Worth reading
55In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-39.1
Year-on-year revenue growth (%)Wording
Conditional
How definitive the wording is.Results for this period
Third quarter1 June 2025–28 February 2026ConsolidatedJapanese GAAPNet Sales998million yenYear on year -39.1%Progress 43.2%
Operating profit-241million yen
Ordinary income-252million yen
Net income attributable to owners of the parent-310million yen
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share-¥28.22
Financial position at period-end
Total assets2,864million yen
of which net assets 2,038 million yenEquity ratio 71.0%vs. prior year-end +0.3pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Segment revenueArt-related business 983,073 thousand yen (YoY -39.3%), Other businesses 15,362 thousand yen (YoY -29.6%)
Segment profitArt-related business -103,199 thousand yen, Other businesses -2,599 thousand yen
Outlook and shareholder returns
Full-year earnings forecast
Net Sales2,312 million yen (YoY +11.8%)
Operating profit80 million yen (YoY +554.1%)
Ordinary income80 million yen
Net income55 million yen
Revision to Earnings ForecastNone
Annual Dividend Forecast0 yen → To be determined
Factors Behind Changes in Business Performance
The art auction market became more subdued than in the past, as the tendency to hold back high-quality works in anticipation of price increases continued. Transaction volume in the art-related business declined 28.0% year on year, while revenue declined 39.3%.
Disclosure regarding the going concern assumption
No applicable matters.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew Number of companies 0 / Company name Not disclosed / Excluded Number of companies 0 / Company name Not disclosed
Impairment lossNot applicable (¥0 thousand)
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets 130 thousand yen, Reversal of allowance for doubtful accounts 222 thousand yen / Extraordinary loss Loss on Disposal of Fixed Assets 2,651 thousand yen, Litigation-related losses 28,191 thousand yen, Provision for allowance for doubtful accounts 358 thousand yen, Other 749 thousand yen
Depreciation and amortization42,618 thousand yen
Availability of Supplementary Financial Results MaterialsNo
Availability of Financial Results BriefingWhether applicable No / Subject person Not disclosed
Issued Shares at Period-End11,017,818
Treasury Shares at Period-End0
| Item | Details |
|---|---|
| Fiscal Period Classification | Third quarter |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 June 2025–28 February 2026 |
| Net Sales | 998 million yen (YoY -39.1%) |
| Operating profit | -241 million yen |
| Ordinary income | -252 million yen |
| Profit attributable to owners of the parent | -310 million yen |
| Net income per share | -¥28.22 |
| Equity ratio | End of the current fiscal period 71 / End of previous period 70.7 |
| Total assets | 2,864 million yen |
| Net assets | 2,038 million yen |
| Full-year earnings forecast | Net Sales 2,312 million yen (YoY +11.8%) / Operating profit 80 million yen (YoY +554.1%) / Ordinary income 80 million yen / Net income 55 million yen |
| Revision to Earnings Forecast | None |
| Annual Dividend Forecast | 0 yen → To be determined |
| Segment revenue | Art-related business 983,073 thousand yen (YoY -39.3%), Other businesses 15,362 thousand yen (YoY -29.6%) |
| Segment profit | Art-related business -103,199 thousand yen, Other businesses -2,599 thousand yen |
| Depreciation and amortization | 42,618 thousand yen |
| Impairment loss | Not applicable (¥0 thousand) |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets 130 thousand yen, Reversal of allowance for doubtful accounts 222 thousand yen / Extraordinary loss Loss on Disposal of Fixed Assets 2,651 thousand yen, Litigation-related losses 28,191 thousand yen, Provision for allowance for doubtful accounts 358 thousand yen, Other 749 thousand yen |
| Disclosure regarding the going concern assumption | No applicable matters. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New Number of companies 0 / Company name Not disclosed / Excluded Number of companies 0 / Company name Not disclosed |
| Availability of Supplementary Financial Results Materials | No |
| Availability of Financial Results Briefing | Whether applicable No / Subject person Not disclosed |
| Issued Shares at Period-End | 11,017,818 |
| Treasury Shares at Period-End | 0 |
| Factors Behind Changes in Business Performance | The art auction market became more subdued than in the past, as the tendency to hold back high-quality works in anticipation of price increases continued. Transaction volume in the art-related business declined 28.0% year on year, while revenue declined 39.3%. |
Items this document does not state (10)
Operating MarginCash flows from operating activitiesCash flows from investing activitiesCash flows from financing activitiesCash and cash equivalents at end of periodPayout ratioShareholder Return PolicyRegional salesOrders received and order backlogMaterial subsequent events
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.The art auction market remained subdued compared with the past, as the tendency to hold back high-quality works in anticipation of price increases continued. In the art-related business, although efforts were made to attract consignments for auctions and develop new customers, transaction volume and revenue declined.
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