Worth reading
84Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
11600
¥100 million (net sales target for the fiscal year ending March 2030)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,026Target2,030Hundreds of millions of yen
ROE+4.0pt
基準 2,026Target2,030%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planNet sales of ¥1.006 trillion, ordinary profit of ¥13.0 billion (initial target: ¥20.0 billion), ROE in the 10% range, and a payout ratio of 30% → Net sales of ¥1.0047 trillion, ordinary profit of ¥13.5 billion, ROE of 8.4%, and a payout ratio of 37.0% (actual for the fiscal year ending March 2026)+6,653.3%Calculated from the two disclosed figures
Investment amount by sectorField Growth Investment / Amount ¥50 billion–¥60 billion, Field Capital Expenditure / Amount Approximately ¥19 billion
Statements about the use of capital
Payout ratio / DOE policyThe Company aims to maintain stable dividends and increase dividends while targeting a payout ratio of 30% (over the four years of the Medium-Term Management Plan 2030).The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe Company will implement flexible shareholder return measures in consideration of capital efficiency. No specific acquisition amount or timing has been disclosed.
Cost of capital7%–9% rangeThe cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR is below 1x. PBR was 0.80x in FY26/3. The Company recognizes issues with capital efficiency and delays in realizing the benefits of investments made from a medium- to long-term perspective.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expand in-store share by strengthening differentiation
02Establish new growth drivers
03Strengthen functions supporting sales growth
04Measures to improve gross profit margin
05Measures to control the SG&A expense ratio
06Improve the profitability of group companies
07Implement flexible shareholder returns with an awareness of the cost of capital
08Implement investment discipline and management control centered on ROIC
09Link stronger sustainability initiatives to higher corporate value
Plan assumptionsRapid changes in the external environment, Inflation-driven cost increases, Consolidation and expansion in the retail sector, Structural changes in consumer sentiment, Accelerating population decline and aging, Rapid advances in digital transformation, Increasingly complex laws and regulations, Rising geopolitical risks
Non-financial targetsIndicator name GHG Emissions / Target value Reduction of at least 50% from the fiscal year ending March 2024 (Scope 1 and 2) / Timing Fiscal year ending March 2030, Indicator name Percentage of Female Managers / Target value 10% / Timing Fiscal year ending March 2030, Indicator name Intention to remain with the Company / Target value 4.0 points (on a 5-point scale) / Timing 2026 target
Size of the Target MarketScale 60 million people nationwide and annual purchasing value of approximately ¥5.5 trillion (ID-POS) / Source Not disclosed
Risks identified by the company
Inflation-driven cost increases
Consolidation and expansion in the retail sector
Structural changes in consumer sentiment
Accelerating population decline and aging
Increasingly complex laws and regulations
Rising geopolitical risks
Cybersecurity measures
Higher costs and an impact on profits in the first half due to growth investments
Reason for revision or withdrawal
To respond to changes in the external environment and the issues facing the Company, the final phase, the Medium-Term Management Plan 2030, is positioned as a strategic investment phase.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2030 |
| Plan period | Fiscal years ending March 2027 to March 2030 (FY27/3–30/3) |
| Progress against the plan | Formulated |
| Sales Target | ¥1.0047 trillion (actual for the fiscal year ending March 2026) → ¥1.16 trillion (target for the fiscal year ending March 2030)（CAGR 3.66%（26/3～30/3）） |
| ROE target | 8.4% (actual for the fiscal year ending March 2026) → At least 8% (target for the fiscal year ending March 2030) |
| Payout ratio / DOE policy | The Company aims to maintain stable dividends and increase dividends while targeting a payout ratio of 30% (over the four years of the Medium-Term Management Plan 2030). |
| Treasury share acquisition policy | The Company will implement flexible shareholder return measures in consideration of capital efficiency. No specific acquisition amount or timing has been disclosed. |
| Cost of capital | 7%–9% range |
| Self-assessment of PBR and share price | PBR is below 1x. PBR was 0.80x in FY26/3. The Company recognizes issues with capital efficiency and delays in realizing the benefits of investments made from a medium- to long-term perspective. |
| Investment amount by sector | Field Growth Investment / Amount ¥50 billion–¥60 billion, Field Capital Expenditure / Amount Approximately ¥19 billion |
| Non-financial targets | Indicator name GHG Emissions / Target value Reduction of at least 50% from the fiscal year ending March 2024 (Scope 1 and 2) / Timing Fiscal year ending March 2030, Indicator name Percentage of Female Managers / Target value 10% / Timing Fiscal year ending March 2030, Indicator name Intention to remain with the Company / Target value 4.0 points (on a 5-point scale) / Timing 2026 target |
| Plan assumptions | Rapid changes in the external environment, Inflation-driven cost increases, Consolidation and expansion in the retail sector, Structural changes in consumer sentiment, Accelerating population decline and aging, Rapid advances in digital transformation, Increasingly complex laws and regulations, Rising geopolitical risks |
| Key initiatives | Expand in-store share by strengthening differentiation, Establish new growth drivers, Strengthen functions supporting sales growth, Measures to improve gross profit margin, Measures to control the SG&A expense ratio, Improve the profitability of group companies, Implement flexible shareholder returns with an awareness of the cost of capital, Implement investment discipline and management control centered on ROIC, Link stronger sustainability initiatives to higher corporate value |
| Results under the previous plan | Net sales of ¥1.006 trillion, ordinary profit of ¥13.0 billion (initial target: ¥20.0 billion), ROE in the 10% range, and a payout ratio of 30% → Net sales of ¥1.0047 trillion, ordinary profit of ¥13.5 billion, ROE of 8.4%, and a payout ratio of 37.0% (actual for the fiscal year ending March 2026) |
| Reason for revision or withdrawal | To respond to changes in the external environment and the issues facing the Company, the final phase, the Medium-Term Management Plan 2030, is positioned as a strategic investment phase. |
| Size of the Target Market | Scale 60 million people nationwide and annual purchasing value of approximately ¥5.5 trillion (ID-POS) / Source Not disclosed |
| Risks identified | Inflation-driven cost increases, Consolidation and expansion in the retail sector, Structural changes in consumer sentiment, Accelerating population decline and aging, Increasingly complex laws and regulations, Rising geopolitical risks, Cybersecurity measures, Higher costs and an impact on profits in the first half due to growth investments |
| Date of board resolution | 14 May 2026 |
| Publication date | 14 May 2026 |
Items this document does not state (6)
Operating profit targetOperating profit margin targetNet income targetROIC targetTotal investment planSegment target
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.To respond to changes in the external environment, including inflation-driven cost increases, consolidation and expansion in the retail sector, structural changes in consumer sentiment, the accelerating decline and aging of the population, rapid advances in digital transformation, increasingly complex laws and regulations, and rising geopolitical risks, and to address issues such as cost control and capital efficiency.
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