Financial Results Presentation for the First Quarter of the Fiscal Year Ending March 2027 | Komehyo Holdings Co.,Ltd. (2780) timely disclosure

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Improvement

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3533

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Conditional

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Contents of this document

Financial results presentationFirst quarter of the fiscal year ending March 202711 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales¥65,820 million+142.7%

Operating profit¥3,533 million+399.8%

Ordinary income¥3,334 million+511.2%

Net income¥2,081 million+589.0%

Gross Profit Margin21.9 %

Operating profit margin5.4 %

Selling, general and administrative expenses¥10,849 million

Results for the three months of the current quarterMonthly revenue, purchases from individuals, retail mix, duty-free sales ratio and store openings for April, May and June. Total Q1 revenue was ¥64,269 million, and total purchases from individuals were ¥30,402 million (BF business).

Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。Revenue: 26.1%; operating income: 32.7%; ordinary income: 34.4%; net income attributable to owners of the parent: 35.6%. Progress toward domestic specialty purchase-store openings in the BF business was 20.0%, and toward overseas openings was 86.7%.

What the company explained in this material

Self-assessment against the planThe company's self-assessment against its own plan.

Performance exceeded plan, with operating income in the TW business running above plan.

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Revenue increase
Impact on operating profit+¥337 million
Increase in Gross Profit Margin
Impact on operating profit+¥4,203 million
Increase in selling expenses, including sales commissions
Impact on operating profit-¥637 million
Increase in general and administrative expenses, including land rent and building rent
Impact on operating profit-¥617 million
Increase in personnel expenses, including salaries and allowances
Impact on operating profit-¥636 million
Total increase in SG&A expenses
Impact on operating profit-¥1,891 million

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.

Qualitative assumptions include demand for branded jewelry and high-end and vintage products, gold prices, foreign exchange rates, geopolitical risks and the expected downward trend in market prices ahead of the seasonal transition period in September. Numerical assumptions: Not disclosed

New initiatives

Make ガレージバンク株式会社 a wholly owned subsidiary through an acquisition of its shares (purchase price: ¥1.6 billion; estimated advisory fees: ¥80 million)
Launch the JBA Shanghai Auction, the first overseas B2B auction in Shanghai
Combine cashari's technology and customer base with the company's value chain
Open new stores in Japan and overseas and fully renovate the KOMEHYO Nagoya Main Store
Plan to establish BRAND OFF MACAU LIMITED (tentative name) and PT KOMEHYO INDONESIA (tentative name)

Key KPIsA metric the company considers important as a management benchmark.

Purchases from individuals (consolidated)¥30,438 million
Year on year against the same period last year136.5%
Retail sales ratio46.1 %
Year-on-year change+3.3pt
Overseas user share16.6 %
Year-on-year change+2.6pt
Domestic duty-free sales ratio16.6 %
Year-on-year change+3.3pt
Auction GMV¥30,444 million
Year on year against the same period last year128.2%
EC-attributed revenue¥6,485 million
Year on year against the same period last year190.2%
Inventory turnover4 Times
Year on year against the same period last yearImproved from 3.5 turns
Cross ratio86.4 %
Year on year against the same period last yearImproved from 74.1%

Unit price and quantity metricsThese figures show sales broken down by price and volume.

The TW business reports an increase in average customer spend. The BF business reports purchases from individuals, the composition of purchase channels, and the mix of retail and corporate sales.

Segment results

Brand and Fashion business
Net Sales¥64,269 million
Year-on-year change in revenue143.6%
Operating profit¥3,379 million
Year-on-year operating profit growth433.6%
Tire and wheel business
Net Sales¥1,540 million
Year-on-year change in revenue113.4%
Operating profit¥27 million
Year-on-year operating profit growth70.4%
Real Estate Leasing Business
Net Sales¥91 million
Year-on-year change in revenue100.2%
Operating profit¥30 million
Year-on-year operating profit growth96.7%

Medium-term management plan targets

Open 30 overseas stores during FY2025-FY2028. The long-term revenue target is ¥500 billion. Overseas openings were 9 stores in FY2025, 13 in FY2026 and 4 in FY2027, representing 86.7% progress.

Market Size / Share

No. 1 market share in the branded goods and jewelry sector (as of the end of March 2026)

Number of stores and locations

347 stores at period-end (304 in Japan and 43 overseas). During Q1, 13 domestic and 4 overseas stores were newly opened. Monthly BF business openings were 7 stores in April, 7 in May and 3 in June.

Number of employees

2,095 consolidated employees and 64 employees on a non-consolidated basis (as of March 2026). The company states its policy of advancing recruitment and employee development.

