation indicators u n d e r t h e S a n a e Ta k a i c h i a d m i n i s t r a t i o
Slide 5: Performance Highlights
FY2026 Full-Year Overview Performance Highlights Net sales increased year on year due to the expansion of the consolidation scope, while operating profit rose significantly to approximately 2.6 times the previous year, supported by structural reforms. However, both net sales and operating profit cam
Slide 6: Performance Highlights
FY2026 Full-Year Overview Performance Highlights (Unit: JPY billion) The impact of revenue decline due to business withdrawals and divestitures in Net Sales the previous year was more than offset at the operating income level. 167B Existing businesses showed a weak trend overall: - Core existing
Slide 7: Factors Affecting Operating Income
FY2026 Full-Year Overview Factors Affecting Operating Income Structural reforms contributed approximately 5.2 billion in year-on-year profit improvement, reflecting steady progress. However, the impact of lower revenue in existing businesses was significant, and while operating income increased subs
Slide 8: Net Income Impact — Itemized Breakdown
FY2026 Full-Year Overview Net Income Impact — Itemized Breakdown Non-operating income, including dividend income, real estate income, and foreign exchange gains, totaled approximately 1.1 billion, bringing ordinary income to 5.4 billion. Interest expenses increased due to M&A-related borrowings. At
Slide 9: Balance Sheet
FY2026 Full-Year Overview Balance Sheet (Unit: JPY million) Cash and deposits Decreased to 61.5% YoY. The previous year-end balance was As of As of elevated due to proceeds from real estate sales; however, the February 28, 2025 February 28, 2026 balance at the end of the current period returned to
Slide 10: Existing Channels Overview
Existing Channels Overview 9
Slide 11: Sales Performance by Channel
FY2026 Sales performance by Channel Sales by Channel Domestic brick-and-mortar store sales increased by 6.5 billion, or 107.2% YoY, driven by strong performance in non-department store channels, including Daytona International and existing men’s casual brands. In contrast, department stores declined
Slide 12: E-commerce Sales
FY2026 Sales Performance by Channel E-commerce Sales Domestic e-commerce (EC) sales increased by 10.1 billion, or 130.1% YoY, driven by strong contributions from Daytona International, which was consolidated from September, across both in-house and third-party EC channels. In-house EC sales in Japan
Slide 13: Business Highlights
Next Agenda Business Highlights
Slide 14: Core Brands
FY2026 Business Highlights Core Brands Key menswear brands, including AVIREX, and FREAK’S STORE, which was consolidated from the second half, continued to perform strongly, delivering double-digit sales growth. In contrast, other core brands struggled to acquire new customers and to offset the impac
Slide 15: Emerging Growth Brands
FY2026 Business Highlights Emerging Growth Brands Across well-performing brands, a common pattern was the presence of trend-driven hit products, supported by enhanced social media strategies that increased brand awareness and engagement, thereby driving EC sales. In addition, FREE’S MART began sales
Slide 16: Agreement for Toyo Enterprise Co., Ltd. to join the TSI Group
FY2026 Business Highlights Reached an agreement for Toyo Enterprise Co., Ltd. to join the TSI Group Since the announcement of TIP27, the Company has been exploring initiatives to further strengthen its sales capabilities as part of its growth strategy. As a result, the Company has agreed to acquire
Slide 17: mix.tokyo Update
FY2026 Business Highlights mix.tokyo Update Although sales had a challenging start to the fiscal year, growth in menswear brands supported a gradual recovery over the full year. With the member base reaching approximately one million and the launch of strong-selling items, the foundation for growth
Slide 18: Driving Awareness and Membership Growth for mix.tokyo
FY2026 Business Highlights Driving Awareness and Membership Growth for mix.tokyo In Q4, the Company focused on maximizing sales through promotional campaigns, delivering the strongest performance of the year. Based on a comprehensive review of performance over the past year, the Company will leverag
Slide 19: Sustainability Management
FY2026 Business Highlights Sustainability Management The Company has long been committed to enhancing both financial and non-financial value through sustainability management and has received recognition from third-party evaluations. The Company will continue to promote sustainable business growth.
