Focus on Operating Margin and Return on Equity
First written in FY2017. 14 of 25 entries say "Advanced", first in FY2019. Latest entry: 2026-08-06.
The whole theme swung hardest in 2025: 3 of 10 companies on the "Worse" side.
4 other companies' latest entry also says "Advanced".
- 2026-08-06AdvancedEarnings
「First quarter of the fiscal year ending March 2027 125,000 19.7 5,301 32.8」
The first-quarter operating margin was approximately 4.2%, improving from approximately 3.8% in the same period of the previous year but remaining below the medium- to long-term target of 5.0%. - FY2026AdvancedAnnual report
「The operating margin increased by 0.4 percentage points from the previous consolidated fiscal year to 3.0%." Return on equity increased by 4.2 percentage points from the previous consolidated fiscal year to 9.3%, partly because net income attributable to owners of the parent was ¥8,738 million.」
The operating margin improved from 2.6% to 3.0% but remained below the medium- to long-term target of 5.0%. Meanwhile, return on equity was 9.3%, exceeding the target of 8.0%. - FY2026-H1WorsenedAnnual report
「Operating margin (%) 2.7 2.3 2.6 5.0」
Against the medium- to long-term target of 5.0%, the operating margin declined from 2.7% in the same period of the previous year to 2.3%. It also fell below the previous fiscal year's result of 2.6%, widening the gap with the target. - FY2025WorsenedAnnual report
「Operating margin (%) 3.9 2.6 5.0 Return on equity 13.3 5.1 8.0」
The operating margin declined from 3.9% in the previous fiscal year to 2.6%, and return on equity declined from 13.3% to 5.1%, both below the medium- to long-term targets of 5.0% and 8.0%. - FY2025-H1WorsenedAnnual report
「Medium- to long-term target Operating margin (%) 3.4 2.7 3.9 5.0 The operating margin declined from 3.4% in the previous interim consolidated accounting period to 2.7%.」
Against the medium- to long-term target of 5.0%, the operating margin for the current interim consolidated accounting period was 2.7%, down from 3.4% in the same period of the previous year. - FY2024AdvancedAnnual report
「The operating margin increased from 2.8% in the previous consolidated fiscal year to 3.9%, mainly because gross profit from reused merchandise increased, despite the impact of higher personnel expenses, rent and related costs, depreciation, and credit card processing fees. Return on equity increased by 5.9 percentage points from the previous consolidated fiscal year to 13.3%.」
Against the medium- to long-term targets of a 5.0% operating margin and 8.0% return on equity, actual results were 3.9% and 13.3%, respectively. The operating margin improved from 2.8% in the previous year, while return on equity exceeded its target. - FY2024-Q3AdvancedAnnual report
「Medium- to long-term target Operating margin (%) 4.1 4.1 2.8 5.0 Although the gross margin declined as rental sales decreased and the proportion of reused luxury products and new products, mainly games, increased, the increase in consolidated sales absorbed higher selling expenses, personnel expenses, and rent and related costs. The operating margin was 4.1%.」
The operating margin for the first three quarters was 4.1%, unchanged from 4.1% in the same period of the previous year. Although it remained below the medium- to long-term target of 5.0%, it recovered from the year-on-year decline through the previous quarter. - FY2024-Q2WorsenedAnnual report
「Medium- to long-term target Operating margin (%) 3.6 3.4 2.8 5.0 The increase in sales, driven by strong sales of reused clothing and fashion merchandise, the core products of 2nd STREET, absorbed increases in selling expenses, including advertising, personnel expenses, and rent and related costs. The ratio of SG&A expenses to sales declined from 36.1% in the first two quarters of the previous fiscal year to 31.8%. However, the operating margin declined from 3.6% to 3.4% because the gross margin fell as rental sales declined and the proportion of reused luxury products and new products, mainly games, increased.」
Against the medium- to long-term target of 5.0%, the operating margin declined from 3.6% in the same period of the previous year to 3.4%. Although the SG&A ratio improved, the decline in the gross margin resulting from the product mix reduced the operating margin. - FY2024-Q1AdvancedAnnual report
