Note : This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Summary of Financial Results for the Year Ended March 2025 [Japanese standards] (Consolidated)May 13, 2025
Listed Company Name: Aoyama Trading Co., Ltd. Listed Exchange: Tokyo Stock Exchange Code: 8219 URL https://www.aoyama-syouji.co.jp
Representative: (Title) President (Name) Osamu Aoyama
Contact person: (Title) Director, Senior Managing Executive Officer (Name) Koichi Yamane TEL: 084-920-0050 Scheduled date to hold the ordinary general meeting of shareholders: June 26, 2025 Scheduled date to start distributing dividends: June 27, 2025 Scheduled date to submit securities report: June 25, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results presentation meeting: Yes (For institutional investors and analysts)
(Amounts are rounded down to the nearest million yen)
Consolidated financial results for the fiscal year ended in March 2025 (From April 1, 2024 to March 31, 2025)
Consolidated financial results (Presentation of percentages is the ratio of increase / decrease compared to the same period of year on year)
Net sales
Operating income
Ordinary income
Profit attributable to owners of parent
million yen
%
million yen
%
million yen
%
million yen
%
FY3/2025
194,790
0.6
12,573
5.5
12,628
1.0
9,397
(6.9)
FY3/2024
193,687
4.4
11,918
59.5
12,503
43.2
10,089
135.8
(Note) Comprehensive income: FY3/2025: 8,392 million yen［(30.9%)］ FY3/2024: 12,140 million yen ［105.3%］
Net income per share
Diluted net income per share
Return on equity
Ratio of ordinary income to total assets
Ratio of operating income to net sales
Yen
Yen
%
%
%
FY3/2025
190.32
-
5.3
3.9
6.5
FY3/2024
202.38
-
5.9
3.7
6.2
(Reference) Investment gains and losses using the equity method: FY3/2025: - million yen FY3/2024: - million yen
Consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
million yen
million yen
%
Yen
As of Mar. 31, 2025
318,404
181,488
55.8
3,662.77
As of Mar. 31, 2024
335,597
180,877
52.8
3,552.28
(Reference) Equity capital: As of Mar. 31, 2025: 177,779 million yen As of Mar. 31, 2024: 177,126 million yen
Consolidated cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at the end of period
million yen
million yen
million yen
million yen
FY3/2025
13,784
5,744
(21,148)
66,109
FY3/2024
12,960
(2,491)
(18,468)
67,657
Dividends
Annual dividend
Total amount of cash dividends (total)
Dividend payout ratio (Consolidated)
Ratio of dividends to
net assets (Consolidated)
Q1-end
Q2-end
Q3-end
Year-end
Total
Yen
Yen
Yen
Yen
Yen
million yen
%
%
FY3/2024
-
0.00
-
65.00
65.00
3,262
32.1
1.9
FY3/2025
-
30.00
-
104.00
134.00
6,597
70.4
3.7
FY3/2026 (Forecast)
-
55.00
-
81.00
136.00
69.5
(Note) Breakdown of year-end dividend for FY3/2024: Ordinary dividend: 60.00 yen Commemorative dividend: 5.00 yen.
For details, please refer to " Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years "on page 7 of the appendix.
Consolidated forecast for the year ending March, 2026 (From April 1, 2025 to March 31, 2026)
(Presentation of percentages is the ratio of increase / decrease compared to the same period year on year)
Net sales | Operating income | Ordinary income | Profit attributable to owners of parent | Net income per share | |||||
million yen | % | million yen | % | million yen | % | million yen | % | Yen | |
Q2 cumulative total | 84,900 | 1.0 | |||||||
0 | - | 0 | - | (1,200) | - | (24.72) | |||
Full year | 199,800 | 2.6 | 14,000 | 11.3 | 14,000 | 10.9 | 9,500 | 1.1 | 195.73 |
* Notes
Significant changes in the scope of consolidation during the period: None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revision of accounting standards: Yes
Changes in accounting policies for a reason other than the above [a]: None
Changes in accounting estimates: None
Restatements: None
(Note) For details, please refer to “Consolidated Financial Statements and Main Notes (5) Notes to Consolidated Financial Statements (Notes on Changes in Accounting Policies)” on page 16.
Number of outstanding shares (common shares)
As of Mar. 31, 2025
50,394,016 shares
As of Mar. 31, 2024
50,394,016 shares
As of Mar. 31, 2025
1,857,216 shares
As of Mar. 31, 2024
531,253 shares
FY3/2025
49,379,483 shares
FY3/2024
49,855,834 shares
Number of shares outstanding at the end of the fiscal year (including treasury shares)
Number of treasury shares at the end of the fiscal year
Average number of shares outstanding during the term
(Note) The number of treasury shares at the end of the period includes the Company's shares owned by the trust accounts (395,936 shares for FY3/2025 and 328,400 shares for FY3/2024) as trust assets pertaining to the "Stock Benefit Trust (J-ESOP・BBT-RS)”. In addition, the Company's shares held in the trust account are included in the Treasury shares that is deducted in the calculation of the average number of shares during the period (375,837 shares for FY3/2025 and 330,391 shares for FY3/2024).
(Reference) Overview of non-consolidated business results
Non-consolidated business results for the fiscal year ended in March 2025 (From April 1, 2024 to March 31, 2025)
Non-consolidated financial results (Presentation of percentages is the ratio of increase / decrease compared to the same period year on year)
Net sales
Operating income
Ordinary income
Net income
million yen
%
million yen
%
million yen
%
million yen
%
FY3/2025
129,439
(0.4)
8,826
13.5
9,842
9.2
8,452
10.5
FY3/2024
129,903
4.6
7,780
99.8
9,013
70.4
7,651
231.1
Net income per share
Diluted net income per share
Yen
Yen
FY3/2025
171.18
-
FY3/2024
153.46
-
Non-consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
million yen
million yen
%
Yen
As of Mar. 31, 2025
234,901
152,913
65.1
3,150.47
As of Mar. 31, 2024
242,109
153,670
63.5
3,081.87
(Reference) Equity capital As of Mar. 31, 2025: 152,913 million yen As of Mar. 31, 2024: 153,670 million yen
Non-consolidated forecast for the year ending March, 2026 (From April 1, 2025 to March 31, 2026)
(Presentation of percentages is the ratio of increase / decrease compared to the same period year on year)
Net sales | Operating income | Ordinary income | Net income | Net income per share | |||||
million yen | % | million yen | % | million yen | % | million yen | % | Yen | |
Q2 cumulative total | 51,100 | (0.4) | (1,900) | ||||||
- | (200) | - | (600) | - | (12.36) | ||||
Full year | 130,700 | 1.0 | 9,400 | 6.5 | 11,200 | 13.8 | 8,500 | 0.6 | 175.12 |
The financial results are outside the scope of the audit by certified public accountants or by an audit firm.
Explanation of forecasts of operations and other notes (Notes on forward-looking statements)
The earnings forecasts and other forward-looking statements contained in this document are based on information currently available to the Company and on certain assumptions deemed reasonable by the Company. The Company does not guarantee that these forecasts will be achieved. Actual results may differ significantly due to a variety of factors. Please refer to" Future Outlook " on page 6 of the Appendix for the assumptions used in the forecasts and notes on the use of the forecasts.
(How to obtain supplementary materials for financial results)
The Company plans to hold a briefing for institutional investors and analysts (online) on Tuesday, May 20, 2025. The financial results briefing materials distributed at this briefing will be disclosed on TD net and will also be posted on the Company's website.
