Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.
Consolidated Financial Results for the Three Months of the Fiscal Year Ending November 30, 2026 [Japanese GAAP]
April 14, 2026
Company name: MORITO CO., LTD. Stock exchange listing: Tokyo Stock Exchange
Code number: 9837 URL: https://www.morito.co.jp Representative: Takaki Ichitsubo, Representative Director, CEO
Kiyomi Akui, Director, Senior Executive Officer, General Manager of
Contact:
Corporate Management Department and Division Manager of Corporate Administrative Division
(Phone) +81-6-6252-3551
-
Scheduled date of commencing dividend payments:
Availability of supplementary briefing material on financial results : Available Schedule of financial results briefing session : None scheduled
(Amounts of less than one million yen are rounded down.)
Consolidated Financial Results for the Three Months of the Fiscal Year Ending November 30, 2026 (December 1, 2025 to February 28, 2026)
Consolidated Operating Results (% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Three months ended February 28, 2026 Three months ended February 28, 2025
Millions of yen
16,681
12,161
%
37.2
3.6
Millions of yen
1,038
617
%
68.1
(6.8)
Millions of yen
1,046
689
%
51.8
2.9
Millions of yen
660
601
%
9.8
6.5
Three months (Note) Comprehensive income: ended February 28,
2026
Three months 2,212 million yen[ 40.7%] ended February 28,
2025
1,573 million yen[ -%]
Basic earnings per share
Diluted earnings per share
Yen
Yen
Three months ended February 28, 2026
25.97
-
Three months ended February 28, 2025
22.93
-
Consolidated Financial Position
Total assets
Net assets
Equity ratio
Three months ended February 28, 2026 FY2025
Millions of yen
57,210
55,498
Millions of yen
40,526
39,832
%
70.8
71.8
February 28, 2026
(Reference) Equity: Three months ended 40,526 million yen FY2025 39,832 million yen
Dividends
Annual dividends
1st quarter-end
2nd quarter-end
3rd quarter-end
Year-end
Total
FY2025 FY2026
Yen
-
-
Yen
33.00
Yen
-
Yen
37.00
Yen
70.00
FY2026(Forecast)
36.00
-
36.00
72.00
(Note) Revision to the latest announcement of dividend forecast : None
Consolidated Financial Results Forecast for the Fiscal Year Ending November 30, 2026 (December 1, 2025 to November 30, 2026)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Full year | Millions of yen 63,000 | % 10.8 | Millions of yen 3,500 | % 5.0 | Millions of yen 3,700 | % 2.1 | Millions of yen 3,000 | % 2.9 | Yen 117.21 |
(Note) Revision to the latest announcement of performance forecast : None
Notes:
Significant changes in the scope of consolidation during the period : No Newly included: None
Excluded: None
Adoption of special accounting treatment for preparing quarterly consolidated financial statements
: No
Changes in accounting policies, changes in accounting estimates, and retrospective restatement
Changes in accounting policies due to the revision of accounting standards : No
Changes in accounting policies other than 1) above : No
Changes in accounting estimates : No
Retrospective restatement : No
Total number of issued shares (common shares)
February 28, 2026:
26,800,000
November 30, 2025:
26,800,000
February 28, 2026:
1,513,449
November 30, 2025:
1,204,249
For the three months of the fiscal year ending
November 30, 2026:
25,420,901
For the three months of the fiscal year ended
November 30, 2025:
26,215,626
Total number of issued shares at the end of the period (including treasury shares):
Total number of treasury shares at the end of the period:
Average number of shares during the period:
Review of the accompanying quarterly consolidated financial statements
by a certified public accountant or auditing firm
Explanation of the proper use of financial results forecast and other notes
: No
The earnings forecasts and other forward-looking statements herein are based on information currently available and certain assumptions judged to be reasonable. Actual results may differ significantly from these forecasts due to a wide range of factors.
As for suppositions that form the assumptions for the forecast of financial results and cautionary notes concerning the use thereof, please refer to "(3) Forecast of Consolidated Business Results and other Forward-looking Information" in "1. Overview of Business Results, Etc." on page 4.
The Company and some of the MORITO Group companies have introduced the "Japanese version of the employee stock ownership plan (J-ESOP)" and the "officer remuneration board incentive plan (BIP) trust." Consequently, the shares of the Company held by Custody Bank of Japan, Ltd. (trust account E) and The Master Trust Bank of Japan, Ltd. (officer remuneration BIP trust account), respectively, are included in treasury shares.
