J. Front Retailing Co., Ltd. · TSE:3086
J. Front Retailing — H1 FY2026 Earnings Presentation
41 slides from J. Front Retailing's earnings presentation, Oct 13, 2026
Slide 1: Presentation of Results for Interim Period of the Fiscal Year Ending February 28, 2027
Presentation of Results for Interim Period of the Fiscal Year Ending February 28, 2027 October 13, 2026 J. Front Retailing Co., Ltd. Create and Bring to Life “New Happiness.”
Slide 2: Today’s Agenda
Today’s Agenda I. H1 FY2026 Results and Full FY2026 Forecast II. Progress of the Medium-term Business Plan and Direction for the New Medium-term Business Plan 2
Slide 3: H1 FY2026 Results and Full FY2026 Forecast
H1 FY2026 Results and Full FY2026 Forecast NAGAMINE Takamasa Director and Managing Executive Officer Senior Executive General Manager, Financial Strategy Unit J. Front Retailing Co., Ltd. Create and Bring to Life “New Happiness.” 3
Slide 4: H1 FY2026 Consolidated P&L Results (IFRS)
H1 FY2026 Consolidated P&L Results (IFRS) Both Department Store and SC performed well, resulting in a 2.5% increase YoY in gross sales. Business profit decreased by 5.6% YoY due to factors such as the renovation of the Umeda store and a decline in sales following the Expo. However, it exceeded the A
Slide 5: H1 FY2026 Segment Performance (IFRS) (1)
H1 FY2026 Segment Performance (IFRS) (1) (Billions of yen, unless otherwise stated) Q1 Q2 H1 Interim period of fiscal year Changes vs. ending February 28, 2027 Results YoY (%) Results YoY (%) Results YoY (%) April Forecast Gross sales 200.1 3.9) 200.8 (0.3) 400.9 1.8) 6.1) Department Revenue 63.3 (0
Slide 6: H1 FY2026 Segment Performance (IFRS) (2)
H1 FY2026 Segment Performance (IFRS) (2) (Billions of yen, unless otherwise stated) Q1 Q2 H1 Interim period of fiscal year Changes vs. ending February 28, 2027 Results YoY (%) Results YoY (%) Results YoY (%) April Forecast Gross sales 3.6) 16.2 3.5) 2.9) 7.2) 9.2) (0.0) Payment Revenue 3.6) 16.2 3.5
Slide 7: Segment Information (IFRS) Main Reasons for Changes
Segment Information (IFRS) Main Reasons for Changes Department Store Business Despite the impact of sales floor closures at Daimaru Umeda and a reaction to Expo-related sales, revenue increased as both domestic and duty-free sales performed strongly. Combined with factors such as a timing shift in S
Slide 8: Daimaru Matsuzakaya Department Stores Major Store Sales
Daimaru Matsuzakaya Department Stores Major Store Sales Total store sales excluding the Umeda store, which is currently undergoing major renovations, increased by 7.0% The Nagoya store continued to perform well with transaction volume remaining robust including the HAERA area. (%) First six months o
Slide 9: Daimaru Matsuzakaya Department Stores Duty-free Sales
Daimaru Matsuzakaya Department Stores Duty-free Sales Though the number of visitors from mainland China decreased significantly, per-customer spending rose against the backdrop of the weak yen. Total sales for H1 reached ¥53.4 billion (+ 13.8% YoY), exceeding the plan by 11.3%. Total duty-free sales
Slide 10: Daimaru Matsuzakaya Department Stores SGA Analysis (IFRS)
Daimaru Matsuzakaya Department Stores SGA Analysis (IFRS) Decreased by ¥0.7 billion YoY, partly due to a timing shift into H2, but increased by ¥0.7 billion, excluding Expo-related expenses. (Millions of yen) Advertising Packing and Depreciation Personnel transportation Labor (140) 252 (123) (212) P
Slide 11: PARCO Major Store Tenant Transaction Volume Percentage Change
PARCO Major Store Tenant Transaction Volume Percentage Change Both domestic customer and inbound transaction volumes were strong. Shibuya store ,which was undergoing renovations in the previous year, achieved a 28.6% increase in revenue. Shinsaibashi saw a 3.6% decrease in revenue due to factors suc
Slide 12: Consolidated BS Results (IFRS)
Consolidated BS Results (IFRS) Total assets were ¥1,136.1 billion, a decrease of ¥5.4 billion from the end of the previous fiscal year. Interest-bearing liabilities (excluding lease liabilities) were ¥184.3 billion, an increase of ¥7.8 billion from the end of the previous fiscal year. Equity attribu
Slide 13: Consolidated CF Results (IFRS)
Consolidated CF Results (IFRS) Operating CF was ¥38.0 billion, an increase of ¥4.4 billion YoY, driven by lower corporate tax payments. Investing CF saw outflows increase by ¥22.1 billion YoY, due to store investments and investments in the Developer Business. Financing CF recorded an outflow of ¥21
Slide 14: Short-term Forecast for the Business and Macro Environment
Short-term Forecast for the Business and Macro Environment Despite economic adjustment risks, consumer spending remains resilient overall. 【Domestic】 Consumer spending is projected to remain generally resilient overall, supported by the wealth effect, despite potential risks of stock price volatilit
Slide 15: H2/Full FY2026 Consolidated P&L Forecast (IFRS)
H2/Full FY2026 Consolidated P&L Forecast (IFRS) Despite the impact of floor closures at Daimaru Umeda, full-year business profit is projected to reach a record high of ¥53.5 billion driven by strong Department Store performance. Operating profit is expected to decrease by ¥1.0 billion compared to th
Slide 16: FY2026 Segment Performance Forecast (IFRS) (1)
FY2026 Segment Performance Forecast (IFRS) (1) (Billions of yen, unless otherwise stated) H2 Full year Fiscal year ending February 28, 2027 Changes vs. Changes vs. Forecast YoY (%) Forecast YoY (%) April Forecast April Forecast Gross sales 455.8 4.8) 6.6) 856.8 3.4) 12.8) Department Revenue 149.1 7.