「Medium- to long-term target Operating margin (%) 4.9 5.4 2.8 5.0 Although advertising spending, personnel expenses, and rent and related costs increased, demand for reused products as a means of managing household budgets amid rising prices continued. As the reuse market expanded, sales of reused clothing and fashion merchandise, the core products of 2nd STREET, remained strong, and the operating margin increased from 4.9% in the first quarter of the previous fiscal year to 5.4%.」
The operating margin improved from 4.9% in the same period of the previous year to 5.4%, exceeding the medium- to long-term target of 5.0% in the current quarter. Relative to the target, the result shows measurable improvement from the same period of the previous year. - FY2023-Q3AdvancedAnnual report
「Medium- to long-term target Operating margin (%) 2.3 4.1 2.4 5.0 The reopening of social and economic activity, which had stagnated due to the impact of COVID-19, recovered faster than initially expected. As a result, sales of reused clothing and fashion merchandise, the core products of 2nd STREET, remained strong, and the operating margin increased from 2.3% in the first three quarters of the previous fiscal year to 4.1%.」
The operating margin improved from 2.3% in the same period of the previous year to 4.1%, narrowing the gap with the medium- to long-term target of 5.0%. Strong sales of reused clothing and fashion merchandise at 2nd STREET are cited as the reason for the improvement. - FY2023-Q2AdvancedAnnual report
「Fiscal year ending March 2022 First two quarters of the consolidated fiscal year (Actual) Operating margin (%) 1.0 3.6 2.4 5.0 The reopening of social and economic activity, which had stagnated due to the impact of COVID-19, recovered faster than initially expected. As a result, sales of reused clothing and fashion merchandise, the core products of 2nd STREET, remained strong, and the operating margin increased from 1.0% in the first two quarters of the previous fiscal year to 3.6%.」
The operating margin improved from 1.0% in the same period of the previous year to 3.6%, narrowing the gap with the medium- to long-term target of 5.0%. Strong sales of reused clothing and fashion merchandise at 2nd STREET are cited as the reason for the improvement. - FY2023-Q1AdvancedAnnual report
「Medium- to long-term target Operating margin (%) 1.5 4.9 2.4 5.0 With the easing of restrictions on going out, sales of reused clothing and fashion merchandise, the core products of 2nd STREET, remained strong, and the operating margin increased from 1.5% in the first three quarters of the previous fiscal year to 4.9%.」
The operating margin improved from 1.5% in the same period of the previous year to 4.9%, approaching the medium- to long-term target of 5.0%. Strong sales of reused clothing and fashion merchandise are cited as the reason for the improvement. - FY2022AdvancedAnnual report
「Medium- to long-term target Operating margin (%) 1.3 2.4 5.0 Return on equity △1.0 8.0 8.0」
The operating margin improved from 1.3% in the previous year to 2.4% but remained below the medium- to long-term target of 5.0%. Meanwhile, return on equity was 8.0%, reaching the medium- to long-term target of 8.0%. - FY2022-Q3AdvancedAnnual report
「Medium- to long-term target Operating margin (%) 1.8 2.3 1.3 5.0 The operating margin increased from 1.8% in the first three quarters of the previous fiscal year to 2.3%, as sales of reused merchandise, which had stagnated amid requests to refrain from going out to prevent the spread of COVID-19, recovered.」
The operating margin improved from 1.8% in the same period of the previous year to 2.3%. Although it remained below the medium- to long-term target of 5.0%, the gap narrowed against a backdrop of recovering sales of reused merchandise. - FY2022-Q2WorsenedAnnual report
「Medium- to long-term target Operating margin (%) 2.3 1.0 1.3 5.0 The operating margin declined from 2.3% in the first two quarters of the previous fiscal year to 1.0%, as the decline in gross profit resulting from the end of stay-at-home demand for games and rentals generated by requests to refrain from going out to prevent the spread of COVID-19 during the first two quarters of the previous fiscal year could not be fully offset by increased sales of reused merchandise.」