Table of Contents
Overview of Business Results, Etc............................................................................................................. 2
Overview of Business Results for the Period under Review.............................................................. 2
Overview of Financial Position for the Period under Review 4
Forecast of Consolidated Business Results and other Forward-looking Information 4
Quarterly Consolidated Financial Statements and Primary Notes............................................................. 5
Quarterly Consolidated Balance Sheets............................................................................................ 5
Quarterly Consolidated Statements of Income and Comprehensive Income.................................... 7
Quarterly Consolidated Statements of Income.................................................................................. 7
Quarterly Consolidated Statements of Comprehensive Income........................................................ 8
Notes to the Quarterly Consolidated Financial Statements............................................................... 9
(Segment Information, Etc.)................................................................................................................ 9
(Notes on Significant Changes in the Amount of Shareholders' Equity) 11
(Notes on Going Concern Assumption) 11
(Notes on statements of Quarterly Consolidated Statements of Income) 11
(Notes on statements of Quarterly Consolidated Cash Flows) 11
Overview of Business Results, Etc.
Overview of Business Results for the Period under Review
The first three months of the fiscal year ending November 30, 2026 (December 1, 2025, to February 28, 2026) saw the Japanese economy continue to grow at a moderate pace due to the improvement in the job market and the earnings environment. On the downside, the outlook for the future remains uncertain due to the impact of financial and capital market fluctuations, soaring resource and raw material prices, trends in the U.S. and Chinese economies, and heightened geopolitical risks. Working against this backdrop, the MORITO Group (the "Group"), which is mainly engaged in the apparel, product, and transportation businesses, faced an uphill battle. This was due to stagnant demand for fall apparel caused by the lingering summer heat as well as the sluggish performance of Japanese automotive manufacturers in China. On the upside, net sales increased due to the consolidation of Ms.ID Inc. and Mitsuboshi Corporation Co., Ltd., strong sales of health- and game-related products, and the robust performance of the kitchen appliance-related services business. Under its "Rideeco®" initiative aimed at realizing a sustainable society, the Group moved forward with the development and sales of MURON®, a fiber made entirely from discarded fishing nets collected in Japan, and ASUKAMI®, a blended paper made using fabric scraps from the sewing factories.
As a result, for the three months of the fiscal year under review, net sales increased 37.2% year on year to 16,681 million yen. Operating profit was up 68.1% to 1,038 million yen, ordinary profit grew 51.8% to 1,046 million yen, and profit attributable to owners of the parent increased 9.8% to 660 million yen.
Exchange rates used for the conversion of revenue and expenses of the Group's overseas subsidiaries during the preparation of consolidated financial statements for the three months of the fiscal year under review are as follows.
1Q
USD
154.09
(152.37)
EUR
179.39
(162.58)
CNY
21.73
(21.16)
HKD
19.81
(19.60)
VND
0.0059
(0.0060)
THB
4.80
(4.49)
MXN
8.42
(7.59)
(Note) The exchange rate of the same period in the previous fiscal year is stated in parentheses.
Business results by segment are as follows.
Effective from the previous fiscal year, the Group has changed the classification of its reportable segments. For details, please refer to "3. Matters related to changes in reportable segments, etc." in "Notes to the Quarterly Consolidated Financial Statements (Segment Information, Etc.)."
Japan
In the Apparel Division, sales of silver accessories, uniform-related materials, and accessories for high-end bags increased although sales of materials for fashion apparel remained slow due to weak demand for fall season products.
The Product Division enjoyed an increase in sales of health-related products, stationery- and game-related products, and products designed to beat the summer heat, as well as higher revenues for the kitchen appliance rental, sales, and cleaning business, despite weaker sales of action sports-related products.
In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers rose.
As a result, net sales increased 48.3% year on year to total 12,652 million yen, and segment profit rose 55.5% year on year to reach 859 million yen.
Asia
The Apparel Division enjoyed growing sales of casual wear accessories in China as well as athletic shoe accessories in Vietnam.
In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers fell.
As a result, net sales reached 14.0% year on year to total 2,311 million yen, and segment profit increased 46.1% year on year to total 226 million yen.
Europe and the U.S.
