Worth reading
69In focus
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
10.7
¥100 millionWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales0.0%
基準 235Target235100 million
Operating profit0.0%
基準 31Target31100 million
Operating profit margin0.0pt
基準 13.5Target13.5%
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 planNot disclosed → Revenue from existing products 99.1% achievement rate / Revenue from new products 71.9% achievement rate / Revenue from higher LTV 644.5% achievement rate / Number of new products launched 2 products; 100% achievement rate / SALONMOON 88.6% achievement rate
Statements about the use of capital
Payout ratio / DOE policyThe Company will continue to pay the higher of a consolidated payout ratio of 30% or a dividend of ¥3.5 per share. For FY2027, it plans to pay an interim dividend of ¥1.7, a year-end dividend of ¥1.8 and an annual dividend of ¥3.5 per share.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe Company recognizes that the primary factor behind its failure to meet the market capitalization of tradable shares criterion is its share price. Based on the current tradable share ratio, it estimates that a share price of ¥157 or higher is required for compliance with the criterion. This does not assume a specific PER level.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01FY2027: Increase earnings
02FY2028: Increase the likelihood of achieving targets
03Communicate progress appropriately
04FY2027 (current fiscal year): Drive revenue growth and build future earnings by expanding new customer acquisition
05Establish a structure for achieving the Medium-Term Management Plan
06Product planning and marketing
07Merchandise categories
08Web marketing
09Enhance and maintain disclosure items
10Dialogue with Shareholders and Investors
11Maintain shareholder returns
Plan assumptionsIn FY2027, the Company will increase advertising investment to acquire new customers. Although this will result in profit remaining at the same level as in FY2026, the Company aims to expand its medium- to long-term earnings power by converting acquired customers to recurring purchases., Based on the current tradable share ratio, the Company estimates that a share price of ¥157 or higher is required for a market capitalization of tradable shares of ¥10 billion., The estimated PER for FY2027 is 29.85x, while the actual PER for FY2026 was 27.98x., For the FY2028 estimates, PERs of 29.85x, 27.98x and 19.20x are used., FY2028 EPS is estimated based on FY2028 consolidated operating profit, assuming that profit and loss items below operating profit remain at the same amounts and rates as in FY2026.
Segment targetSegment name 北の達人 / Fiscal year FY2027 / Net Sales ¥13,828 million / Revenue growth factors from FY2026 +¥3,753 million, Segment name Karakon Direct / Fiscal year FY2027 / Net Sales Revenue growth of ¥932 million from a full-year contribution / Profit Target Not disclosed, Segment name SALONMOON / Fiscal year FY2027 / Net Sales Revenue growth of ¥65 million / Profit Target Not disclosed
Non-financial targetsIndicator name Number of new products launched / Target value 2 products / Timing FY2026 / Additional information 100% achievement rate
Risks identified by the company
Changes in the business environment or market conditions may make compliance with the continued listing criteria difficult within the plan period.
The share price may fluctuate depending on supply and demand in the market, investor valuations and external factors.
Future levels of the share price and PER, as well as the timing of compliance with the continued listing criteria, are not guaranteed.
The tradable share ratio may fluctuate depending on the future shareholder composition and other factors.
Actual performance and results may differ materially from the forecasts stated in the materials.
Reason for revision or withdrawal
The number and ratio of tradable shares have consistently exceeded the criteria, but the Company believes that the primary factor behind its failure to meet the market capitalization of tradable shares criterion is its share price. In FY2027, profit will be constrained by upfront investment resulting from increased advertising investment. This investment is intended to support growth from FY2028 onward.
