Worth reading
73In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
2947
¥ million (year-on-year increase in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Results presentationCumulative second quarter, fiscal year ending March 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥127,675 million+33.5%
Operating profit¥4,707 million+167.6%
Ordinary income¥4,161 million+211.6%
Net income¥2,439 million+260.4%
Selling, general and administrative expenses¥22,598 million
Gross Profit Margin
Rate21.4
Year-on-year change (points)0.8
Operating profit margin
Rate3.7
Year-on-year change (points)1.9
Results for the three months of the current quarter
Net Sales
¥61,855 million+124.9%
Operating profit
¥1,173 million+134.1%
Gross Profit Margin
Rate20.9
Year-on-year change (points)1
Operating profit margin
Rate1.9
Year-on-year change (points)0.1
Full-year earnings forecast
Net Sales
¥252,000 million
Operating profit
¥10,800 million
Operating profit margin
4.3 %
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。
Net Sales50.7
Operating profit43.6
Ordinary income43
Net income41.7
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Finished above the first-half plan / achieved the first-half planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Change in operating income
Operating profit for the same period of the previous year1,759
Increase in sales1,022
Increase in gross profit margin6,593
Higher SG&A Expenses-4,667
Operating profit for the period4,707
Breakdown of increase in SG&A expenses
Selling commissions, etc.-1,336
Rent and lease expenses, etc.-1,524
Salaries and allowances, etc.-1,806
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The company assumes firm sales of branded goods, gold prices remaining at elevated levels, a recovery in demand led by actual consumption, and a recovery in market conditions toward the year-end shopping season. Numerical assumptions are Not disclosed.New initiatives
- Renovation of the first-floor main building of KOMEHYO Nagoya Main Store
- Opening of 2 new vintage specialty stores
- Opening of the first U.S. sales store in New York's SoHo
- Establishment of a London subsidiary and preparations to launch the European business
- Launch of JBA auctions in Shanghai
- Launch of the purchase business in the Philippines
- Planned launch of the business in Indonesia
Key KPIsA metric the company considers important as a management benchmark.
- Purchases from individuals (consolidated)¥60,003 millionYear on year against the same period last year+133.4%
- Consolidated GMV¥170,326 millionYear on year against the same period last year+130.7%
- Inventory turnover3.7 Times
- Cross ratio79.6 %
- Auction GMVYear on year against the same period last year+113.3%
- EC-attributed revenueYear on year against the same period last year+143.1%
- Overseas sales ratio18 %
- Domestic duty-free sales ratio15.1 %
Segment results
Brand and Fashion business
Net Sales
¥124,685 million+34.1%
Operating profit
¥4,575 million+201.9%
Tire and wheel business
Net Sales
¥2,976 million+13.4%
Operating profit
¥42 million-31.1%
Real Estate Leasing Business
Net Sales
¥182 million+0.2%
Operating profit
¥59 million-3.4%
Medium-term management plan targets
Fiscal year ending March 2028
Net Sales¥280,000 million
Operating profit¥13,000 million
Fiscal year ending March 2029
Net Sales¥310,000 million
Operating profit¥14,500 million
Overseas store-opening targets
Target30 stores
Progress against full-year forecast96.7 stores
Financial targets
ROE15% or higher
Equity ratioTarget of 35%
Payout ratioApproximately 20%
Market Size / Share
Domestic reuse market size
202534,636 yen
2030 forecast40,000 yen
Forecast for 204050,000 yen
Brand-product category share1st place
Number of stores and locations
Number of Stores at Period-End358 stores
Domestic stores312 stores
Overseas stores46 stores
Store openings during the period29 stores
Store opening breakdownMonthly domestic store openings in the Brand and Fashion business, including 4 stores in Q1 and 7 stores in Q2
Number of employees
Number of appraisers1,072 People
Employee retention rate91.4 People
Unit_Retention rate%
Payout ratio
20 Approximately %
| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | Cumulative second quarter, fiscal year ending March 2027 |
| Net Sales | ¥127,675 million (YoY +33.5%) |
| Operating profit | ¥4,707 million (YoY +167.6%) |
| Ordinary income | ¥4,161 million (YoY +211.6%) |
| Net income | ¥2,439 million (YoY +260.4%) |
| Gross Profit Margin | Rate 21.4 / Year-on-year change (points) 0.8 |
| Operating profit margin | Rate 3.7 / Year-on-year change (points) 1.9 |
| Selling, general and administrative expenses | ¥22,598 million |