Contents
Overview of Operating Results 2
Overview of Operating Results for the Current Term 2
Overview of Financial Position for the Current Term 5
Overview of Cash Flows for the Current Term 5
Future Outlook 6
Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years 7
Basic Policy Concerning Selection of Accounting Standards 7
Consolidated Financial Statements and Main Notes 8
Consolidated Balance Sheet 8
Consolidated Statements of Income and Comprehensive Income 10
Consolidated Statements of Changes in Shareholders' Equity 12
Consolidated Statements of Cash Flows 14
Notes to Consolidated Financial Statements 16
(Notes Concerning Going Concern Assumption) 16
(Notes on Changes in Accounting Policies) 16
(Segment Information etc.) 16
(Per-share Information) 21
(Significant Subsequent Events) 21
Non-Consolidated Financial Statements and Main Notes 22
Balance Sheet 22
Statement of Income 24
Statement of Changes in Shareholders' Equity 25
Others 27
Changes in Officer 27
Others 28
<< Reference >>
Net Sales of Aoyama Trading Co., Ltd. Business Wear Business by Product 28
Number of Stores of Aoyama Trading Co., Ltd. Business Wear Business 29
Overview of Operating Results
Overview of Operating Results for the Current Term
Matters concerning the future in the text are based on the judgment of the Group as of the end of the current consolidated fiscal year under review.
(Unit: million yen)Net sales (million yen)
Operating income (million yen)
Ordinary income (million yen)
Profit attributable to owners of parent
(million yen)
Net income per share
(yen)
FY3/2025
194,790
12,573
12,628
9,397
190.32
FY3/2024
193,687
11,918
12,503
10,089
202.38
Increase (decrease)
1,102
654
124
(691)
-
Year-on-year
(%)
100.6
105.5
101.0
93.1
-
Net sales
Segment income or loss (-) (Operating income or loss (-))
Current term
Previous term
Increase (decrease)
Year-on-year (%)
Current term
Previous term
Increase (decrease)
Year-on-year (%)
Business Wear Business
133,109
133,210
(101)
99.9
8,927
7,807
1,119
114.3
Credit Card Business
5,265
4,959
305
106.2
1,977
2,026
(48)
97.6
Printing and Media Business
10,956
11,452
(495)
95.7
(177)
124
(301)
-
Sundry Sales Business
15,113
15,232
(118)
99.2
141
245
(104)
57.6
Total Repair Service business
14,130
13,362
767
105.7
161
171
(10)
94.0
Franchisee Business
16,214
15,157
1,056
107.0
1,118
1,090
27
102.5
Real Estate Business
2,984
3,066
(82)
97.3
578
557
21
103.9
Others
1,110
1,489
(378)
74.6
(284)
(254)
(29)
-
Adjustments
(4,094)
(4,243)
149
-
129
149
(19)
86.8
Total
194,790
193,687
1,102
100.6
12,573
11,918
654
105.5
(Notes) Net sales and Segment income or loss by segment (operating income or loss) are figures before the elimination of intersegment transactions.
During the fiscal year under review, the Japanese economy is expected to continue its moderate recovery, supported by improvements in the employment and income environments and the effects of various policies. On the other hand, there are concerns about the risk of a downturn in the economy due to a decline in consumer confidence caused by continued price increases and the impact of policy trends in the United States.
Under these circumstances, the Group's performance posted steady sales in Business Wear Business and Franchisee Business, while sales in Printing and Media Business and Sundry Sales Business declined year on year. In addition, the impact of the income tax adjustment recorded in the previous year was negligible in the current year.
Net sales 194.79 billion yen (up 0.6% year on year) Operating income 12.573 billion yen (up 5.5% year on year) Ordinary income 12.628 billion yen (up 1.0% year on year)
Profit attributable to owners of parent 9.397 billion yen (down 6.9% year on year)
The operating results by segment are as follows.
The following Net sales by segment and segment income (loss) are figures before elimination of inter-segment transactions.
<< Business Wear Business >>
[Aoyama Trading Co., Ltd. Business Wear Business, Blue Reverse Co., Ltd., MDS Co., Ltd., Eisho Co., Ltd., FUKURYO Co., Ltd., Aoyama Suits (Shanghai) Co., Ltd., Melbo Men’s Wear, Inc.]
Sales in this segment were 133.109 billion yen (down 0.1% year on year), and segment profit (Operating profit) was 8.927 billion yen (up 14.3% year on year).
In the Aoyama Trading Co., Ltd. Business Wear Business, which is the core segment of this business, the custom-made suit brand "Quality Order SHITATE" performed steadily, and the functional set-up suit "Zero Pressure Suit," which is easy to use for casual styles, became popular. We have implemented various measures, including the development of a new ladies' style. As a result of these efforts, net sales at existing stores in Business Wear Business were down 0.4% year on year. The number of men's suits sold was 1.048 million (down 10.7% year on year), and the average unit sales price was 34,076 yen (up 7.3% year on year).
Segment profit increased from the previous year due to the efficient use of expenses related to sales promotion.
existing stores in Business Wear Business of Aoyama Trading Co., Ltd.>(Unit: %)
FY3/2023
FY3/2024
FY3/2025
Net sales
111.7
106.3
99.6
Number of customers
108.9
102.8
98.1
Unit price per customer
102.6
103.4
101.5
FY3/2023
FY3/2024
FY3/2025
Number of men’s suits sold (thousand)
1,214
1,174
1,048
Average sales unit price (yen)
28,794
31,764
34,076
Store openings and closings are as follows.
number of stores at the end of the fiscal year (as of March 31, 2025)>(Unit: Store)
Name of business category
Aoyama Trading Co., Ltd.
Aoyama Suits (Shanghai)
Co., Ltd.
Melbo Men’s Wear, Inc.
Yofuku-no-Aoyama
The Suit Company
Universal Language
Measure’s
Total
Yofuku-no-Aoyama
azabu tailor
Opened [Relocation]
(April to March)
4 [2]
6 [2]
0
10 [4]
1
1 [1]
Closed (April to March)
9
4
1
14
3
0
Number of stores as of the
end of March
678
43
13
734
6
27
(Notes) 1."The Suit Company" includes "Suit Square" and "White The Suit Company" (including outlet stores). "Universal Language Measure's" includes "Universal Language" (including outlet stores).
Store opened and closed in Aoyama Suits (Shanghai) Co., Ltd. are from January to December 2024. The number of stores at the end of the fiscal year is as of the end of December 2024.
Store opened and closed in Melbo Men’s Wear, Inc. are from March 2024 to February 2025. The number of stores at the end of the fiscal year is as of end of February, 2025.
<< Credit Card Business >>［Aoyama Capital Co., Ltd.］
In this segment, sales were 5.265 billion yen (up 6.2% year on year), and segment profit (operating profit) was 1.977 billion yen (down 2.4% year on year), due to an increase in sales promotion expenses and other factors, despite an increase in shopping transaction volume as a result of various campaigns.
The Company procures funds through borrowings from its parent company, Aoyama Trading Co., Ltd., etc., and issuance by Bonds payable.
February 2023 | February 2024 | February 2025 | |
Number of active members (10 thousand people) | 400 | 391 | 385 |
Operating loans balance (million yen) | 52,889 | 53,219 | 53,471 |
<< Printing and Media Business >>［ASCON Co., Ltd.］
In this segment, sales were 10.956 billion yen (down 4.3% year on year), and segment loss (operating loss) was 177 million yen (segment income (operating income) of 124 million yen in the previous fiscal year), mainly due to decreases in printing and DM sales and device-related sales, as well as a decrease in gross profit sales due to a rise in costs.
<< Sundry Sales Business >>［Seigo Co., Ltd.］
In this segment, sales were 15.113 billion yen (down 0.8% year on year), and segment profit (operating profit) was 141 million yen (down 42.4% year on year), due to the closure of unprofitable stores and the impact of soaring costs, despite year-on-year increases in existing store sales.
As of the end of February 2025, there were 101 stores.
<< Total Repair Service Business >>［Minit Asia Pacific Co., Ltd.］
In this segment, sales were 14.13 billion yen (up 5.7% year on year), and segment profit (operating profit) was 161 million yen (down 6.0% year on year). This was mainly due to the aggressive promotion of franchise stores in the overseas business and new services in the Japan business, such as suitcase caster replacement and umbrella repair services, which compensated for a decrease in sales in the mainstay shoe repair business.
Store openings and closings are as follows.