Slide 20: Sustainability Management
FY2026 Business Highlights Sustainability Management The Company has formally resolved to establish the “TSI Foundation for Future Fashion,” as previously announced on February 18, 2026. Purpose of Establishment To continue delivering happiness through fashion, the Company believes it is essential t
Slide 21: Progress of Structural Reforms
Progress of Structural Reforms 20
Slide 22: Progress of the Structural Reforms
FY2026 Progress of the Structural Reforms Progress of Structural Reforms Improvements across structural reform initiatives became evident throughout the year compared with the previous year, contributing approximately 5.2 billion to operating income. In the current fiscal year, the Company will cont
Slide 23: FY2027 Consolidated Earnings Forecast
FY2027 Consolidated Earnings Forecast 22
Slide 24: FY2027 Full-Year Earnings Forecast
FY2027 Consolidated Earnings Forecast FY2027 Full-Year Earnings Forecast Net sales are projected to reach 200.0 billion (+19.7% YoY), driven by growth in existing businesses and full-year contributions from the two M&A companies. Operating income is expected to increase to 7.5 billion (+73.4% YoY),
Slide 25: FY2027 Full-Year Earnings Forecast: TIP27 Progress
FY2027 Consolidated Earnings Forecast FY2027 Full-Year Earnings Forecast: TIP27 Progress The Company expects to achieve its targets for the final year of TIP27 in net sales, net income, ROE, and DOE. However, reflecting the recent decline in sales in existing businesses, the operating income target
Slide 26: Operating Income Bridge (FY2027 Forecast)
FY2027 Consolidated Earnings Forecast Operating Income Bridge (FY2027 Forecast) Operating income is set at 7.5 billion (+73.4% YoY), reflecting growth in existing businesses and the further realization of structural reform benefits compared with the FY2026 results. However, this is below the TIP27 f
Slide 27: Capital Policy
Next Agenda Capital Policy
Slide 28: Capital Allocation Update
FY2027 Capital Policy Capital Allocation Update Over the first two years since the launch of TIP27, cash generation was significantly supported by the sale of non-core assets, including real estate, while external financing for growth investments exceeded the plan. Capital allocation also exceeded t
Slide 29: Shareholder Returns: Dividend Forecast
FY2027 Capital Policy Shareholder Returns: Dividend Forecast Under its policy of maintaining a dividend payout ratio of 30% or more, the Company has supplemented dividends with special payouts during the TIP27 period. For FY2027, the Company plans to pay a total dividend of 70 yen per share, compris
Slide 30: Shareholder Returns: Share Buybacks
FY2027 Capital Policy Shareholder Returns: Share Buybacks The Company has announced a share buyback program of up to 3.0 billion, to be executed by the end of October 2026. While the initial cumulative target under TIP27 was 10.0 billion or more, total share buybacks are expected to exceed 20.0 bill
Slide 31: Looking Ahead to FY2027
Looking Ahead to FY2027 Amid increasing uncertainty, the Company believes that brands with a clear identity and strong appeal will be chosen, and it will focus on further strengthening these attributes. Strengthening sales capabilities will be key to growth. Together with new members of the TSI
Slide 32: 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. 31
Slide 33: Appendix
Next Agenda Appendix
Slide 34: Financial Highlights for FY2026
Financial Highlights for FY2026 2H FY2025 2H FY2026 2H Overview (New Revenue Recognition Standards) Composition ※ Composition Y/Y Results Results(*) Y/Y (%) Rate (%) Rate (%) Change Net Sales 81,376 100.0 100,918 100.0 19,541 124.0 Gross Profit 43,441 53.4 54,630 54.1 11,188 125.8 SG&A Expenses 41,5
Slide 35: Financial Highlights for the FY2026
Financial Highlights for the FY2026 FY Ended Feb. 2025 FY Ended Feb. 2026 Full Year Results Overview (New Revenue Recognition Standards) Composition Composition Y/Y Results Results(*) Y/Y (%) Rate (%) ※ Rate (%) Change Net Sales 156,606 100.0 167,085 100.0 10,478 106.7 Gross Profit 83,995 53.6 91,45
Slide 36: Net Sales Per Channel (2H)
Financial Highlights FY2026 Net Sales Per Channel (2H) 2H FY2025 2H FY2026 ※３ (New Revenue Recognition Standards) ※4 ※４ Composition Composition Composition Rate Y/Y Sales Rate (%) Sales(*4) Rate (%) Y/Y (%) Change(pt) Department Stores 8,748 10.8 7,836 7.8 89.6 -3.0pt Commercial Facilities(*1) 37,92
Slide 37: Net Sales Per Channel (FY)
Financial Highlights FY2026 Net Sales Per Channel (FY) ※３ FY Ended Feb. ※３ FY Ended Feb. 2025 2026 (New Revenue Recognition Standards) ※4 ※４ Composition Composition Composition Rate Y/Y Sales Rate (%) Sales(*4) Rate (%) Y/Y (%) Change(pt) Department Stores 18,059 11.5 15,413 9.2 85.3 -2.3pt Commerci
Slide 38: 2H Brands Overview
Financial Highlights for FY2026 2H Brands Overview 2H FY2025 2H FY2026 YoY (New Revenue Recognition Standards) Composition Gross Profit Composition Gross Profit Gross Profit Sales Sales Sales (%) Rate (%) Ratio (%) Rate (%) Ratio (%) Ratio (pt) 1. FREAK'S STORE※1 - - - 25,074 24.8 48.0 - - 2. MARGAR
Slide 39: FY Brands Overview
Financial Highlights FY2026 FY Ended Feb. FY Ended Feb. FY Brands Overview 2025 2026 YoY (New Revenue Recognition Standards) Composition Gross Profit Composition Gross Profit Gross Profit Sales Sales Sales (%) Rate (%) Ratio (%) Rate (%) Ratio (%) Ratio (pt) 1. FREAK'S STORE※1 - - - 25,074 15.0 48.0
Slide 40: Trends in Sales for Domestic Existing and All Stores
Financial Highlights for FY2026 Trends in Sales for Domestic Existing and All Stores FY2025 Ended Feb. FY2026 Ended Feb. All Stores：101.0% All Stores：113.9% Existing Stores：102.0% All Stores Existing Stores Existing Stores：97.2% 145.0 147.2 139.8 130.0 133.2 134.3 134.9 11… 115.0 121.7 105.2 106.6 1
Slide 41: Number of Stores
Financial Highlights for FY2026 Number of Stores Store Store ※ Y/Y FY2025 FY2026 vs FY2025 Open(*1) Close Change Domestic 688 +111 -73 726 -3 38 Apparel Overseas 18 +2 -4 16 -13 -2 Total 706 +113 -77 742 -16 36 Restaurant Domestic 1 +4 5 -1 4 Cosmetics Domestic 32 +1 -3 30 -1 -2 Total 739 +118 -80 7
Slide 42: 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