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Earnings Presentation195AMUSCAT GROUP Inc.Information and Communications, Services and Others

Financial Results Presentation for the Second Quarter of the Fiscal Year Ending March 2027

In the first half, operating and net losses widened due to weak performance at WinC, the cancellation of a large transaction, and the recording of extraordinary losses. Meanwhile, 株式会社bet was made a subsidiary, and the full-year operating income forecast was revised downward from the previous ¥50 million to a loss of ¥211 million to reflect an expected recovery in MiiS LIFT BRUSH.

Worth reading
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Direction
Mixed performance
Direction inferred from the company’s description.
Scale
-211
¥ million
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Earnings PresentationSecond quarter of FY2027/312 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,983 million+85.6%
Operating profit¥-299 million
Ordinary income¥-334 million
Net income¥-691 million
Results for the three months of the current quarterThe standalone three-month consolidated P&L figures are Not disclosed. Second-quarter sales by brand were ¥724 million for Fujiko, ¥273 million for MiiS, ¥180 million for b idol, ¥80 million for bialne, and ¥65 million for ROCO NAILS and anilet＋.
Full-year earnings forecast
Net Sales
¥15,444 million
Gross profit
¥3,658 million
Operating profit
¥-211 million
Adjusted EBITDA
¥75 million
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。株式会社bet's sales progress rate for March through August 2026 was 47%. The progress rate for the consolidated group as a whole against the full-year forecast is Not disclosed.
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The first half fell short of plan. 松村商店's gross profit margin for the first half exceeded plan. かならぼ, HaD, and RCP were described as being in line with or ahead of plan.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Increase in かならぼ sales¥1,502 million
  • Increase in clinic and HaD sales¥282 million
  • Decrease in WinC sales¥-146 million
  • Decrease in sales at RCP and other businesses¥-258 million
  • Contribution to operating income from かならぼ and HaD¥134 million
  • Contribution to operating income from WinC¥99 million
  • Contribution to operating income from the clinics¥-71 million
  • Company-wide expenses, goodwill amortization, and other items¥-260 million
  • Increase in interest expense¥-21 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • 株式会社bet sales (December through March)¥9,124 million
  • 株式会社bet gross profit margin3.3 %
  • Company-wide expenses (second half)¥-178 million
  • MiiS LIFT BRUSH
    DetailsSet based on actual results for September and October
New initiatives
  • Making 株式会社bet a subsidiary and entering the luxury resale market
  • Rebranding watch7 as GINZA SEVEN
  • Increasing the retail ratio through inventory investment
  • General-market launch and expansion of sales channels for MiiS LIFT BRUSH
  • Rebranding whomee and launching new products in February 2027
  • AI-enabled marketing and management
Key KPIsA metric the company considers important as a management benchmark.
  • WinC standalone monthly operating income¥10 million October forecast
  • Fujiko revenue¥724 million
  • MiiS revenue¥273 million
  • b idol revenue¥180 million
  • bialne revenue¥80 million
  • Repeat sales (Fujiko priority products)¥109 million
  • Repeat purchase rate (Fujiko priority products)81.7 %
  • Retention rate (bialne)94.7 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • BrandFujiko
    ChannelsDirect-to-consumer e-commerce
    Number of purchasers¥8,038
    Average purchase price¥3,311
  • BrandFujiko
    ChannelsThird-party e-commerce
    Number of purchasers¥43,493
    Average purchase price¥2,297
  • BrandMiiS
    ChannelsDirect-to-consumer e-commerce
    Number of purchasers¥4,236
    Average purchase price¥12,970
  • BrandMiiS
    ChannelsThird-party e-commerce
    Number of purchasers¥36,171
    Average purchase price¥3,016
  • Brandb idol
    ChannelsDirect-to-consumer e-commerce
    Number of purchasers¥5,805
    Average purchase price¥3,909
  • Brandb idol
    ChannelsThird-party e-commerce
    Number of purchasers¥17,005
    Average purchase price¥2,747
Segment results
かならぼ
Change in revenue¥1,502 million