< Number of stores opened and closed in Total Repair Service Business and number of stores at the end
of the fiscal year (as of March 31, 2025)> (Unit: Store)
Area | Mister Minit | |||
Japan | Oceania | Others | Total | |
Opened (April to March) | 17 | 9 | 5 | 31 |
Closed (April to March) | 14 | 7 | 2 | 23 |
Number of stores as of the end of March | 255 | 340 | 36 | 631 |
(Note) "Oceania" refers to Australia and New Zealand, and "Others" refers to Singapore and Malaysia.
<< Franchisee Business >>［glob Co., Ltd.］
In this segment, sales were 16.214 billion yen (up 7.0% year on year), and segment profit (operating profit) was 1.118 billion yen (up 2.5% year on year), both record highs, due to year-on-year increases in net sales at existing stores in each business category and steady progress in store openings.
Store openings and closings are as follows.
< Number of stores opened and closed in Franchisee Business by type of business and number of stores
at the end of the fiscal year (as of March 31, 2025)> (Unit: store)
Name of business category | Food Service Business | Reuse Business | Fitness Business | |
Yakiniku King | Yuzu An | 2nd STREET | Anytime Fitness | |
Opened (April to March) | 2 | 0 | 0 | 3 |
Closed (April to March) | 0 | 0 | 0 | 0 |
Number of stores as of the end of March | 42 | 13 | 18 | 12 |
<< Real Estate Business >>［Aoyama Trading Co., Ltd. Real Estate Business］
In this segment, sales were 2.984 billion yen (down 2.7% year on year), and segment profit (operating profit) was 578 million yen (up 3.9% year on year).
<< Others >>［WTW Corporation, Customlife Co., Ltd.］
In the Other Businesses segment, sales were 1.11 billion yen (down 25.4% year on year), and segment loss (operating loss) was 284 million yen (254 million yen in the previous fiscal year).
As of March 31, 2025, there were eight WTW stores.
Overview of Financial Position for the Current Term
(Assets)
Current assets were 193.876 billion yen (down 13.214 billion yen from the end of the previous fiscal year). This was mainly due to decreases of 11.168 billion yen in Cash and deposits sales and 2.966 billion yen in merchandise and finished goods sales. Non-current assets were 124.515 billion yen (down 3.96 billion yen from the end of the previous fiscal year). This was mainly due to decreases of 870 million yen in Total property, plant and equipment, 2.742 billion yen in investment securities,
and 529 million yen in Leasehold and guarantee deposits.
As a result, total assets amounted to 318.404 billion yen (down 17.193 billion yen from the end of the previous fiscal year). (Liabilities)
Current liabilities were 68.710 billion yen (down 32.492 billion yen from the end of the previous fiscal year). The main
factors were decreases of 1.435 billion yen in notes and accounts payable - trade, 4.382 billion yen in electronically recorded obligations - operating, 15.005 billion yen in the current portion of bonds payable, 10.623 billion yen in short-term borrowings, and 1.212 billion yen in accounts payable - other.
Non-current liabilities amounted to 68.205 billion yen (up 14.687 billion yen from the end of the previous fiscal year). This was mainly due to a decrease of 859 million yen in retirement benefit liability and an increase of 15.494 billion yen in longterm borrowings.
As a result, total liabilities amounted to 136.915 billion yen (down 17.804 billion yen from the end of the previous fiscal year).
(Net Assets)
Total net assets amounted to 181.488 billion yen (up 611 million yen from the end of the previous fiscal year). This was mainly due to an increase of 4.462 billion yen in retained earnings, increase of 2.743 billion yen in treasury shares, which is deducted from net assets and a decrease of 1.476 billion yen in valuation difference on available-for-sale securities.
Overview of Cash Flows for the Current Term
Cash and cash equivalents (hereinafter referred to as "cash") at the end of the fiscal year under review decreased by 1.548 billion yen from the beginning of the fiscal year to 66.109 billion yen (97.7% of the previous fiscal year).
The status of each cash flow and the factors thereof in the current consolidated fiscal year are as follows.
Net cash provided by operating activities was 13.784 billion yen (compared with 12.96 billion yen provided in the previous fiscal year).
This was mainly due to a decrease of 5.649 billion yen in notes and accounts payable - trade and 3.011 billion yen in income taxes paid, which offset an increase of 12.442 billion yen in Income before income taxes expenses, 7.084 billion yen in depreciation, and 2.779 billion yen in inventories.
Net cash provided by investing activities was 5.744 billion yen (2.491 billion yen was used in the previous fiscal year).
Cash outflows included 9.293 billion yen for time deposits and 3.578 billion yen for the acquisition of property, plant and equipment, while cash inflows included 18.798 billion yen in proceeds from the withdrawal of time deposits.
Net cash used in financing activities was 21.148 billion yen (compared with 18.468 billion yen used in the previous fiscal year).
The net increase in short-term borrowings of 1.925 billion yen and proceeds from long-term borrowings of 26.9 billion yen were offset by the repayment of long-term borrowings of 23.954 billion yen, the redemption of bonds payable of 15.005 billion yen, the acquisition of treasury shares of 3.14 billion yen, the payment of dividends of 4.77 billion yen, and the repayment of Lease liabilities of 3.191 billion yen.
Future Outlook
In the business environment surrounding Business Wear Business, which is the core business of the Group, we recognize that it is necessary to respond to large-scale social structural changes such as digitalization, in addition to the contraction of the suit market, against the backdrop of a decrease in the working-age population and the further shift to casual office wear.
In this business environment, we will implement five basic strategies by promoting OMO, DX, and human capital management in order to achieve the goals of our medium-term management plan, which ends in the fiscal year ending March 2027.
Main Targets (Consolidated)
Fiscal year ending March 2027 Plan
Net sales
210,000 million yen
Operating income (compared to Net sales)
17,000 million yen (8.1%)
Profit attributable to owners of parent (compared to Net sales)
12,600 million yen (6.0%)
Return on equity (ROE)
6.6%
Basic Strategy
Maintaining and improving the earnings power of existing Business Wear Business stores
① Expansion of order-made products and services
② Efficient reduction of inventories of ready-made products
③ Improvement of gross profit rates by improving store inventory efficiency and revising prices
④ Investment in renewal to strengthen product and service offerings and improve shop-floor operational efficiency
⑤ Strengthen EC, deepen digital marketing and OMO strategy
Expanding market share by opening new stores Business Wear Business
① New format and low-investment model
② Build & scrap of unprofitable stores
Promotion of profit-oriented management
Investment in existing stores, new store openings, recruitment and development of human resources, DX, replacement of core systems
Reduce and restrain headquarters expenses while prioritizing investment to strengthen management foundation such as development of logistics infrastructure.
Strengthening Group Governance
① Promotion of business portfolio management
② Expand investment in existing businesses with the aim of sustainable growth
③ Development and fostering of new businesses and M & A exploration
Initiatives for sustainability
① Deepening of ESG management
② Climate change response, human rights management, supply chain management, human capital management, and Diversity and Inclusion Initiatives
Measures to Realize Management Conscious of Cost of Capital and Stock Price
On November 12, 2024, the Company announced that it would take measures to realize management that is conscious of the cost of capital and the stock price. The Company has revised its policy on initiatives to increase corporate value.
As part of the reforms, the Company changed its dividend policy, implemented flexible share repurchases, and carried out a series of fundamental organizational reforms.
In order to achieve a P / B of 1 x or more, we cannot simply return profits to shareholders. We must also achieve earnings growth. We will respond with an overwhelming sense of speed to major structural changes in society, such as digitalization and the shift to a more casual style, and strive to further increase corporate value and achieve sustainable growth.
The forecasts for the fiscal year ending March 31, 2026, the second year of the Medium-Term Management Plan, are as follows.
