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Mandarake (2652) · FactRestatedLatest Monthly (2026-05-29): "Cited as achieved"

Expanding In-Store Sales through Visitors to Japan and Export Tax Exemption

First written in FY2017. 11 of 18 entries say "Restated". Latest entry: 2026-05-29.

18entries
10years
3from disclosures
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How it moved
ProgressHeldSoftenedWorseFirst statedFY2017 – FY2018ReframedFY2020-Q2 – FY2022RestatedFY2023-Q1 – 2026-05-292017: 12018: 120182019: 020192020: 220202021: 120212022: 120222023: 420232024: 320242025: 220252026: 32026
Same theme, other companies
Strengthening Inbound Retail Through Duty-Free Sales Infrastructure and Product SupplyA theme 15 companies write about · 1 as a headwind · 14 as a tailwind

Mandarake moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.

The whole theme swung hardest in 2020: 3 of 8 companies on the "Worse" side.

1 other company's latest entry also says "Cited as achieved".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Showing 14 of the 15 companies compared. The sentences above are computed from all 15.
Full recordFilings, disclosures and news, newest first
  1. FY2025RestatedAnnual report

    「In addition, active initiatives targeting international visitors to Japan have been successful, and inbound demand has been reliably converted into sales. As a result, existing stores have also continued to perform well.」

    It continues to explain that initiatives targeting international visitors to Japan and inbound demand translated into in-store sales, while existing stores performed well.
  2. FY2025-H1RestatedAnnual report

    「At the stores, customer visits are increasing regardless of whether customers are from Japan or overseas. The company has worked to introduce new products with specialist product explanations, while in mail-order sales it continued to enhance its diverse product range, thereby increasing customer satisfaction and sales.」

    It states that sales increased as a result of more customers from Japan and overseas visiting, specialist product explanations, new product introductions, a diverse product range and continued mail-order sales.
  3. FY2024RestatedAnnual report

    「This was mainly attributable to strong growth in in-store sales as opportunities for customers from Japan and overseas to visit increased, partly because of rising inbound demand, along with solid performance in mail-order sales, which the company continues to strengthen,」

    It continues to explain that more opportunities for customers from Japan and overseas to visit, including inbound demand, and solid mail-order sales led to higher revenue.
  4. FY2024-Q2RestatedAnnual report

    「At the stores, customer visits are increasing regardless of whether customers are from Japan or overseas. The company is increasing customer satisfaction and sales by promoting a diverse product range, including the introduction of new products accompanied by specialist product explanations, and sales are increasing.」

    The increase in in-store sales from more customers from Japan and overseas, specialist product explanations, new product introductions and a diverse product range is being reconfirmed.
  5. FY2024-Q1RestatedAnnual report

    「At the stores, visits by customers, including those from overseas, have recovered and are showing a further upward trend,」

    It continues to explain that customer visits, including those by overseas visitors, have recovered and are showing a further upward trend.
  6. FY2023RestatedAnnual report

    「This was mainly attributable to the recovery in in-store sales as opportunities for customers from Japan and overseas to visit increased with the easing of the COVID-19 pandemic, along with solid growth in mail-order sales, which the company continues to strengthen,」

    The explanation that increased opportunities for customers from Japan and overseas to visit as the pandemic subsided, the recovery in in-store sales and growth in mail-order sales drove full-year revenue growth is being reconfirmed.
  7. FY2023-Q3RestatedAnnual report

    「In its stores, the company provides detailed, specialized product explanations to customers whose visits continue to recover, continuously introduces new products, increases customer satisfaction, and seeks to improve sales.」

    It continues to report a recovery trend in customer visits and higher in-store sales from specialist product explanations and the introduction of new products.
  8. FY2023-Q2RestatedAnnual report

    「In its stores, the company provides detailed, specialized product explanations to customers whose visits continue to recover, continuously introduces new products, increases customer satisfaction, and seeks to improve sales.」