Contribution to operating profit¥92 million
unit_profit¥ million
Clinic / HaD
Change in revenue¥282 million
Contribution to operating profit¥-69 million
unit_profit¥ million
WinC
Change in revenue¥-146 million
Contribution to operating profit¥99 million
unit_profit¥ million
松村商店
Change in revenue¥-4 million
Contribution to operating profit¥42 million
unit_profit¥ million
RCP, etc.
Change in revenue¥-258 million
Contribution to operating profit¥-260 million
unit_profit¥ million
Medium-term management plan targets
Fiscal year ending March 2028
Operating profitApproximately ¥1 billion
Business profitApproximately ¥1.5 billion
Fiscal year ending March 2029
Operating profitApproximately ¥1.5 billion
Business profitApproximately ¥2 billion
bet business profit¥740 million
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
  • ¥-149 million
    DetailsCancellation of a large transaction with a major beauty brand
  • ¥-85 million
    DetailsDownward revision for WinC
  • ¥-164 million
    DetailsDownward revision for the clinics
  • ¥-323 million
    DetailsKLab share valuation loss and MOVE impairment recorded in the first half
Market Size / Share
  • Beauty appliances¥1,882 100 million 2026 forecast
    Growth Rate8.4
  • Domestic Reuse Market¥3.3 trillion
  • Branded goods reuse market
    Growth Rate19.4
  • Cosmetics Market¥26,500 100 million fiscal 2025 forecast
    Growth Rate2.7
Number of stores and locations
MiiS has 1,092 variety stores and 1,383 drugstores. 株式会社bet's locations are stores in Ginza and Shinsaibashi and a purchasing location in Takamatsu. The number of store openings and closures during the period is Not disclosed.
Gross profit
¥1,488 million+67.1%
Gross Profit Margin49.9
Year-on-year change (points)-5.5
Contents of this document
ItemDetails
Document typeEarnings Presentation
Fiscal Period CoveredSecond quarter of FY2027/3
Net Sales¥2,983 million (YoY +85.6%)
Operating profit¥-299 million
Ordinary income¥-334 million
Net income¥-691 million
Gross profit¥1,488 million (YoY +67.1%)
Results for the three months of the current quarterThe standalone three-month consolidated P&L figures are Not disclosed. Second-quarter sales by brand were ¥724 million for Fujiko, ¥273 million for MiiS, ¥180 million for b idol, ¥80 million for bialne, and ¥65 million for ROCO NAILS and anilet＋.
Full-year earnings forecastNet Sales ¥15,444 million / Gross profit ¥3,658 million / Operating profit ¥-211 million / Adjusted EBITDA ¥75 million
Progress against full-year forecast株式会社bet's sales progress rate for March through August 2026 was 47%. The progress rate for the consolidated group as a whole against the full-year forecast is Not disclosed.
Self-assessment against the planThe first half fell short of plan. 松村商店's gross profit margin for the first half exceeded plan. かならぼ, HaD, and RCP were described as being in line with or ahead of plan.
Segment resultsかならぼ Change in revenue ¥1,502 million / Contribution to operating profit ¥92 million / unit_profit ¥ million / Clinic / HaD Change in revenue ¥282 million / Contribution to operating profit ¥-69 million / unit_profit ¥ million / WinC Change in revenue ¥-146 million / Contribution to operating profit ¥99 million / unit_profit ¥ million / 松村商店 Change in revenue ¥-4 million / Contribution to operating profit ¥42 million / unit_profit ¥ million / RCP, etc. Change in revenue ¥-258 million / Contribution to operating profit ¥-260 million / unit_profit ¥ million
Breakdown of Factors Affecting the ChangeFactors Increase in かならぼ sales / Amount ¥1,502 million, Factors Increase in clinic and HaD sales / Amount ¥282 million, Factors Decrease in WinC sales / Amount ¥-146 million, Factors Decrease in sales at RCP and other businesses / Amount ¥-258 million, Factors Contribution to operating income from かならぼ and HaD / Amount ¥134 million, Factors Contribution to operating income from WinC / Amount ¥99 million, Factors Contribution to operating income from the clinics / Amount ¥-71 million, Factors Company-wide expenses, goodwill amortization, and other items / Amount ¥-260 million, Factors Increase in interest expense / Amount ¥-21 million