(Presentation of percentages is the ratio of increase / decrease compared to the same period year on year)
Net sales
Operating income
Ordinary income
Profit attributable to owners of parent
Net income per share
million yen
%
million yen
%
million yen
%
million yen
%
Yen
Q2 Cumulative Total
84,900
1.0
0
-
0
-
(1,200)
-
(24.72)
Full year
199,800
2.6
14,000
11.3
14,000
10.9
9,500
1.1
195.73
(Presentation of percentages is the ratio of increase / decrease compared to the same period year on year)
Net sales
Operating income
Ordinary income
Net income
Net income per share
million yen
%
million yen
%
million yen
%
million yen
%
Yen
Q2 Cumulative Total
51,100
(0.4)
(1,900)
-
(200)
-
(600)
-
(12.36)
Full year
130,700
1.0
9,400
6.5
11,200
13.8
8,500
0.6
175.12
(Reference)First half
Second half
Full year
100.0%
103.0%
101.8%
The forward-looking statements, including earnings forecasts, are based on information currently available to the Company and on certain assumptions deemed reasonable by the Company. The Company does not guarantee that these forecasts will be achieved. Actual results may differ significantly due to a variety of factors.
Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
During this mid-term management plan for FY3/2025 to FY3/2027, we determined its basic policy of actively and stably returning profits to shareholders while investing in growth to maintain and strengthen competitiveness and working to improve profitability and strengthen its financial position. In addition, to realize management that is conscious of the cost of capital and the share price, and to further advance initiatives to increase corporate value, we will adopt the higher of the consolidated dividend payout ratio of 70% or the dividend on equity ratio (DOE) of 3% and we will improve capital efficiency and increasing dividends over the mid to long term and pay dividends through profit growth. The company will flexibly conduct share repurchases with the aim of improving capital efficiency, while taking into account business performance, capital conditions, and market conditions, including stock prices. During the period of the Medium-Term Management Plan, the Company will purchase up to 10 billion yen of its treasury share.
Based on the above policy, the Company plans to pay a year-end dividend of 104 yen per share as an ordinary dividend, an increase of 7 yen from the latest forecast.
As the Company paid an interim (second quarter-end) dividend of 30 yen per share, the annual dividend will be 134 yen per share. Based on the above policy, for FY3/2026, the Company expects to pay an ordinary interim dividend of 55 yen per share, a year-
end dividend of 81 yen per share, and an annual dividend of 136 yen per share.
Basic Policy Concerning Selection of Accounting Standards
The Group's policy for the time being is to prepare its consolidated financial statements in accordance with Japanese GAAP in consideration of the comparability of periods and between companies in the consolidated financial statements.
With regard to the application of IFRS, the Company's policy is to respond appropriately in consideration of various circumstances in Japan and overseas.
Consolidated Financial Statements and Main Notes
Consolidated Balance Sheet
FY3/2024
(As of Mar. 31, 2024)
(Unit: million yen)
FY3/2025
(As of Mar. 31, 2025)
Assets
Current assets
Cash and deposits
82,552
71,384
Notes receivable - trade
91
58
Accounts receivable - trade
18,107
17,279
Marketable securities
1,800
2,000
Merchandise and finished goods
45,912
42,946
Work in process
413
384
Raw materials and supplies
2,626
2,693
Operating loans
53,219
53,471
Others
2,540
3,866
Allowance for doubtful accounts
(173)
(208)
Total current assets
207,090
193,876
Non-current assets
Property, plant and equipment
Buildings and structures
133,450
134,291
Accumulated depreciation
(100,886)
(102,013)
Buildings and structures (net)
32,563
32,278
Machinery, equipment and vehicles
8,480
8,616
Accumulated depreciation
(7,492)
(7,654)
Machinery, equipment and vehicles (net)
988
962
Land
40,845
40,821
Leased assets
22,377
23,840
Accumulated depreciation
(15,942)
(18,128)
Leased assets (net)
6,434
5,712
Construction in progress
97
183
Others
15,618
15,863
Accumulated depreciation
(12,734)
(12,878)
Other (net)
2,884
2,984
Total property, plant and equipment
83,813
82,943
Intangible assets
Goodwill
3,574
2,898
Others
4,958
5,573
Total Intangible assets
8,532
8,471
Investments and other assets
Investment securities
7,471
4,729
Long-term loans receivable
1,075
865
Retirement benefit asset
183
209
Deferred tax assets
10,450
10,956
Leasehold and guarantee deposits
16,401
15,872
Others
807
759
Allowance for doubtful accounts
(262)
(294)
Total investments and other assets
36,128
33,099
Total non-current assets
128,475
124,515
Total deferred assets
31
12
Total assets
335,597
318,404
FY3/2024
(As of Mar. 31, 2024)
(Unit: million yen)
FY3/2025
(As of Mar. 31, 2025)
Liabilities
Current liabilities
Notes and accounts payable - trade
12,758
11,322
Electronically recorded obligations - operating
15,028
10,646
Current portion of bonds payable
15,005
-
Short-term borrowings
36,284
25,660
Accounts payable - other
7,042
5,829
Income taxes payable
2,094
2,381
Contract liabilities
1,721
1,888
Provision for bonuses
1,913
1,581
Others
9,355
9,399
Total current liabilities
101,203
68,710
Non-current liabilities
Bonds payable
6,000
6,000
Long-term borrowings
30,070
45,564
Retirement benefit liability
8,706
7,847
Lease liabilities
3,858
3,882
Others
4,881
4,910
Total non-current liabilities
53,517
68,205
Total liabilities
154,720
136,915
Net assets
Shareholders' equity
Share capital
62,504
62,504
Capital surplus
62,358
62,134
Retained earnings
65,399
69,862
Treasury shares
(1,440)
(4,183)
Total shareholders' equity
188,822
190,317
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
2,337
861
Deferred gains or losses on hedges
2
(13)
Revaluation reserve for land
(14,804)
(14,642)
Foreign currency translation adjustment
1,141
917
Remeasurements of defined benefit plans
(373)
339
Total accumulated other comprehensive income
(11,696)
(12,537)
Non-Controlling Interests
3,750
3,709
Total net assets
180,877
181,488
Total liabilities and net assets
335,597
318,404
Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income
(Unit: million yen)
FY3/2024
(From April 1, 2023
To March 31, 2024)
FY3/2025
(From April 1, 2024
To March 31, 2025)
Net sales
193,687
194,790
Cost of sales
93,833
94,638
Gross profit
99,853
100,152
Selling, general and administrative expenses
87,934
87,579
Operating income
11,918
12,573
Non-operating income
Interest income
135
176
Dividend income
162
168
Rental income from real estate
32
27
Foreign exchange gains
386
1
Subsidy income
3
21
Others
490
395
Total non-operating income
1,212
790
Non-operating expenses
Interest expenses
365
548
Loss on valuation of derivatives
140
-
Others
121
186
Total non-operating expenses
626
734
Ordinary income
12,503
12,628
Extraordinary income
Gain on sale of non-current assets
9
38
Gain on sale of investment securities
194
1,332
Total extraordinary income
203
1,370
Extraordinary losses
Loss on sale and retirement of non-current assets
190
128
Impairment loss
1,084
1,175
Loss on disaster
0
-
Loss on valuation of investment securities
-
86
Loss on liquidation of business
-
166
Total extraordinary losses
1,275
1,556
Income before income taxes
11,431
12,442
Income taxes - current
2,775
3,273
Income taxes - deferred
(1,566)
(217)
Total income taxes
1,208
3,055
Profit
10,223
9,386
Profit attributable to non-controlling interests
133
(10)
Profit attributable to owners of parent
10,089
9,397
Consolidated Statement of Comprehensive Income
(Unit: million yen)
FY3/2024
(From April 1, 2023
To March 31, 2024)
FY3/2025
(From April 1, 2024
To March 31, 2025)
Profit
10,223
9,386
Other comprehensive income
Valuation difference on available-for-sale securities
1,116
