Tsi Holdings Co., Ltd. · TSE:3608
Tsi — Q1 FY2026 Earnings Presentation
32 slides from Tsi's earnings presentation, July 2025
Slide 1: FY2026 First Quarter Financial Results Briefing
FY2026 First Quarter Financial Results Briefing
Slide 2: Agenda
AGENDA 1 Q1 FY2026 Overview 2 Sales Performance by Channel 3 Business Highlights 4 Growth Strategy 5 Financial and Capital Policy 6 Appendix Note: “FY” refers to the fiscal year that ends in February of the year indicated. For example, FY2026 refers to the period from March 1, 2025, to February 28,
Slide 3: Q1 FY2026 Overview
Q1 FY2026 Overview (March 1–May 31, 2025) 2
Slide 4: Executive Summary
Q1 FY2026 Overview Executive Summary D u r i n g t h e f i r s t q u a r t e r, J a p a n s a w s e v e r a l p o s i t i v e d e v e l o p m e n t s , i n c l u d i n g w a g e increases and a continued rise in inbound tourism. Meanwhile, concerns over a potential economic slowdown intensified due
Slide 5: Financial Highlights
Q1 FY2026 Overview Financial Highlights The structural profitability reforms outlined in the medium-term management plan continued to progress as planned. Although revenue was negatively affected, beyond the impact from the prior-year business withdrawals, operating income still increased, supported
Slide 6: Financial Highlights
Q1 FY2026 Overview Financial Highlights (Millions of yen) Positive Factors 111.4% Q1 ⚫ Some women's brands, including Arpege story, showed signs of recovery. 103.3% 99.8% 90.6% Net Sales ⚫ Sales of men's casual brands such as AVIREX and Schott remained strong. 39,372 39,295 35,605 Negative Factors ⚫
Slide 7: Net Income Impact – Itemized Breakdown
Q1 FY2026 Overview Net Income Impact – Itemized Breakdown Non-operating income and loss — including dividends received, real estate income, equity in earnings of affiliates, and foreign exchange losses — totaled 401 million yen, resulting in ordinary income of 1,916 million yen. Pre-tax income was 2
Slide 8: Balance Sheet (as of May 31, 2025)
Q1 FY2026 Overview Balance Sheet (as of May 31, 2025) Cumulative Q1ST 2025 Cash and Deposits Cumulative Q1ST 2026 Ending Feb. ⚫ A significant cash inflow was recorded from the Ended Feb. divestment of real estate at the end of the previous fiscal Results Composition Results Composition Y/Y Y/Y (%) y
Slide 9: Sales Performance by Channel
Sales Performance by Channel 8
Slide 10: Sales by Channel – Domestic
Q1 FY2026 Sales Performance by Channel Sales by Channel Department store sales declined to 80.6% YoY, due to low-profit store closures and soft core-brand performance. Sales of stores in commercial facilities were nearly flat at 99.9% YoY, excluding the impact of business withdrawals. As a result, d
Slide 11: E-commerce Sales
Q1 FY2026 Sales Performance by Channel E-commerce Sales Domestic in-house e-commerce revenue was 75.6% YoY, a decline of ¥845 million. Third-party marketplace sales remained slightly below the prior year at 97.3% YoY (excluding the impact of business withdrawals). As a result, total domestic e-comme
Slide 12: Business Highlights
Next Agenda Business Highlights
Slide 13: Core Brands
Q1 FY2026 Business Highlights Core Brands The men's core brand AVIREX marked its 50th anniversary with a special campaign, helping it maintain strong performance. On the other hand, delays in membership migration during the launch of mix.tokyo had a broad impact on core brands, leading to sluggish s
Slide 14: Emerging Growth Brands
Q1 FY2026 Business Highlights Emerging Growth Brands Men’s casual brands continued to perform well, driven by strong sales from inbound tourists and successful collaborations. Some women’s brands also showed signs of recovery compared to the previous fiscal year. 133.4% YoY 117.2% YoY 107.9% YoY ⚫ S
Slide 15: Sustainability Initiatives
Q1 FY2026 Business Highlights Sustainability Initiatives TSI Holdings Selected as a TSI Inc. Becomes First Major Japanese Apparel Company to Earn Supplier Engagement Leader OCS Certification ⚫ In the 2024 Supplier Engagement Rating, ⚫ To ensure transparency in the production process and the TSI Hold
Slide 16: Growth Strategy
Next Agenda Growth Strategy
Slide 17: Progress on E-commerce Integration
Q1 FY2026 Growth Strategy: OMO Initiatives Progress on E-commerce Integration mix.tokyo launched as scheduled in February 2025. Although the transition of existing members was delayed at launch—resulting in a significant sales drop—Compound Monthly Growth Rate (CMGR) since April has been 17.9%, indi