The operating margin declined from 2.3% in the same period of the previous year to 1.0%, widening the gap with the medium- to long-term target of 5.0%. - FY2022-Q1WorsenedAnnual report
「Medium- to long-term target Operating margin (%) 4.3 1.5 1.3 5.0」
The operating margin declined from 4.3% in the same period of the previous year to 1.5%, widening the gap with the medium- to long-term target of 5.0%. - FY2021WorsenedAnnual report
「Medium- to long-term target Operating margin (%) 1.3 5.0 Return on equity △1.0 8.0」
Against the medium- to long-term targets of a 5.0% operating margin and 8.0% return on equity, actual results for the fiscal year ended March 2021 were 1.3% and △1.0%, respectively. Both declined from the previous year, widening the gap with the targets. - FY2021-Q3WorsenedAnnual report
「Medium- to long-term target Operating margin (%) 3.2 1.8 3.3 5.0」
Against the medium- to long-term operating margin target of 5.0%, the actual margin for the first three quarters was 1.8%, down from 3.2% in the same period of the previous year. The disclosure cites a lower gross margin from the higher proportion of new game products and an increase in SG&A expenses as factors. - FY2021-Q2WorsenedAnnual report
「Medium- to long-term target Operating margin (%) 3.3 2.3 3.3 5.0 The operating margin declined from 3.3% in the first two quarters of the previous fiscal year to 2.3%, as the gross margin fell because new-product sales, mainly games, with lower gross margins than rental and reused merchandise, accounted for a larger share of sales. Selling expenses, including advertising, and SG&A expenses, including store-opening costs for 2nd STREET and Ookura, also increased.」
Against the medium- to long-term operating margin target of 5.0%, the actual margin for the first two quarters was 2.3%, down from 3.3% in the same period of the previous year. - FY2021-Q1AdvancedAnnual report
「Medium- to long-term target Operating margin (%) 4.1 4.3 3.3 5.0 Although the gross margin declined as sales of new products, mainly games, which have lower gross margins than reused merchandise, increased, the operating margin improved slightly from 4.1% in the first quarter of the previous fiscal year to 4.3% because the increase in selling, general and administrative expenses was contained.」
Against the medium- to long-term operating margin target of 5.0%, the actual margin in the first quarter was 4.3%, up from 4.1% in the same quarter of the previous year. Although the target was not achieved, the result shows measurable progress toward it. - FY2020WorsenedAnnual report
「The Group's medium- to long-term targets are an operating margin of 5.0% and return on equity of 8.0%. The operating margin declined from 5.4% in the fiscal year ended March 2019 to 3.3% in the fiscal year ended March 2020, while return on equity declined from 13.9% to 5.2%.」
The medium- to long-term targets are an operating margin of 5.0% and return on equity of 8.0%, while actual results for the period fell to 3.3% and 5.2%, respectively, below the targets. - FY2019AdvancedAnnual report
「In the fiscal year ended March 2019, the operating margin was 5.4%, up 0.6 percentage points year on year. We will also continue to focus on return on equity, which has become increasingly important from the perspective of capital efficiency.」
The disclosure shows that the operating margin, one of the key management metrics, was 5.4%, an improvement of 0.6 percentage points year on year. The Company continues to focus on return on equity. - FY2017First statedAnnual report
「For our Group, which operates a business centered on the nationwide expansion of directly operated stores, we have positioned the operating margin as an important management metric and target because it clearly shows the profitability of store operations. In the fiscal year ended March 2017, the operating margin was 3.2%, down 2.9 percentage points year on year. We will also continue to focus on return on equity, which has become increasingly important from the perspective of capital efficiency.」
The Company clearly states its policy of focusing on the operating margin as a profitability target and return on equity as a capital-efficiency metric. The operating margin for the fiscal year ended March 2017 is stated as 3.2%.