(1,476)
Deferred gains or losses on hedges
12
(15)
Revaluation reserve for land
-
(2)
Foreign currency translation adjustment
785
(215)
Remeasurements of defined benefit plans, net of tax
3
715
Total other comprehensive income
1,917
(994)
Comprehensive income
12,140
8,392
(Breakdown)
Comprehensive income attributable to owners of parent
11,961
8,391
Comprehensive income attributable to non-controlling interests
179 0
Consolidated Statements of Changes in Shareholders' Equity
FY3/2024 (From April 1, 2023 To March 31, 2024)
(Unit: million yen)
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total
Shareholders' equity
Balance at beginning of period
62,504
62,401
56,625
(1,511)
180,019
Changes during period
Changes in the parent company's equity due to transactions with non-
controlling shareholders
0
0
Dividends of surplus
(1,304)
(1,304)
Profit attributable to owners of
parent
10,089
10,089
Reversal of revaluation reserve for
land
(10)
(10)
Purchase of treasury shares
(0)
(0)
Disposal of treasury shares
(42)
72
29
Net changes in items other than
shareholders' equity
Total changes during period
-
(42)
8,774
71
8,803
Balance at end of period
62,504
62,358
65,399
(1,440)
188,822
Accumulated other comprehensive income
Non-controlling shareholder Equity
Total net assets
Others Marketable securities Valuation
difference
Deferred hedge Profit and loss
Land revaluation Difference
Currency translation Adjustment account
Remeasurements of defined benefit plans
Total accumulated other comprehensive
income
Balance at beginning of period
1,220
(10)
(14,815)
355
(329)
(13,578)
3,588
170,029
Changes during period
Changes in the parent company's equity due to transactions with non-
controlling shareholders
0
Dividends of surplus
(1,304)
Profit attributable to owners of
parent
10,089
Reversal of revaluation reserve for
land
(10)
Purchase of treasury shares
(0)
Disposal of treasury shares
29
Net changes in items other than
shareholders' equity
1,116
12
10
786
(43)
1,882
162
2,044
Total changes during period
1,116
12
10
786
(43)
1,882
162
10,847
Balance at end of period
2,337
2
(14,804)
1,141
(373)
(11,696)
3,750
180,877
FY3/2025 (From April 1, 2024 To March 31, 2025)
(Unit: million yen)
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total
Shareholders' equity
Balance at beginning of period
62,504
62,358
65,399
(1,440)
188,822
Changes during period
Changes in the parent company's equity due to transactions with non-
controlling shareholders
(0)
(0)
Dividends of surplus
(4,770)
(4,770)
Profit attributable to owners of
parent
9,397
9,397
Reversal of revaluation reserve for
land
(164)
(164)
Purchase of treasury shares
(3,132)
(3,132)
Disposal of treasury shares
(223)
389
165
Net changes in items other than
shareholders' equity
Total changes during period
-
(224)
4,462
(2,743)
1,494
Balance at end of period
62,504
62,134
69,862
(4,183)
190,317
Accumulated other comprehensive income
Non-controlling shareholder Equity
Total net assets
Others Marketable securities Valuation
difference
Deferred hedge Profit and loss
Land revaluation Difference
Currency translation Adjustment account
Remeasurements of defined benefit plans
Total accumulated other comprehensive
income
Balance at beginning of period
2,337
2
(14,804)
1,141
(373)
(11,696)
3,750
180,877
Changes during period
Changes in the parent company's equity due to transactions with non-
controlling shareholders
(0)
Dividends of surplus
(4,770)
Profit attributable to owners of
parent
9,397
Reversal of revaluation reserve for
land
(164)
Purchase of treasury shares
(3,132)
Disposal of treasury shares
165
Net changes in items other than
shareholders' equity
(1,476)
(15)
162
(224)
712
(841)
(41)
(883)
Total changes during period
(1,476)
(15)
162
(224)
712
(841)
(41)
611
Balance at end of period
861
(13)
(14,642)
917
339
(12,537)
3,709
181,488
(4) Consolidated Statements of Cash Flows
(Unit: million yen)
FY3/2024
FY3/2025
(From April 1, 2023
(From April 1, 2024
To March 31, 2024)
To March 31, 2025)
Cash flows from operating activities
Income before income taxes
11,431
12,442
Depreciation
6,909
7,084
Impairment loss
1,084
1,175
Loss on liquidation of business
-
166
Amortization of goodwill
911
555
Bond issuance costs
42
19
Increase (decrease) in allowance for doubtful accounts
8
66
Loss (gain) on sale of investment securities
(194)
(1,332)
Increase (decrease) in provision for bonuses
273
(333)
Increase (decrease) in retirement benefit liability
188
155
Interest and dividend income
(297)
(345)
Interest expenses
349
537
Loss (gain) on valuation of derivatives
140
(0)
Loss (gain) on valuation of investment securities
-
86
Loss (gain) on sales and retirement of non-current
assets
181
90
Loss on disaster
0
-
Subsidy income
(3)
(21)
Decrease (increase) in trade receivables
(1,803)
856
Decrease (increase) in operating loans receivable
(329)
(252)
Decrease (increase) in inventories
(6,894)
2,779
Increase (decrease) in trade payables
(164)
(5,649)
Increase (decrease) in accounts payable - other
668
(982)
Increase (decrease) in accrued consumption taxes
447
518
Others
2,412
(613)
Subtotal
15,361
17,004
Interest and dividends received
283
323
Interest paid
(342)
(552)
Income taxes paid
(2,345)
(3,011)
Subsidies received
3
21
Cash flows from operating activities
12,960
13,784
(Unit: million yen)
FY3/2024
FY3/2025
(From April 1, 2023
(From April 1, 2024
To March 31, 2024)
To March 31, 2025)
Cash flows from investing activities
Payments into time deposits
(25,406)
(9,293)
Proceeds from withdrawal of time deposits
28,144
18,798
Payments for acquisition of securities
(1,800)
(200)
Purchase of property, plant and equipment
(3,293)
(3,578)
Proceeds from sales of property, plant and equipment
311
71
Purchase of intangible assets
(908)
(1,868)
Purchase of investment securities
(31)
(101)
Proceeds from sale of Investment securities
511
2,085
Proceeds from collection of loans receivable
7
34
Payments of leasehold and guarantee deposits
(150)
(356)
Proceeds from refund of leasehold and guarantee
deposits
727
785
Others
(603)
(632)
Cash flows from investing activities
(2,491)
5,744
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
(5,800)
1,925
Proceeds from long-term borrowings
11,500
26,900
Repayments of long-term borrowings
(18,003)
(23,954)
Redemption of bonds
(2,040)
(15,005)
Proceeds from sale of treasury shares
-
131
Purchase of treasury shares
(0)
(3,140)
Purchase of treasury shares of subsidiaries
-
(21)
Dividends paid
(1,304)
(4,770)
Dividends paid to non-controlling interests
(16)
(21)
Repayments of lease liabilities
(2,803)
(3,191)
Others
0
-
Cash flows from financing activities
(18,468)
(21,148)
Effect of exchange rate change on cash and cash
equivalents
(0)
71
Net increase (decrease) in cash and cash equivalents
(8,000)
(1,548)
Cash and cash equivalents at beginning of period
75,657
67,657
Cash and cash equivalents at end of period
67,657
66,109
(5) Notes to Consolidated Financial Statements
(Notes Concerning Going Concern Assumption) Not applicable.
(Notes on Changes in Accounting Policies)
(Application of “Accounting Standard for Corporation Tax, Inhabitants Tax and Enterprise Tax”)
The Company has applied the “Accounting Standard for Corporation Tax, Inhabitants Tax and Enterprise Tax” (ASBJ Statement No. 27, October 28, 2022. hereinafter referred to as the “2022 Revised Accounting Standard”) and other standards from the beginning of the current fiscal year.
The amendments to the classification of income taxes (taxation on other comprehensive income) are in accordance with the transitional treatment set forth in the proviso of Section 20-3 of the 2022 revised Accounting Standard and the transitional treatment set forth in the proviso of Section 65-2 (2) of the “Guidance on Accounting Standard for Tax Effect Accounting.” (ASBJ Guidance No. 28, October 28, 2022.
This change in accounting policy has no impact on the consolidated financial statements.