Slide 18: Enhancing Customer Touchpoints
Q1 FY2026 Growth Strategy: OMO Initiatives Enhancing Customer Touchpoints mix.tokyo has entered a new growth phase following its stable launch. While the early part of Q1 focused on ensuring platform stability, cross- brand promotional efforts were ramped up starting in Golden Week. Ongoing enhancem
Slide 19: Daytona International Joining the TSI Group
Q1 FY2026 Growth Strategy: New Business Development and M&A Daytona International Joining the TSI Group As part of the growth strategy outlined in the medium-term management plan, a new business initiative will be launched through the full acquisition of Daytona International Co., Ltd., operator of
Slide 20: Strategic Reinforcement of the Brand Portfolio
Q1 FY2026 Growth Strategy: New Business Development and M&A Strategic Reinforcement of the Brand Portfolio The addition of Daytona International to the Group will significantly enhance the brand portfolio. For TSI, whose existing brand development is relatively concentrated in a limited market segme
Slide 21: Expected Synergies from the Addition of Daytona International
Q1 FY2026 Growth Strategy: New Business Development and M&A Expected Synergies from the Addition of Daytona International Daytona International offers not only a complementary brand portfolio but also strengths in areas currently lacking within the TSI Group, creating a mutually reinforcing relation
Slide 22: Financial and Capital Policy
Financial and Capital Policy 21
Slide 23: Shareholder Returns
Q1 FY2026 Financial and Capital Policy Shareholder Returns We announced a share buyback of up to 6.0 billion yen to be executed by the end of December 2025. Under the current medium-term management plan, we aim to repurchase a total of over 15.0 billion yen, including 6.0 billion yen already repurch
Slide 24: Outlook for Q2 and Beyond
Outlook for Q2 and Beyond ➢ While the first quarter resulted in lower revenue but higher profit, indicating improved profitability, sales remained a challenge. ➢ From the second quarter onward, priority will be placed on driving revenue in existing businesses, particularly through physical stores an
Slide 25: 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. 24
Slide 26: Appendix
Next Agenda Appendix
Slide 27: Financial Highlights for the 1Q FY2026
Financial Highlights for the 1Q FY2026 Overview （Revenue Recognition Standards） (Millions (Sales amount of yen) in million JPY) Cumulative Q1ST 2025 Cumulative Q1ST 2026 Ending Feb. Ended Feb. Composition Composition Y/Y Results Results Y/Y (%) Rate (%) Rate (%) Change Net Sales 39,295 100.0 35,605
Slide 28: Net Sales Per Channel
Financial Highlights for the 1Q FY2026 Net Sales Per Channel (Sales amount in million JPY) （Revenue recognition standards） Cumulative Q1ST 2025 Cumulative Q1ST 2026 Ending Feb. Ended Feb. Results Composition Results Composition Composition Rate Y/Y (%) (Million yen) Rate (%) (Million yen) Rate (%) Y
Slide 29: Brand Sales Overview
Financial Highlights for the 1Q FY2026 (Sales amount in million JPY) Brands Overview Cumulative Q1ST 2025 Ended Feb. Cumulative Q1ST 2026 Ending Feb. YoY （Revenue recognition standards） Composition Gross Profit Composition Gross Profit Gross Profit Sales Sales Sales (%) Rate (%) Ratio (%) Rate (%) R
Slide 30: Trends in Sales for Domestic Existing and All Stores
Financial Highlights for the 1Q FY2026 Trends in Sales for Domestic Existing and All Stores Q1ST 2025 Ending Feb Q1ST 2026 Ending Feb. All Stores：101.1％ All Stores：91.4％ Existing Stores：101.8％ Existing Stores：95.1％ Ending Feb.2025 Ending Feb.2026 copyright © 2025 TSI HOLDINGS CO., LTD. All right res
Slide 31: The Number of Stores
Financial Highlights for the 1Q FY2026 The Number of Stores Cumulative Q1ST FY Ended Store Store Cumulative Q1ST Y/Y Q1/Q4 2025 Ended Feb. Feb. 2025 Open Close 2026 Ending Feb. Change Change Domestic 738 688 +21 -17 692 -46 4 Apparel Overseas 31 18 +2 -4 16 -15 ▲2 Total 769 706 +23 -21 708 -61 2 Res
Slide 32: Forward-looking statements notice
This document comprises of forward-looking statements, including forecasts, outlooks, targets, and plans pertaining to the Company, its subsidiaries, and affiliates. The statements are based on the information available to the Company as of the date of this document and certain reasonable assumption