The Apparel Division saw sales of medical wear accessories increase in the U.S.
In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers increased in Europe.
As a result, net sales grew 7.3% year on year to total 1,717 million yen, and segment profit came to 112.8% year on year to reach 97 million yen.
Overview of Financial Position for the Period under Review
Total assets for the fiscal year under review increased 1,711 million yen from the previous fiscal year-end to 57,210 million yen.
Current assets rose 373 million yen from the previous fiscal year-end to 31,374 million yen. This was mainly due to a decrease of 199 million yen in "Accounts receivable - other" included in "Other", a decrease of 150 million yen in " Short-term loans receivable" included in "Other", and an increase of 663 million yen in "Inventories".
Non-current assets were up 1,338 million yen from the previous fiscal year-end to 25,835 million yen. This was mainly due to a decrease of 69 million yen in "Land", and an increase of 1,373 million yen in "Investment securities".
Current liabilities grew 648 million yen from the previous fiscal year-end to 10,866 million yen. This was mainly due to a decrease of 353 million yen in "Income taxes payable", a decrease of 168 million yen in "Electronically recorded obligations-operating", an increase of 504 million yen in "Notes and accounts payable-trade", an increase of 500 million yen in "Short-term borrowings", and an increase of 213 million yen in "Accrued expenses" included in "Other".
Non-current liabilities increased 369 million yen from the previous fiscal year-end to 5,817 million yen. This was mainly due to a decrease of 96 million yen in "Long-term borrowings", and an increase of 413 million yen in "Deferred tax liabilities" included in "Other".
Net assets increased 693 million yen from the previous fiscal year-end to 40,526 million yen.
The shareholders' equity ratio decreased 1.0 percentage points to 70.8% from 71.8% in the previous fiscal year.
Forecast of Consolidated Business Results and Other Forward-Looking Information
The consolidated financial forecast for the fiscal year ending November 30, 2026, remains unchanged from what was announced on January 14, 2026.
Quarterly Consolidated Financial Statements and Primary Notes
Quarterly Consolidated Balance Sheets
(Thousands of yen)
As of November 30, 2025
As of February 28, 2026
Assets
Current assets
Cash and deposits
9,401,479
9,497,820
Notes and accounts receivable - trade
9,249,151
9,244,969
Electronically recorded monetary claims -operating
3,285,056
3,539,359
Inventories
7,132,599
7,795,801
Other
1,965,918
1,334,478
Allowance for doubtful accounts
(32,775)
(37,550)
Total current assets
31,001,429
31,374,878
Non-current assets
Property, plant and equipment
Land
4,642,506
4,572,577
Other, net
5,998,173
6,068,578
Total property, plant and equipment
10,640,680
10,641,156
Intangible assets
Goodwill
3,529,567
3,491,931
Trademark right
1,773,215
1,772,340
Other
295,685
280,618
Total intangible assets
5,598,468
5,544,889
Investments and other assets
Investment securities
6,594,430
7,968,356
Retirement benefit asset
375,198
374,548
Other
1,444,787
1,467,912
Allowance for doubtful accounts
(156,101)
(160,891)
Total investments and other assets
8,258,314
9,649,925
Total non-current assets
24,497,464
25,835,971
Total assets
55,498,893
57,210,849
Liabilities
Current liabilities
Notes and accounts payable - trade
4,205,409
4,710,051
Electronically recorded obligations - operating
1,023,219
854,752
Short-term borrowings
600,000
1,100,000
Current portion of bonds payable
300,000
300,000
Current portion of long-term borrowings
440,004
440,004
Income taxes payable
791,705
438,655
Provision for bonuses
537,532
510,464
Provision for bonuses for directors (and other officers)
195,210
48,779
Other
2,124,254
2,463,603
Total current liabilities
10,217,336
10,866,310
Non-current liabilities
Bonds payable
300,000
300,000
Long-term borrowings
1,049,947
953,279
Provision for share awards
65,821
63,469
Provision for retirement benefits for directors (and other officers)
131,787
137,737
Provision for share awards for directors (and other officers)
125,647
129,479
Provision for environmental measures
13,075
13,747
Retirement benefit liability
919,282
919,265
Other
2,843,398
3,301,012
Total non-current liabilities
5,448,960
5,817,992
Total liabilities
15,666,296
16,684,302
(Thousands of yen) As of November 30, 2025 As of February 28, 2026
Net assets
Shareholders' equity
Share capital
3,532,492