(Segment Information etc.) [Segment Information]
Overview of Reportable Segments
The Group's reportable segments are components of the Group for which separate financial statements are available and which are subject to periodic review by the Director Committee in order to determine the allocation of management resources and evaluate business performance.
The Group develops strategies for products and services handled by each business category in Business Wear Business and by segment in businesses other than Business Wear Business. Accordingly, the Group consists of seven reportable segments: "Business Wear Business," "Credit Card Business," "Printing and Media Business," "Sundry Sales Business," "Total Repair Service Business," "Franchisee Business," and "Real Estate Business."
"Business Wear Business" sells apparel such as suits, jackets, slacks, coats, and formal wear, "Credit Card Business" provides small-lot financing and credit services, "Printing and Media Business" prints various flyers and catalogs, and publishes magazines, "Sundry Sales Business" sells daily sundries and processed foods, "Total Repair Service Business" provides comprehensive repair services such as shoe repairs and key duplication, "Franchisee Business" provides restaurants and services at franchise stores, mainly in the food service industry, and "Real Estate Business" mainly provides businesses related to comprehensive management and subleasing of owned and leased real estate.
Method of calculating the amount of Net sales, profits or losses, assets, and liabilities and other items for each reportable segment The method of accounting for reportable segments is generally the same as the method used in the preparation of the consolidated
financial statement.
Profits or losses of reportable segments are based on Operating income or loss. Intersegment revenues and transfers are based on prevailing market prices.
Information on the amounts of Net sales, profits or losses, assets, and liabilities other items by reportable segment FY3/2024 (From April 1, 2023 To March 31, 2024)
(Unit: million yen)
Reportable segment
Others (Note 1)
Total
Adjustme nts
(Note 2)
Amount recorded in the consolidated financial statements
(Note 3)
Business Wear Business
Credit Card Business
Printing and Media Business
Sundry Sales Business
Total Repair Service Business
Franchisee Business
Real Estate Business
Total
Net sales
Revenue from contracts with customers
133,159
2,526
8,659
15,231
13,281
15,157
-
188,017
1,448
189,465
-
189,465
Other revenue
-
2,266
-
-
-
-
1,955
4,221
-
4,221
-
4,221
Net sales to outside customers
133,159
4,793
8,659
15,231
13,281
15,157
1,955
192,238
1,448
193,687
-
193,687
Intersegment internal net sales or amount transferred
51
166
2,792
0
80
-
1,111
4,203
40
4,243
(4,243)
-
Total
133,210
4,959
11,452
15,232
13,362
15,157
3,066
196,441
1,489
197,931
(4,243)
193,687
Segment Profit (Loss)
7,807
2,026
124
245
171
1,090
557
12,024
(254)
11,769
149
11,918
Segment assets
171,484
69,615
7,964
7,049
18,103
10,172
3,964
288,354
1,406
289,760
45,837
335,597
Other items
Depreciation
3,354
65
273
104
2,751
310
26
6,885
24
6,909
-
6,909
Increase in property, plant and equipment and intangible assets
3,677
65
144
52
2,798
538
-
7,276
24
7,301
-
7,301
Notes: 1. The "Others" segment consists of businesses that are not included in reportable segments, and includes the Web Media segment.
(1) Segment income or loss ( ) Adjustments 149 million yen is the elimination of inter-segment transactions.
(2) Adjustments in Segment assets amount of 45,837 million yen includes corporate assets of 56,215 million yen that are not allocated to any reportable segment and the elimination of receivables and payables of (10,378) million yen. Corporate assets consist mainly of surplus operating funds (cash and marketable securities) and long-term investment funds of the parent company.
Segment income or loss ( ) is coordinating with Operating income in the consolidated Statement of Income.
FY3/2025 (From April 1, 2024 To March 31, 2025)
(Unit: million yen)
Reportable segment
Others (Note 1)
Total
Adjustme nts
(Note 2)
Amount recorded in the consolidated financial statements
(Note 3)
Business Wear Business
Credit Card Business
Printing and Media Business
Sundry Sales Business
Total Repair Service Business
Franchisee Business
Real Estate Business
Total
Net sales
Revenue from Contracts with Customers
132,993
2,670
8,222
15,113
14,028
16,214
-
189,242
1,089
190,331
-
190,331
Other revenue
-
2,593
-
-
-
-
1,864
4,458
-
4,458
-
4,458
Net sales to outside customers
132,993
5,264
8,222
15,113
14,028
16,214
1,864
193,701
1,089
194,790
-
194,790
Intersegment internal net sales or amount transferred
115
1
2,733
0
101
-
1,119
4,072
21
4,094
(4,094)
-
Total
133,109
5,265
10,956
15,113
14,130
16,214
2,984
197,773
1,110
198,884
(4,094)
194,790
Segment Profit (Loss)
8,927
1,977
(177)
141
161
1,118
578
12,727
(284)
12,443
129
12,573
Segment assets
166,230
61,835
7,102
7,189
17,206
10,227
3,759
273,551
984
274,536
43,867
318,404
Other items
Depreciation
3,144
82
220
103
3,138
329
31
7,051
33
7,084
-
7,084
Increase in property, plant and equipment and intangible assets
3,840
176
136
123
3,629
759
-
8,665
101
8,767
-
8,767
Notes: 1. The "Others" segment consists of businesses that are not included in reportable segments, and includes the Web Media segment.
(1) Segment income or loss ( ) Adjustments 129 million yen is the elimination of inter-segment transactions.
(2) The adjustment of segment assets of 43.867 billion yen includes corporate assets of 54.371 billion yen that are not allocated to each reportable segment and elimination of receivables and payables of (10.503) billion yen. Corporate assets consist mainly of surplus operating funds (cash and marketable securities) and long-term investment funds of the parent company.
Segment income or loss ( ) is coordinating with operating income in the consolidated Statement of Income.
[Related Information]
FY3/2024 (From April 1, 2023 To March 31, 2024)
Information by product and service
Since the same description is disclosed in the segment information, the description is omitted.
Information by region
Net sales
The description is omitted because the net sales to external customers in Japan exceeds 90% of the net sales in the consolidated statement of income.
Property, plant and equipment
The amount of property, plant and equipment located in Japan exceeds 90% of the amount of property, plant and equipment on the consolidated balance sheet, so this description is omitted.
Information by major customer
This description is omitted because there is no customer who has net sales that accounts for 10% or more of the net sales of the consolidated Statement of income.
FY3/2025 (From April 1, 2024 To March 31, 2025)
Information by product and service
Since the same description is disclosed in the segment information, the description is omitted.
Information by region
Net sales
The description is omitted because the net sales to external customers in Japan exceeds 90% of the net sales in the consolidated statement of income.
Property, plant and equipment
The amount of property, plant and equipment located in Japan exceeds 90% of the amount of property, plant and equipment on the consolidated balance sheet, so this description is omitted.
Information by major customer
This description is omitted because there is no customer who has net sales that accounts for 10% or more of the net sales of the consolidated Statement of income.
[Information on Impairment loss in Non-current assets by reportable segment] FY3/2024 (From April 1, 2023 To March 31, 2024)
(Unit: million yen)
Reportable segment
Others
Adjustments
Total
Business Wear Business (Note 1)
Credit Card Business
Printing and Media Business
Sundry Sales Business
Total Repair Service Business
Franchisee Business
Real Estate Business
Total
Impairment loss
473
-
-
63
42
156
-
736
418
(70)
1,084
FY3/2025 (From April 1, 2024 To March 31, 2025)
(Unit: million yen)
Reportable segment
Others
Adjustments
Total
Business Wear Business (Note 1)
Credit Card Business
Printing and Media Business
Sundry Sales Business
Total Repair Service Business
Franchisee Business
Real Estate Business
Total
Impairment loss
825
-
-
82
123
-
-
1,031
143
-
1,175
[Information on the amortized amount and unamortized balance of Goodwill by reportable segment] FY3/2024 (From April 1, 2023 To March 31, 2024)
(Unit: million yen)
Reportable segment
Others
All segments
•
canceled
Total
Business Wear Business
Credit Card Business
Printing and Media Business
Sundry Sales Business
Total Repair Service Business
Franchisee Business
Real Estate Business
Total
Amortization for the period
-
-
5
-
491
-
-
496
414
-
911
Balance at end of period
-
-
-
-
3,574
-
-
3,574
-
-
3,574
FY3/2025 (From April 1, 2024 To March 31, 2025)
(Unit: million yen)
Reportable segment
Others
All segments
•
canceled
Total
Business Wear Business
Credit Card Business
Printing and Media Business
Sundry Sales Business
Total Repair Service Business
Franchisee Business
Real Estate Business
Total
Amortization for the period
-
-
-
-
555
-
-
555
-
-
555
Balance at end of period
-
-
-
-
2,898
-
-
2,898
-
-
2,898
[Information on gain on negative Goodwill by reportable segment] FY3/2024 (From April 1, 2023 To March 31, 2024)
Not applicable.