| Results for the three months of the current quarter | Net Sales ¥61,855 million (YoY +124.9%) / Operating profit ¥1,173 million (YoY +134.1%) / Gross Profit Margin Rate 20.9 / Year-on-year change (points) 1 / Operating profit margin Rate 1.9 / Year-on-year change (points) 0.1 |
| Full-year earnings forecast | Net Sales ¥252,000 million / Operating profit ¥10,800 million / Operating profit margin 4.3 % |
| Progress against full-year forecast | Net Sales 50.7 / Operating profit 43.6 / Ordinary income 43 / Net income 41.7 |
| Self-assessment against the plan | Finished above the first-half plan / achieved the first-half plan |
| Segment results | Brand and Fashion business Net Sales ¥124,685 million (YoY +34.1%) / Operating profit ¥4,575 million (YoY +201.9%) / Tire and wheel business Net Sales ¥2,976 million (YoY +13.4%) / Operating profit ¥42 million (YoY -31.1%) / Real Estate Leasing Business Net Sales ¥182 million (YoY +0.2%) / Operating profit ¥59 million (YoY -3.4%) |
| Breakdown of Factors Affecting the Change | Change in operating income Operating profit for the same period of the previous year 1,759 / Increase in sales 1,022 / Increase in gross profit margin 6,593 / Higher SG&A Expenses -4,667 / Operating profit for the period 4,707 / Breakdown of increase in SG&A expenses Selling commissions, etc. -1,336 / Rent and lease expenses, etc. -1,524 / Salaries and allowances, etc. -1,806 |
| Key KPIs | Indicator name Purchases from individuals (consolidated) / Value ¥60,003 million / Year on year against the same period last year ¥133.4 million, Indicator name Consolidated GMV / Value ¥170,326 million / Year on year against the same period last year ¥130.7 million, Indicator name Inventory turnover / Value 3.7 Times / Year on year against the same period last year Not disclosed, Indicator name Cross ratio / Value 79.6 % / Year on year against the same period last year Not disclosed, Indicator name Auction GMV / Value Not disclosed / Year on year against the same period last year ¥113.3 million, Indicator name EC-attributed revenue / Value Not disclosed / Year on year against the same period last year ¥143.1 million, Indicator name Overseas sales ratio / Value 18 % / Year on year against the same period last year Not disclosed, Indicator name Domestic duty-free sales ratio / Value 15.1 % / Year on year against the same period last year Not disclosed |
| Number of stores and locations | Number of Stores at Period-End 358 stores / Domestic stores 312 stores / Overseas stores 46 stores / Store openings during the period 29 stores / Store opening breakdown Monthly domestic store openings in the Brand and Fashion business, including 4 stores in Q1 and 7 stores in Q2 |
| Number of employees | Number of appraisers 1,072 People / Employee retention rate 91.4 People / Unit_Retention rate % |
| Assumptions Underlying the Business Outlook | The company assumes firm sales of branded goods, gold prices remaining at elevated levels, a recovery in demand led by actual consumption, and a recovery in market conditions toward the year-end shopping season. Numerical assumptions are Not disclosed. |
| Medium-term management plan targets | Fiscal year ending March 2028 Net Sales ¥280,000 million / Operating profit ¥13,000 million / Fiscal year ending March 2029 Net Sales ¥310,000 million / Operating profit ¥14,500 million / Overseas store-opening targets Target 30 stores / Progress against full-year forecast 96.7 stores |
| Financial targets | ROE 15% or higher / Equity ratio Target of 35% / Payout ratio Approximately 20% |
| Payout ratio | 20 Approximately % |
| Market Size / Share | Domestic reuse market size 2025 34,636 yen / 2030 forecast 40,000 yen / Forecast for 2040 50,000 yen / Brand-product category share 1st place |
| New initiatives | Renovation of the first-floor main building of KOMEHYO Nagoya Main Store, Opening of 2 new vintage specialty stores, Opening of the first U.S. sales store in New York's SoHo, Establishment of a London subsidiary and preparations to launch the European business, Launch of JBA auctions in Shanghai, Launch of the purchase business in the Philippines, Planned launch of the business in Indonesia |
Items this document does not state (7)
Unit price and quantity metricsRisk amount incorporated into the outlookAnnual DividendAcquisition 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.Strengthening purchases from individuals secured high-quality inventory, and priority allocation to retail sales improved revenue and the gross profit margin. Selling, general and administrative expenses increased due to growth investments in store openings, hiring and promotions, but the increase in gross profit exceeded the rise in expenses.
How to read this page
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