Contents of this document
Item	Details
Document type	Financial results presentation
Fiscal Period Covered	First quarter of the fiscal year ending March 2027
Net Sales	¥65,820 million (YoY +142.7%)
Operating profit	¥3,533 million (YoY +399.8%)
Ordinary income	¥3,334 million (YoY +511.2%)
Net income	¥2,081 million (YoY +589.0%)
Gross Profit Margin	21.9 %
Operating profit margin	5.4 %
Selling, general and administrative expenses	¥10,849 million
Results for the three months of the current quarter	Monthly revenue, purchases from individuals, retail mix, duty-free sales ratio and store openings for April, May and June. Total Q1 revenue was ¥64,269 million, and total purchases from individuals were ¥30,402 million (BF business).
Progress against full-year forecast	Revenue: 26.1%; operating income: 32.7%; ordinary income: 34.4%; net income attributable to owners of the parent: 35.6%. Progress toward domestic specialty purchase-store openings in the BF business was 20.0%, and toward overseas openings was 86.7%.
Self-assessment against the plan	Performance exceeded plan, with operating income in the TW business running above plan.
Segment results	Segment Brand and Fashion business / Net Sales ¥64,269 million / Year-on-year change in revenue 143.6% / Operating profit ¥3,379 million / Year-on-year operating profit growth 433.6%, Segment Tire and wheel business / Net Sales ¥1,540 million / Year-on-year change in revenue 113.4% / Operating profit ¥27 million / Year-on-year operating profit growth 70.4%, Segment Real Estate Leasing Business / Net Sales ¥91 million / Year-on-year change in revenue 100.2% / Operating profit ¥30 million / Year-on-year operating profit growth 96.7%
Breakdown of Factors Affecting the Change	Factors Revenue increase / Impact on operating profit +¥337 million, Factors Increase in Gross Profit Margin / Impact on operating profit +¥4,203 million, Factors Increase in selling expenses, including sales commissions / Impact on operating profit -¥637 million, Factors Increase in general and administrative expenses, including land rent and building rent / Impact on operating profit -¥617 million, Factors Increase in personnel expenses, including salaries and allowances / Impact on operating profit -¥636 million, Factors Total increase in SG&A expenses / Impact on operating profit -¥1,891 million
Key KPIs	Indicator Purchases from individuals (consolidated) / Value ¥30,438 million / Year on year against the same period last year 136.5%, Indicator Retail sales ratio / Value 46.1 % / Year-on-year change +3.3pt, Indicator Overseas user share / Value 16.6 % / Year-on-year change +2.6pt, Indicator Domestic duty-free sales ratio / Value 16.6 % / Year-on-year change +3.3pt, Indicator Auction GMV / Value ¥30,444 million / Year on year against the same period last year 128.2%, Indicator EC-attributed revenue / Value ¥6,485 million / Year on year against the same period last year 190.2%, Indicator Inventory turnover / Value 4 Times / Year on year against the same period last year Improved from 3.5 turns, Indicator Cross ratio / Value 86.4 % / Year on year against the same period last year Improved from 74.1%
Unit price and quantity metrics	The TW business reports an increase in average customer spend. The BF business reports purchases from individuals, the composition of purchase channels, and the mix of retail and corporate sales.
Number of stores and locations	347 stores at period-end (304 in Japan and 43 overseas). During Q1, 13 domestic and 4 overseas stores were newly opened. Monthly BF business openings were 7 stores in April, 7 in May and 3 in June.
Number of employees	2,095 consolidated employees and 64 employees on a non-consolidated basis (as of March 2026). The company states its policy of advancing recruitment and employee development.
Assumptions Underlying the Business Outlook	Qualitative assumptions include demand for branded jewelry and high-end and vintage products, gold prices, foreign exchange rates, geopolitical risks and the expected downward trend in market prices ahead of the seasonal transition period in September. Numerical assumptions: Not disclosed
Medium-term management plan targets	Open 30 overseas stores during FY2025-FY2028. The long-term revenue target is ¥500 billion. Overseas openings were 9 stores in FY2025, 13 in FY2026 and 4 in FY2027, representing 86.7% progress.
Market Size / Share	No. 1 market share in the branded goods and jewelry sector (as of the end of March 2026)
New initiatives	Make ガレージバンク株式会社 a wholly owned subsidiary through an acquisition of its shares (purchase price: ¥1.6 billion; estimated advisory fees: ¥80 million), Launch the JBA Shanghai Auction, the first overseas B2B auction in Shanghai, Combine cashari's technology and customer base with the company's value chain, Open new stores in Japan and overseas and fully renovate the KOMEHYO Nagoya Main Store, Plan to establish BRAND OFF MACAU LIMITED (tentative name) and PT KOMEHYO INDONESIA (tentative name)

Items this document does not state (9)

Full-year earnings forecastRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A

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 strengthening of purchases from individuals increased the supply of high-quality inventory and drove growth in retail and corporate sales; prioritizing supply to retail improved the gross profit margin; and scale benefits from higher revenue reduced the SG&A-to-revenue ratio.

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