3,532,492
Retained earnings
30,652,347
30,346,812
Treasury shares
(962,920)
(1,516,004)
Total shareholders' equity
33,221,918
32,363,299
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
2,947,894
3,879,166
Deferred gains or losses on hedges
24,640
2,453
Revaluation reserve for land
388,729
388,729
Foreign currency translation adjustment
3,165,086
3,815,711
Remeasurements of defined benefit plans
84,326
77,187
Total accumulated other comprehensive 6,610,678 8,163,247
income
Non-controlling interests
-
-
Total net assets
39,832,596
40,526,546
Total liabilities and net assets
55,498,893
57,210,849
Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income
the three-month period
(Thousands of yen)
Share of profit of entities accounted for using equity method
13,428
10,875
For the three months ended February 28, 2025
For the three months ended February 28, 2026
Cost of sales
8,635,000
11,612,198
Selling, general and administrative expenses
2,909,229
4,030,676
Non-operating income
Dividend income
14,420
18,900
Foreign exchange gains
※１ 26,206
-
Subsidy income
18,031
-
Total non-operating income
86,599
55,080
Interest expenses
4,802
8,177
Other
10,227
22,898
Ordinary profit
689,315
1,046,585
Gain on sale of non-current assets
-
9,297
Insurance claim income
70,000
-
Extraordinary losses
Total extraordinary losses
2,013
2,493
Income taxes - current
283,057
408,791
Total income taxes
286,252
393,121
Profit attributable to non-controlling interests
-
-
Profit attributable to owners of parent 601,243 660,268
Loss on retirement of non-current assets 2,013 2,493
Total extraordinary income 200,193 9,297
Total non-operating expenses 15,030 47,234
Foreign exchange losses - ※１ 16,157
Non-operating expenses
Other 2,761 6,699
Rental income from real estate 9,221 12,301
Interest income 2,529 6,303
Operating profit 617,746 1,038,739
Gross profit 3,526,976 5,069,416
Net sales 12,161,976 16,681,614
Profit 601,243 660,268
Income taxes - deferred 3,194 (15,670)
Profit before income taxes 887,496 1,053,389
Gain on sale of investment securities 130,193 -
Extraordinary income
Quarterly Consolidated Statement of Comprehensive Income
the three-month period
(Thousands of yen)
For the three months ended February 28, 2025
For the three months ended February 28, 2026
Profit 601,243 660,268
Other comprehensive income
Valuation difference on available-for-sale securities
96
931,271
Deferred gains or losses on hedges
11,334
(22,188)
Foreign currency translation adjustment
966,952
650,624
Remeasurements of defined benefit plans, net of tax
(6,574)
(7,138)
Share of other comprehensive income of entities
accounted for using equity method
(1)
0
Total other comprehensive income
971,807
1,552,569
Comprehensive income
1,573,051
2,212,837
Comprehensive income attributable to
Comprehensive income attributable to owners of 1,573,051 2,212,837 parent
- -
Comprehensive income attributable to non-controlling interests
Notes to the Quarterly Consolidated Financial Statements
The quarterly consolidated financial statements are prepared in accordance with Article 4, Paragraph 1 of Standards for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange, Inc. and accounting standards for quarterly financial statements that are generally accepted as fair and appropriate in Japan, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2 of the Standards.
(Segment Information, Etc.)
For the three months of the fiscal year ended November 30, 2025
Information on amounts of net sales and profit by reportable segment and disaggregated revenue
(Thousands of yen)
Reportable Segment
Adjustment (Note 1)
Amount recorded in Consolidated Financial Statements
(Note 2)
Japan
Asia
Europe & the U.S.
Total
Net sales
Apparel
2,884,362
1,750,926
1,297,581
5,932,870
-
5,932,870
Product
4,509,082
161,924
1,200
4,672,207
-
4,672,207
Transportation
1,139,183
115,626
302,089
1,556,899
-
1,556,899
Revenue from contracts with customers
8,532,628
2,028,476
1,600,871
12,161,976
-
12,161,976
Net sales to external customers
8,532,628
2,028,476
1,600,871
12,161,976
-
12,161,976
Intersegment sales or transfers
433,137
839,744
30,355
1,303,237
(1,303,237)
-
Total
8,965,766
2,868,221
1,631,226
13,465,214
(1,303,237)
12,161,976
Segment profit (loss)
552,298
154,890
45,588
752,777
(135,030)
617,746
(Notes) 1 The adjustment of (135,030) thousand yen to segment profit includes eliminations of intersegment transactions in the amount of (62,532) thousand yen, and corporate expenses of (72,498) thousand yen not allocated to the reportable segments.