FY3/2025 (From April 1, 2024 To March 31, 2025) Not applicable.
(Per-Share Information)
(From April
FY3/2024
1, 2023 To March 31, 2024)
(From April
FY3/2025
1, 2024 To March 31, 2025)
Net assets per share
Net income per share
3,552.28 yen
202.38 yen
Net assets per share
Net income per share
3,662.77 yen
190.32 yen
(Notes) 1. The Company's shares remaining in the trusts listed in shareholders' equity as treasury shares are included in the treasury shares deducted from the total calculation of the average number of shares during the period for the calculation of net income per share, and are included in the number of treasury shares deducted from the total number of issued shares at the end of the period for the calculation of net assets per share.
The average number of shares of the relevant treasury shares during the period that were deducted for the purpose of calculation by net income per share was 330,391 shares for FY3/2024 and 375,837 shares for FY3/2025. The number of shares of the relevant treasury shares at the end of the period that were deducted for the purpose of calculation by net assets per share was 328,400 shares for FY3/2024 and 395,936 shares for FY3/2025.
Diluted net income per share is not listed because there are no dilutive shares.
Basis of calculation
Net assets per share
End of the previous consolidated fiscal year
(March 31, 2024)
End of the current consolidated fiscal year
(March 31, 2025)
Total amount of net assets
(million yen)
180,877
181,488
Amount deducted from total net assets
(million yen)
3,750
3,709
(Including subscription rights to shares)
(million yen)
(-)
(-)
(Including non-controlling shareholders)
(million yen)
(3,750)
(3,709)
Year-end net assets applicable to common shares
(million yen)
177,126
177,779
Number of common shares used to calculate Net assets per share (shares)
49,862,763
48,536,800
Net income per share
FY3/2024
(From April 1, 2023 To
March 31, 2024)
FY3/2025
(From April 1, 2024 To
March 31, 2025)
Net income per share
Profit attributable to owners of parent (million yen)
10,089
9,397
Amount not attributable to common (million yen) shareholders
-
-
Profit attributable to owners of parent (million yen) associated with common shares
10,089
9,397
Average number of common shares outstanding during the year (shares)
49,855,834
49,379,483
(Significant Subsequent Events) Not applicable.
Non-Consolidated Financial Statements and Main Notes
(1) Balance Sheet
FY3/2024
(Unit: million yen) FY3/2025
(As of Mar. 31, 2024) (As of Mar. 31, 2025)
Assets
Current assets
Cash and deposits
54,415
52,371
Accounts receivable - trade
11,567
10,983
Marketable securities
1,800
2,000
Merchandise and finished goods
42,034
39,258
Raw materials and supplies
563
609
Advance payment
147
83
Short-term loans receivable from subsidiaries and associates
9,245
9,949
Prepaid expenses
416
1,860
Others
604
491
Allowance for doubtful accounts
(5)
(5)
Total current assets
120,788
117,603
Non-current assets
Property, plant and equipment
Building
25,248
24,719
Structure
2,752
2,534
Machinery and equipment
19
15
Vehicles
0
0
Tools, furniture and fixtures
2,395
2,359
Land
38,611
38,586
Leased assets
1,627
699
Construction in progress
25
10
Total property, plant and equipment
70,681
68,926
Intangible assets
Leasehold interests in land
713
716
Software
1,841
2,815
Telephone subscription right
112
112
Total Intangible assets
2,667
3,644
Investments and other assets
Investment securities
6,768
4,078
Shares of subsidiaries and associates
16,243
16,161
Investments in capital of subsidiaries and 308 33
associates
Long-term loans receivable
1,055
830
Long-term loans receivable from subsidiaries and associates
530
615
Long-term prepaid expenses
181
151
Deferred tax assets
8,644
9,282
Leasehold and guarantee deposits
14,505
13,916
Others
48
48
Allowance for doubtful accounts
(334)
(399)
Total investments and other assets
47,952
44,718
Total non-current assets
121,301
117,289
Deferred assets
Bond issuance costs
19
8
Total deferred assets
19
8
Total assets
242,109
234,901
FY3/2024
(As of Mar. 31, 2024)
(Unit: million yen)
FY3/2025
(As of Mar. 31, 2025)
Liabilities
Current liabilities
Accounts payable - trade
8,586
7,762
Electronically recorded obligations - operating
14,797
10,466
Current portion of bonds payable
5,000
-
Short-term borrowings
15,600
5,625
Lease liabilities
454
264
Accounts payable - other
5,924
4,914
Accrued expenses
1,131
1,089
Income taxes payable
1,176
1,538
Contract liabilities
1,721
1,888
Advances received
1,125
906
Deposits received
43
43
Provision for bonuses
1,208
870
Asset retirement obligations
368
474
Others
1,031
1,804
Total current liabilities
58,169
37,648
Non-current liabilities
Bonds payable
5,000
5,000
Long-term borrowings
13,900
28,200
Lease liabilities
565
301
Provision for retirement benefits
7,368
7,534
Provision for share awards
449
505
Asset retirement obligations
802
754
Others
2,183
2,043
Total non-current liabilities
30,269
44,339
Total liabilities
88,438
81,988
Net assets
Shareholders' equity
Share capital
62,504
62,504
Capital surplus
Legal capital surplus
13,026
13,026
Other capital surplus
49,394
49,170
Total capital surplus
62,420
62,196
Retained earnings
Legal retained earnings
2,684
2,684
Other retained earnings
General reserve
26,100
26,100
Retained earnings brought forward
13,777
17,295
Total retained earnings
42,561
46,079
Treasury shares
(1,440)
(4,183)
Total shareholders' equity
166,046
166,596
Valuation and translation adjustments
Valuation difference on available-for-sale securities
2,358
889
Revaluation reserve for land
(14,733)
(14,571)
Total valuation and translation adjustments
(12,375)
(13,682)
Total net assets
153,670
152,913
Total liabilities and net assets
242,109
234,901
(2) Statement of Income
(Unit: million yen)
FY3/2024
FY3/2025
(From April 1, 2023
(From April 1, 2024
To March 31, 2024)
To March 31, 2025)
Net sales
129,903
129,439
Cost of sales
57,712
57,442
Gross profit
72,191
71,996
Selling, general and administrative expenses
64,411
63,169
Operating income
7,780
8,826
Non-operating income
Interest income
83
141
Dividend income
1,050
1,128
Foreign exchange gains
223
22
Others
286
151
Total non-operating income
1,643
1,443
Non-operating expenses
Interest expenses
178
280
Loss on valuation of derivatives
140
-
Transfer to Allowance for doubtful accounts
51
65
Others
38
81
Total non-operating expenses
410
427
Ordinary income
9,013
9,842
Extraordinary income
Gain on sale of non-current assets
4
24
Gain on sale of investment securities
194
1,320
Total extraordinary income
198
1,344
Extraordinary losses
Loss on sale and retirement of non-current assets
155
90
Impairment loss
442
823
Loss on valuation of shares of subsidiaries and
associates
1,318
373
Total extraordinary losses
1,916
1,286
Profit before tax
7,296
9,900