| Item | Details |
|---|---|
| Plan name | Plan for Compliance with the Prime Market Continued Listing Criteria (Entering the Improvement Period) / Medium-Term Management Plan 2028 (FY2026–FY2028) |
| Plan period | Through 28 February 2027 (improvement period); Medium-Term Management Plan 2028: FY2026–FY2028 |
| Progress against the plan | Formulated |
| Sales Target | ¥235 100 million → ¥235 100 million（0%） |
| Operating profit target | ¥31 100 million → ¥31 100 million（0%） |
| Operating profit margin target | 13.5 % → 13.5 %（0%） |
| Payout ratio / DOE policy | The Company will continue to pay the higher of a consolidated payout ratio of 30% or a dividend of ¥3.5 per share. For FY2027, it plans to pay an interim dividend of ¥1.7, a year-end dividend of ¥1.8 and an annual dividend of ¥3.5 per share. |
| Self-assessment of PBR and share price | The Company recognizes that the primary factor behind its failure to meet the market capitalization of tradable shares criterion is its share price. Based on the current tradable share ratio, it estimates that a share price of ¥157 or higher is required for compliance with the criterion. This does not assume a specific PER level. |
| Segment target | Segment name 北の達人 / Fiscal year FY2027 / Net Sales ¥13,828 million / Revenue growth factors from FY2026 +¥3,753 million, Segment name Karakon Direct / Fiscal year FY2027 / Net Sales Revenue growth of ¥932 million from a full-year contribution / Profit Target Not disclosed, Segment name SALONMOON / Fiscal year FY2027 / Net Sales Revenue growth of ¥65 million / Profit Target Not disclosed |
| Non-financial targets | Indicator name Number of new products launched / Target value 2 products / Timing FY2026 / Additional information 100% achievement rate |
| Plan assumptions | In FY2027, the Company will increase advertising investment to acquire new customers. Although this will result in profit remaining at the same level as in FY2026, the Company aims to expand its medium- to long-term earnings power by converting acquired customers to recurring purchases., Based on the current tradable share ratio, the Company estimates that a share price of ¥157 or higher is required for a market capitalization of tradable shares of ¥10 billion., The estimated PER for FY2027 is 29.85x, while the actual PER for FY2026 was 27.98x., For the FY2028 estimates, PERs of 29.85x, 27.98x and 19.20x are used., FY2028 EPS is estimated based on FY2028 consolidated operating profit, assuming that profit and loss items below operating profit remain at the same amounts and rates as in FY2026. |
| Key initiatives | FY2027: Increase earnings, FY2028: Increase the likelihood of achieving targets, Communicate progress appropriately, FY2027 (current fiscal year): Drive revenue growth and build future earnings by expanding new customer acquisition, Establish a structure for achieving the Medium-Term Management Plan, Product planning and marketing, Merchandise categories, Web marketing, Enhance and maintain disclosure items, Dialogue with Shareholders and Investors, Maintain shareholder returns |
| Results under the previous plan | Not disclosed → Revenue from existing products 99.1% achievement rate / Revenue from new products 71.9% achievement rate / Revenue from higher LTV 644.5% achievement rate / Number of new products launched 2 products; 100% achievement rate / SALONMOON 88.6% achievement rate |
| Reason for revision or withdrawal | The number and ratio of tradable shares have consistently exceeded the criteria, but the Company believes that the primary factor behind its failure to meet the market capitalization of tradable shares criterion is its share price. In FY2027, profit will be constrained by upfront investment resulting from increased advertising investment. This investment is intended to support growth from FY2028 onward. |
| Risks identified | Changes in the business environment or market conditions may make compliance with the continued listing criteria difficult within the plan period., The share price may fluctuate depending on supply and demand in the market, investor valuations and external factors., Future levels of the share price and PER, as well as the timing of compliance with the continued listing criteria, are not guaranteed., The tradable share ratio may fluctuate depending on the future shareholder composition and other factors., Actual performance and results may differ materially from the forecasts stated in the materials. |
| Publication date | 14 April 2026 |
Items this document does not state (9)
Net income targetROE targetROIC targetTreasury share acquisition policyCost of capitalTotal investment planInvestment amount by sectorSize of the Target MarketDate of board resolution
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 number and ratio of tradable shares have consistently exceeded the criteria, while the Company recognizes that the primary factor behind its failure to meet the continued listing criteria is its share price. In preparation for the possibility that compliance may become difficult due to changes in the business environment or market conditions, the Company will consider transferring to the Standard Market as an option.
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