Presentation Material for
FY2026 Q1 Financial Results
March 13, 2026
Securities code: 3038
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(Millions of yen)
FY25 Nov.-Jan. | FY26 Nov.-Jan. | Percentage change | FY26 forecast | Progress towards full-year forecast | |
Net sales | 132,425 | 141,598 | +6.9% | 566,500 | 25.0% |
Gross profit (Gross margin) | 15,315 (11.6%) | 17,820 (12.6%) | +16.4% | — | — |
SG&A expenses (SG&A ratio) | 6,161 (4.7%) | 6,875 (4.9%) | +11.6% | — | — |
Operating profit (Operating margin) | 9,154 (6.9%) | 10,945 (7.7%) | +19.6% | 43,000 | 25.5% |
Ordinary profit (Ordinary margin) | 15,510 (11.7%) | 8,764 (6.2%) | -43.5% | 43,700 | 20.1% |
Profit attributable to owners of parent (Net margin) | 10,588 (8.0%) | 5,910 (4.2%) | -44.2% | 29,500 | 20.0% |
- Net sales
Net sales increased by ¥9,173 million (6.9%) year on year with robust new store openings and continued strong product shipments to existing stores.
- Gross profit
Gross profit increased by ¥2,504 million (16.4%) year on year, as price pass-through measures and the optimization of procurement sources successfully offset rising purchase costs.
- SG&A expenses
SG&A expenses increased by ¥714 million (11.6%) year on year, due to higher freight costs associated with increased sales at Gyomu Super, as well as increases in rent expenses and personnel expenses due to wage hikes.
- Operating profit
As a result of the factors above, operating profit increased by ¥1,790 million (19.6%) year on year.
- Ordinary profit
Ordinary profit decreased by ¥6,745million (43.5%) year on year, due to a valuation loss on forward exchange contracts following the appreciation of the yen at the end of January.
- Profit attributable to owners of parent
As a result of the factors above, profit attributable to owners of parent decreased by ¥4,678 million (44.2%) year on year.
Net Sales
150,000
100,000
50,000
0
FY22 Q1
FY23 Q1
FY24 Q1
FY25 Q1
FY26 Q1
96,809
107,942
120,904
132,425
141,598
SG&A ratio
SG&A Expenses
FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1
0.0%
0
2.0%
4,922
4,335
2,000
6,161
5,699
4,000 4.0%
6,875
4.9%
4.7%
4.7%
4.5% 4.6%
6.0%
6,000
8.0%
8,000
SG&A Expenses
Gross margin
Gross Profit
FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1
0
5,000
15,315
14,231
17,820
10,000
10.4%
11.8% 11.6%
15,000
12.2%
12.6%
20,000
Gross Profit
11,261
11,781
10,945
Operating margin
9,154
3,000
7,446
8,531
6,338
0
FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1
Operating Profit
6,000
5.9%
6.9%
9,000
7.7%
7.1%
7.7%
12,000
Operating Profit
Note: Fiscal year (FY) represents the one-year period from November 1 to October 31 of the following year.
Ordinary margin
Ordinary Profit
FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1
0
8,764
8,063
7,629
2.0%
5,000
15,510
6.2%
6.7%
10,000
7.9%
15,000
11.7%
20,000
Ordinary Profit
2,118
Net margin
Profit attributable to owners of parent
1,348
FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1
0
5,910
5,524
5,121
1.2%
3,000
10,588
6,000
4.2%
4.6%
5.3%
12,000
9,000
8.0%
15,000
Profit attributable
to owners of parent
FY26 Q1
FY25 Q1
FY24 Q1
FY23 Q1
FY22 Q1
50,000
0
203,479
180,767
163,902
100,000
248,075
300,000
250,000
200,000
150,000
Total Assets
229,805
161,333
138,692
50,000
115,789
79,497
94,044
0
FY22 Q1 FY23 Q1 FY24 Q1
Net assets
FY25 Q1
Equity ratio
FY26 Q1
100,000
55.5%
50.7%
47.3%
63.3%
58.8%
150,000
200,000
Net Assets