2 The amount of segment profit has been adjusted with operating profit in the Quarterly Consolidated Statements of Income.
Information on impairment losses on non-current assets or goodwill by reportable segment (Significant Changes in the Amount of Goodwill)
In the Japan segment, the business combination involving the acquisition of shares of Ms.ID Inc. that took place in the first quarter of the previous fiscal year and had been tentatively accounted for was finalized at the end of the previous fiscal year. As a result, the amount of goodwill was changed from the tentative figure of 3,288,364 thousand yen to 2,536,270 thousand yen.
For the three months of the fiscal year ending November 30, 2026
Information on amounts of net sales and profit by reportable segment and disaggregated revenue
(Thousands of yen)
Reportable Segment
Adjustment (Note 1)
Amount recorded in Consolidated Financial Statements
(Note 2)
Japan
Asia
Europe & the U.S.
Total
Net sales
Apparel
6,412,489
2,039,600
1,328,544
9,780,634
-
9,780,634
Product
5,011,661
116,696
92
5,128,450
-
5,128,450
Transportation
1,227,849
114,617
334,423
1,676,890
-
1,676,890
Revenue from contracts with customers
12,652,000
2,270,914
1,663,060
16,585,974
-
16,585,974
Other revenue
-
40,953
54,686
95,639
-
95,639
Net sales to external customers
12,652,000
2,311,867
1,717,746
16,681,614
-
16,681,614
Intersegment sales or transfers
470,577
1,064,293
16,765
1,551,636
(1,551,636)
-
Total
13,122,577
3,376,160
1,734,512
18,233,251
(1,551,636)
16,681,614
Segment profit
859,039
226,236
97,001
1,182,277
(143,537)
1,038,739
(Notes) 1 The adjustment of (143,537) thousand yen to segment profit includes eliminations of intersegment transactions in the amount of (51,804) thousand yen, and corporate expenses of (91,732) thousand yen not allocated to the reportable segments.
2 The amount of segment profit has been adjusted with operating profit in the Quarterly Consolidated Statements of Income.
Information on impairment losses on non-current assets or goodwill by reportable segment Not applicable.
Matters related to changes in reportable segments, etc.
The Group previously reported goodwill and intangible assets arising from the consolidation of Scovill Americas, LLC (now Morito Scovill Americas, LLC) and its subsidiaries as consolidated subsidiaries in the fiscal year ended November 30, 2014 in the "Europe and the U.S." segment. However, effective from the previous consolidated fiscal year, following a review of management classifications, the goodwill and trademark right related to the business of Morito Scovill Hong Kong Co., Ltd. were reclassified to the "Asia" segment.
Due to this change in segmentation, segment information in the three months of the previous fiscal year has been reclassified to conform to the new reporting segment classification.
(Notes on Significant Changes in the Amount of Shareholders' Equity) Not applicable.
(Notes on Going Concern Assumption) Not applicable.
(Notes on statements of Quarterly Consolidated Statements of Income)
*1 Presentation of gains (losses) related to forward exchange contracts For the three months ended February 28, 2025
Valuation losses related to forward exchange contracts for transactions between consolidated group companies of 943 thousand yen are included in "Foreign exchange gains".
For the three months ended February 28, 2026
Valuation losses related to forward exchange contracts for transactions between consolidated group companies of 4,513 thousand yen are included in "Foreign exchange losses".
(Notes on statements of Quarterly Consolidated Cash Flows)
Quarterly consolidated statements of cash flows have not been prepared for the three months of the current fiscal year.
Depreciation (including amortization related to intangible assets excluding goodwill) and goodwill amortization for the three months of the current fiscal year are as follows.
Three months ended February 28, 2025
(December 1, 2024
to February 28, 2025)
(Thousands of yen) Three months ended February 28, 2026
(December 1, 2025
to February 28, 2026)
Depreciation 229,890 277,306
Goodwill amortization 67,083 86,254