Key KPIsIndicator name WinC standalone monthly operating income / Value ¥10 million (October forecast) / Year on year against the same period last year Not disclosed, Indicator name Fujiko revenue / Value ¥724 million / Year on year against the same period last year Not disclosed, Indicator name MiiS revenue / Value ¥273 million / Year on year against the same period last year Not disclosed, Indicator name b idol revenue / Value ¥180 million / Year on year against the same period last year Not disclosed, Indicator name bialne revenue / Value ¥80 million / Year on year against the same period last year Not disclosed, Indicator name Repeat sales (Fujiko priority products) / Value ¥109 million / Year on year against the same period last year Not disclosed, Indicator name Repeat purchase rate (Fujiko priority products) / Value 81.7 % / Year on year against the same period last year Not disclosed, Indicator name Retention rate (bialne) / Value 94.7 % / Year on year against the same period last year Not disclosed
Unit price and quantity metricsBrand Fujiko / Channels Direct-to-consumer e-commerce / Number of purchasers ¥8,038 / Average purchase price ¥3,311, Brand Fujiko / Channels Third-party e-commerce / Number of purchasers ¥43,493 / Average purchase price ¥2,297, Brand MiiS / Channels Direct-to-consumer e-commerce / Number of purchasers ¥4,236 / Average purchase price ¥12,970, Brand MiiS / Channels Third-party e-commerce / Number of purchasers ¥36,171 / Average purchase price ¥3,016, Brand b idol / Channels Direct-to-consumer e-commerce / Number of purchasers ¥5,805 / Average purchase price ¥3,909, Brand b idol / Channels Third-party e-commerce / Number of purchasers ¥17,005 / Average purchase price ¥2,747
Number of stores and locationsMiiS has 1,092 variety stores and 1,383 drugstores. 株式会社bet's locations are stores in Ginza and Shinsaibashi and a purchasing location in Takamatsu. The number of store openings and closures during the period is Not disclosed.
Assumptions Underlying the Business OutlookItem 株式会社bet sales (December through March) / Value ¥9,124 million, Item 株式会社bet gross profit margin / Value 3.3 %, Item Company-wide expenses (second half) / Value ¥-178 million, Item MiiS LIFT BRUSH / Details Set based on actual results for September and October
Risk amount incorporated into the outlookAmount ¥-149 million / Details Cancellation of a large transaction with a major beauty brand, Amount ¥-85 million / Details Downward revision for WinC, Amount ¥-164 million / Details Downward revision for the clinics, Amount ¥-323 million / Details KLab share valuation loss and MOVE impairment recorded in the first half
Medium-term management plan targetsFiscal year ending March 2028 Operating profit Approximately ¥1 billion / Business profit Approximately ¥1.5 billion / Fiscal year ending March 2029 Operating profit Approximately ¥1.5 billion / Business profit Approximately ¥2 billion / bet business profit ¥740 million
Market Size / ShareMarket Beauty appliances / Value ¥1,882 100 million (2026 forecast) / Growth Rate ¥8.4 100 million (2026 forecast), Market Domestic Reuse Market / Value ¥3.3 trillion / Growth Rate Not disclosed, Market Branded goods reuse market / Value Not disclosed / Growth Rate 19.4, Market Cosmetics Market / Value ¥26,500 100 million (fiscal 2025 forecast) / Growth Rate ¥2.7 100 million (fiscal 2025 forecast)
New initiativesMaking 株式会社bet a subsidiary and entering the luxury resale market, Rebranding watch7 as GINZA SEVEN, Increasing the retail ratio through inventory investment, General-market launch and expansion of sales channels for MiiS LIFT BRUSH, Rebranding whomee and launching new products in February 2027, AI-enabled marketing and management
Items this document does not state (10)
Operating profit marginSelling, general and administrative expensesNumber of employeesFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

Factors behind the deterioration in the first-half results and the full-year forecast include weak performance by MiiS and MOVE at WinC, the cancellation of a large transaction with a major beauty brand, higher selling, general and administrative expenses at the clinics, and increased goodwill amortization and company-wide expenses associated with M&A. For the second half, a recovery at WinC driven by MiiS LIFT BRUSH and the consolidation of 株式会社bet are expected.

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Financial Results Presentation for the Second Quarter of the Fiscal Year Ending March 2027 | MUSCAT GROUP Inc. (195A) timely disclosure | Komori