Slide 17: FY2026 Segment Performance Forecast (IFRS) (2)
FY2026 Segment Performance Forecast (IFRS) (2) (Billions of yen, unless otherwise stated) H2 Full year Fiscal year ending February 28, 2027 Changes vs. Changes vs. Forecast YoY (%) Forecast YoY (%) April Forecast April Forecast Gross sales 7.9) 16.1 0.3) 15.2) 12.7) 0.2) Payment and Revenue 7.9) 16.
Slide 18: Segment Information (IFRS) Main Reasons for Changes
Segment Information (IFRS) Main Reasons for Changes Department Store Business Although the impact of sales floor closures at Daimaru Umeda will continue, business profit for H2 is projected to remain at the same level as the previous year. Gaisho sales will remain solid, and duty-free sales are proj
Slide 19: Daimaru Matsuzakaya Department Stores Major Store Sales Forecast
Daimaru Matsuzakaya Department Stores Major Store Sales Forecast Driven by growth in gaisho sales and other factors, total sales for the stores excluding the Umeda store are planned to increase by 8.3% YoY. Duty-free sales are expected to reach ¥60.5 billion (+4.9% YoY), with the Department Store Bu
Slide 20: Daimaru Matsuzakaya Department Stores SGA Analysis (IFRS)
Daimaru Matsuzakaya Department Stores SGA Analysis (IFRS) SGA is expected to increase by ¥2.0 billion YoY due to rises in personnel costs, system- related expenses, and utility costs while also increasing by ¥1.2 billion from the April forecast partly due to the timing shift from H1. (Millions of ye
Slide 21: Consolidated BS Forecast (IFRS)
Consolidated BS Forecast (IFRS) Total assets are expected to be ¥1,310.0 billion, representing an increase of ¥168.4 billion from the end of the previous fiscal year driven by investments and other factors. Interest-bearing liabilities (excluding lease liabilities) are expected to be ¥247.0 billion,
Slide 22: Consolidated CF Forecast (IFRS)
Consolidated CF Forecast (IFRS) Operating CF is expected to be ¥82.0 billion, representing a YoY increase of ¥15.0 billion driven by higher profits and other factors. Investing CF is expecting an outflow of ¥114.5 billion, reflecting the execution of strategic investments and other factors. Financin
Slide 23: Shareholder Returns
Shareholder Returns The interim dividend is ¥28 per share, an increase of ¥1 from the previous year. Annual dividends including the year-end dividend, are projected at ¥56 per share (an increase of ¥2 YoY), as announced in April. The payout ratio is projected to be around 47% and the total return ra
Slide 24: Progress of the Medium-term Business Plan and Direction for the Next Medium-term Business Plan
Progress of the Medium-term Business Plan and Direction for the Next Medium-term Business Plan ONO Keiichi Director, President and Representative Executive Officer J. Front Retailing Co., Ltd. Create and Bring to Life “New Happiness.” 24
Slide 25: Values, Synergies and Assets (reproduced from April 2026 presentation)
Reproduced from “Presentation of Results for Fiscal Year Ended February 28, 2026”, (released on April 14, 2026) Values Co-creation of Co-prosperity with Excitement Communities Area Customer Synergies Content Co-existence with the Environment As 25
Slide 26: Progress and Results towards “Change”: Business Profit Exceeded ¥50 billion
Progress and Results towards “Change” Business Profit Exceeded ¥50 billion, Reaching a Significantly Higher Level Historical Trends in Business Profit over the Past 10 Years (Billions of Yen) 50 46.8 45.5 45.3 44.3 53.4 53.5 50.5 Forecast 2.3 11.7 24.8 30 2017 18 19 20 21 22 23 24 25 2026 （FY） The C
Slide 27: Progress and Results towards “Change”
Progress and Results towards “Change” 1 Stores Enhancement of store appeal and profitability by major renovations of key stores Areas Opening of HAERA in the Nagoya-Sakae area Promoting customer acquisition through a joint initiative involving Department stores, PARCO, and JFR Card 2 The number of G
Slide 28: Stores & Areas: (1) Opening of HAERA
Progress and Results towards “Change” in the Current Medium-term Business Plan 1. Stores & Areas: (1) Opening of HAERA • New commercial facility “HAERA” opened in June 2026 in Nagoya's Sakae area, the top priority area • Aim to maximize the value of the area through customer circulation and consumpt
Slide 29: Stores & Areas: (2) Major Renovation & Rebuilding