Income taxes - current
1,006
1,455
Income taxes - deferred
(1,361)
(7)
Total income taxes
(355)
1,447
Profit
7,651
8,452
(3) Statement of Changes in Shareholders' Equity
FY3/2024 (From April 1, 2023 To March 31, 2024)
(Unit: million yen)
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Legal capital surplus
Others Capital surplus
Capital surplus Total
Legal retained earnings
Other retained earnings
Total retained earnings
General reserve
Retained earnings brought forward
Surplus
Balance at beginning of period
62,504
13,026
49,437
62,463
2,684
26,100
7,441
36,225
Changes during period
Dividends of surplus
(1,304)
(1,304)
Profit
7,651
7,651
Reversal of revaluation
reserve for land
(10)
(10)
Purchase of treasury shares
Disposal of treasury shares
(42)
(42)
Net changes in items other
than shareholders' equity
Total changes during period
-
-
(42)
(42)
-
-
6,336
6,336
Balance at end of period
62,504
13,026
49,394
62,420
2,684
26,100
13,777
42,561
Shareholders' equity
Valuation and translation adjustments
Total net assets
Treasury shares
Total shareholders' equity
Valuation difference on available for sale securities
Revaluation reserve for land
Total valuation and translation adjustments
Balance at beginning of period
(1,511)
159,681
1,252
(14,744)
(13,491)
146,190
Changes during period
Dividends of surplus
(1,304)
(1,304)
Profit
7,651
7,651
Reversal of revaluation
reserve for land
(10)
(10)
Purchase of treasury shares
(0)
(0)
(0)
Disposal of treasury shares
72
29
29
Net changes in items other
than shareholders' equity
1,105
10
1,116
1,116
Total changes during period
71
6,364
1,105
10
1,116
7,480
Balance at end of period
(1,440)
166,046
2,358
(14,733)
(12,375)
153,670
FY3/2025 (From April 1, 2024 To March 31, 2025)
(Unit: million yen)
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Legal capital surplus
Others Capital surplus
Capital surplus Total
Legal retained earnings
Other retained earnings
Total retained earnings
General reserve
Retained earnings brought forward
Surplus
Balance at beginning of period
62,504
13,026
49,394
62,420
2,684
26,100
13,777
42,561
Changes during period
Dividends of surplus
(4,770)
(4,770)
Profit
8,452
8,452
Reversal of revaluation
reserve for land
(164)
(164)
Purchase of treasury shares
Disposal of treasury shares
(223)
(223)
Net changes in items other
than shareholders' equity
Total changes during period
-
-
(223)
(223)
-
-
3,517
3,517
Balance at end of period
62,504
13,026
49,170
62,196
2,684
26,100
17,295
46,079
Shareholders' equity
Valuation and translation adjustments
Total net assets
Treasury shares
Total shareholders' equity
Valuation difference on available for sale securities
Revaluation reserve for land
Total valuation and translation adjustments
Balance at beginning of period
(1,440)
166,046
2,358
(14,733)
(12,375)
153,670
Changes during period
Dividends of surplus
(4,770)
(4,770)
Profit
8,452
8,452
Reversal of revaluation
reserve for land
(164)
(164)
Purchase of treasury shares
(3,132)
(3,132)
(3,132)
Disposal of treasury shares
389
165
165
Net changes in items other
than shareholders' equity
(1,468)
162
(1,306)
(1,306)
Total changes during period
(2,743)
550
(1,468)
162
(1,306)
(756)
Balance at end of period
(4,183)
166,596
889
(14,571)
(13,682)
152,913
Others
Changes in Officer
① Changes in Representative Directors (Scheduled to be effective on 26, 2025)
New
Present
Name
Chairman
President
Osamu Aoyama
President, General Manager of OMO and Retail Div.
President Executive Officer, General Manager of OMO and Retail Div.
Taizo Endo
② Changes in Directors
(Scheduled to be effective on 26, 2025)(Scheduled to be effective on 26, 2025)New
Present
Name
Director, Senior Managing Executive Officer
Senior Managing Executive Officer
Makoto Ogawa
Outside Director
-
Masaki Nogami
Present
Name
Director, Senior Managing Executive Officer
Shinji Okano
Director, Senior Managing Executive Officer
Koichi Yamane
Outside Director
Toru Watanabe
③ Changes in Auditors
(Scheduled to be effective on 26, 2025)(Scheduled to be effective on 26, 2025)New
Name
Outside Auditor
Takanori Nakajima
Present
Name
Outside Auditor
Masaki Nogami
(Reference) Status of officers, etc. since June 26, 2025
Chairman Osamu Aoyama
President, General Manager of OMO and Retail Div. Taizo Endo
Director, Senior Managing Executive Officer Makoto Ogawa
Outside Director Hiroaki Kobayashi
Outside Director Yukari Kagami Outside Director Masaki Nogami
Auditor Tomokazu Osako
Outside Auditor Takashi Okita
Outside Auditor Kyoko Hikita
Outside Auditor Takanori Nakajima
Managing Executive Officer, General Manager of DX Strategy Div. Masaaki Ishizuka
Executive Officer, General Manager of Product Div. Tatsunori Yamamoto
Executive Officer, General Manager of Risk Management Dept. Kenji Okushima
Executive Officer, General Manager of Human Resources Strategy Div. and General Manager of Human Resources Development Dept.
Hideyuki Kojima
Executive Officer, General Manager of Corporate Sales and Real Estate Div. Masanori Sugino
Executive Officer, Deputy General Manager of OMO and Retail Div. and General Manager of Marketing Dept.
Executive Officer, Deputy General Manager of OMO and Retail Div. and General Manager of Retail Dept. Ⅰ
Executive Officer, General Manager of ESG Promotion and Corporate Administration Div. and General Manager of General Affairs Dept.
Hiroshi Okamoto
Akio Midorikawa Michitake Hasebe
Executive Officer, General Manager of General Planning and Policy Dept. Makoto Ogura
Others
<>Net Sales of Aoyama Trading Co., Ltd. Business Wear Business by Product
(Unit: million yen)
FY3/2024 From April 1, 2023 To March 31, 2024 | FY3/2025 From April 1, 2024 To March 31, 2025 | Changes | |||||
Amount | Compo sition ratio | Amount | Compo sition ratio | Amount | Ratio | ||
% | % | % | |||||
Suit and three-piece suits | 37,105 | 29.2 | 35,508 | 28.1 | (1,597) | 95.7 | |
Jacket | 4,040 | 3.2 | 4,221 | 3.3 | 180 | 104.5 | |
Heavy | Slacks | 4,905 | 3.9 | 4,944 | 3.9 | 38 | 100.8 |
clothing | Coat | 2,125 | 1.7 | 2,202 | 1.8 | 77 | 103.7 |
Formal wear | 18,035 | 14.2 | 17,996 | 14.2 | (39) | 99.8 | |
Vest | 1,256 | 1.0 | 1,238 | 1.0 | (17) | 98.6 | |
Sub-total | 67,468 | 53.2 | 66,111 | 52.3 | (1,357) | 98.0 | |
Shirts and clothing | 21,435 | 16.9 | 20,584 | 16.3 | (850) | 96.0 | |
Light | Casual goods | 2,703 | 2.1 | 2,962 | 2.3 | 258 | 109.6 |
clothing | Others products | 9,748 | 7.7 | 11,082 | 8.8 | 1,333 | 113.7 |
Sub-total | 33,887 | 26.7 | 34,629 | 27.4 | 742 | 102.2 | |
Ladies | 21,952 | 17.3 | 22,317 | 17.6 | 364 | 101.7 | |
Compensation processing fee | 3,528 | 2.8 | 3,396 | 2.7 | (132) | 96.2 | |
Total | 126,837 | 100.0 | 126,454 | 100.0 | (382) | 99.7 | |
Notes: 1. Others products include shoes, underwear, sundries, etc.
2. Ladies include ladies' suits, ladies' formal wear, ladies' clothing, pumps, etc.