Risk of Upfront Costs and Delayed Revenue Contribution from New Store Openings
First written in FY2026-H1. 4 of 8 entries say "Worsened", first in 2026-07-15. Latest entry: 2026-10-24.
Logos Holdings moved to the "Worse" side of this theme in 2026, 5 years after the typical company in this theme (2021).
The whole theme swung hardest in 2018: 5 of 11 companies on the "Worse" side.
0 other companies' latest entry also says "Worsened".
- 2026-10-24WorsenedGovernance
「注文住宅事業は事業特性上受注から計上までが長くなるため、新規出店の黒字化には知名度の向上を踏まえ3年を要する計画」
新規出店の黒字化に3年を要する計画と、出店継続により利益成長が鈍化する見込みを記載している。 - FY2026MitigatedAnnual report
「In addition to the addition of 坂井建設株式会社 to the Group, the number of homes handed over increased as new stores opened by the end of the previous fiscal year began contributing to earnings in the current fiscal year. As a result, net sales were ¥49,502.925 million, up 36.5% year on year, and operating profit was ¥1,449.416 million, up 197.5%.」
Regarding the risk of upfront costs associated with new store openings, the disclosure states that new stores began contributing to earnings, resulting in increases in the number of homes handed over, net sales and operating profit. At the same time, upfront investments in personnel expenses, advertising and promotional expenses, and other costs associated with store openings are continuing. - 2026-07-15WorsenedFinancial results presentation
「来期以降も新規出店をラップしていくため、新店舗が軌道に乗るまで利益成長は鈍化する見込み」
新規出店について、店舗が軌道に乗るまで利益成長が鈍化する見込みと、費用先行・収益貢献遅延の影響を継続して記載している。 - FY2026-H1MaterialisedAnnual report
「Meanwhile, selling, general and administrative expenses increased to ¥3,744.776 million, up 43.4% year on year, as personnel expenses, advertising and promotional expenses, and other costs were incurred ahead of the earnings contribution from new store openings, which require a certain lead time to become profitable.」
Personnel expenses, advertising and promotional expenses, and other costs associated with new store openings preceded their earnings contribution, resulting in a 43.4% year-on-year increase in selling, general and administrative expenses. The disclosure states that these upfront costs led to an operating loss for the interim consolidated accounting period.