Progress and Results towards “Change” in the Current Medium-term Business Plan 1. Stores & Areas: (2) Major Renovation & Rebuilding Advancing plans for major renovations and rebuilding to enhance store competitiveness and appeal as a commercial hub. Completed Renovation Decision Made for Renovation
Slide 30: Customers: Expanding each company’s base
Progress and Results towards “Change” in the Current Medium-term Business Plan 2. Customers: Expanding each company’s base • The customer base is steadily expanding through initiatives such as the card consolidation within the Group and the strengthening of app membership. • Positive momentum in new
Slide 31: Contents: Implementation of ownership and development
Progress and Results towards “Change” in the Current Medium-term Business Plan 3. Contents: Implementation of ownership and development • Acquired all shares of Clanet Holdings Co., Ltd., which owns Pieroth Japan K.K., a company engaged in the sale of imported wines, on September 1, 2026. • Aim for
Slide 32: Management Foundation (1)
Progress and Results towards “Change” in the Current Medium-term Business Plan 4. Management Foundation (1) ■ Evaluating Businesses, Stores, and Properties The Amount of Non-Core Properties Business transfer of JFR Business Kodomo Mirai (in April 2025) (Billions of Yen) （億円） 15 150 Closure of Matsum
Slide 33: Management Foundation (2)
Progress and Results towards “Change” in the Current Medium-term Business Plan 4. Management Foundation (2) ■Enhancing and promoting highly efficient businesses Integration and restructuring of construction and interior design and facilities businesses (March 2026） Business Launch of commercial faci
Slide 34: Challenges for the “Phase of Rapid Growth”
Towards the Next Medium-term Business Plan Challenges for the “Phase of Rapid Growth” To Meet Market Expectations Room for Sustainable Growth Business Portfolio Expansion in Core Businesses Remains a Work in Progress The level of business profit has clearly moved up The content business is being ste
Slide 35: Policy for the Next Medium-term Business Plan
Towards the Next Medium-term Business Plan Policy for the Next Medium-term Business Plan The transformation into a “Value Co-creation Retailer” remains unchanged. – Transforming the Group diversity into value for customers – Expanding customer touchpoints and deepen data accumulation and customer un
Slide 36: Outline of the Next Medium-term Business Plan
Towards the Next Medium-term Business Plan Outline of the Next Medium-term Business Plan Strategic Expanding Business Portfolio Investment Hakata Tenjin Osaka Umeda Nagoya Osaka Sakae Shinsaibashi Thoroughly Strengthening Existing Individual Businesses Businesses Leveraging the Group’s Comprehensive
Slide 37: The Evolution of Synergy: Adjacency Fusion
Towards the Next Medium-term Business Plan The Evolution of Synergy Ueno PARCO_ya HAERA Large-scale redevelopment in the Fukuoka-Tenjin area Parco will operate at Matsuzakaya Nagoya Sinsaibashi South Building PARCO 2017 2020 2026 2027 Around 2030 Towards the Ultimate Synergy Adjacency Fusion Model C
Slide 38: Strengthening Cross-Group Customer Engagement
Towards the Next Medium-term Business Plan Strengthening Cross-Group Customer Engagement Aim to deepen our understanding of customers through cross-group marketing (integrating customer IDs and programs) and to deliver experiences tailored to each individual by leveraging the diverse range of stores
Slide 39: The Group Collaboration in Key Markets
Towards the Next Medium-term Business Plan The Group Collaboration in 2 Key Markets Group-wide Deployment of Launch the Group “Gaisho” Service Inbound Initiatives The sales of customers “gaisho” is expected to achieve new record sales, driven by a double-digit increase in top- The Group's total inbo
Slide 40: Cash Allocation
Towards the Next Medium-term Business Plan Cash Allocation Aiming for ROE of 10%, our top priority is to first achieve ROE of 8% at an early stage. (Billions of Yen) Equity Trends and Net D/E Ratio (Times) 1,400 1.40 Through the current Medium-term 1,200 1.20 Business Plan, Equity capital has been w
Slide 41: Create and Bring to Life “New Happiness.”
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