    For in-store sales, which declined during the pandemic, it continues to report a recovery trend in customer visits and higher sales from specialist product explanations and the introduction of new products.
  9. FY2023-Q1RestatedAnnual report

    「In its stores, the company provides specialized product explanations to customers whose visits are recovering, introduces new products, and offers a diverse selection to increase customer satisfaction and contribute to sales.」

    For in-store sales, which declined during the pandemic, it continues to report a recovery trend in customer visits and the contribution to sales from specialist product explanations and its product range.
  10. FY2022ReframedAnnual report

    「This was mainly attributable to the recovery in in-store sales as the impact of the COVID-19 pandemic subsided, along with solid growth in mail-order sales, which the company continues to strengthen,」

    The explanation has changed from focusing on declining in-store sales and support from mail-order sales during the pandemic to identifying the recovery in in-store sales and growth in mail-order sales as factors behind higher revenue.
  11. FY2021ReframedAnnual report

    「This was mainly attributable to solid growth in mail-order sales and a recovery trend in in-store sales, compared with the previous fiscal year, which was severely affected by the COVID-19 pandemic,」

    The explanation has changed from emphasizing declining in-store sales and fewer visitors to Japan during the pandemic to noting a recovery trend in in-store sales in addition to solid growth in mail-order sales.
  12. FY2020ReframedAnnual report

    「In 2020, in-store sales declined due to the impact of the COVID-19 pandemic, while mail-order sales increased. The company also held an auction in August 2020 and is working to return to solid business performance while avoiding a sharp decline in sales.」

    The explanation has shifted from expanding in-store sales driven by international visitors to Japan and others to a structure in which in-store sales declined during the pandemic and mail-order sales and other channels provided support.
  13. FY2020-Q2ReframedAnnual report

    「In the secondhand goods industry to which the Company belongs, demand for secondhand products in general has been maintained as consumers have become more thrift-conscious and focused on protecting their household finances because of the consumption tax increase and other factors. However, consumer sentiment has tended to deteriorate amid a decline in inbound visitors resulting from requests to refrain from traveling to Japan, as well as requests in Japan to refrain from going out and attending events, and difficult operating conditions continue.」

    The explanation has changed from growth in visits by international travelers to Japan and in-store sales to a decline in international visitors to Japan and weaker consumer sentiment resulting from requests to refrain from travel and other factors.
  14. FY2018RestatedAnnual report

    「In-store sales have benefited from a marked increase in visits by international travelers to Japan. In addition, the auctions held six times a year, which attract many customers from Japan and overseas, have been successful, and sales have remained solid.」

    The increase in visits by international travelers to Japan and the strength of in-store sales, including auction participation, are being reconfirmed.
  15. FY2017First statedAnnual report

    「In-store sales also increased, with more international visitors coming to the stores and the resulting growth in sales from handling consumption-tax exemptions for exports.」

    It newly states that the increase in visits by international travelers to Japan and the handling of consumption-tax exemptions for exports contributed to growth in in-store sales.
Moved together

"Increase in Inventories and Decline in Operating Cash Flow" moved the same way as this thread, in the same document, in 4 of its 18 moves.

43222★12345
  1. ★This thread
  2. 1Increase in Inventories and Decline in Operating Cash Flow4×
  3. 2Lower earnings despite revenue growth3×
  4. 3Uncertainty over the outlook due to exchange rates, stock markets, and a slowdown in emerging-market economies2×
  5. 4Risks Related to Reliance on Borrowings, Store Performance and Progress on New Store Openings2×
  6. 5Creating New Markets by Pursuing the Value of Antiques and Preserving Culture2×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
No upcoming earnings preview for Mandarake yet. It last moved in the Monthly of 2026-05-29: "Cited as achieved".
News
No news is linked to this thread yet. When an article touches it, it will appear here by date.
Expanding In-Store Sales through Visitors to Japan and Export Tax Exemption | MANDARAKE INC. (2652) | Komori