Dependence on the Development and Subdivision Business for Earnings
First written in FY2022. 4 of 8 entries say "Softened", first in FY2023. Latest entry: FY2026.
Storage-Oh moved to the "Worse" side of this theme in 2022, 1 year before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 22 of 57 companies on the "Worse" side.
3 other companies' latest entry also says "Softened".
- FY2026SoftenedAnnual report
「Gross profit from the "trunk-room development and sales business" accounted for 82% in the fiscal year ended January 2025 and 70% in the fiscal year ended January 2026.」
On a gross profit basis, the proportion attributable to the development and sales business declined from 82% to 70%. However, the metric is defined differently from the previously used profit ratio. - 2026-04-02SoftenedGeneral Meetings of Shareholders
「As a result, revenue for the fiscal year was ¥3,999.797 million, down 6.2% year on year; operating profit was ¥191.468 million, up 11.3%; ordinary profit was ¥172.922 million, up 1.2%; and net income was ¥117.120 million, up 55.3%.」
Although no explicit statement is made about dependence on the development and sales business for profit, the disclosure reports positive operating profit, ordinary profit and net income for the company as a whole. - FY2025SoftenedAnnual report
「Profit from the "trunk-room development and sales business" accounted for 86% in the fiscal year ended January 2024 and 82% in the fiscal year ended January 2025.」
Dependence on profit from the development and sales business declined from 86% to 82%, but it still accounted for more than 80% of profit. - FY2025-Q1MaterialisedAnnual report
「As a result, sales in the trunk-room development and sales business were ¥17,814 thousand, down 13.2% year on year, and the segment loss was ¥15,499 thousand, compared with a segment loss of ¥2,915 thousand in the same quarter of the previous year.」
Sales in the development and sales business declined year on year, and the segment loss widened from the same quarter of the previous year. In a profit structure previously shown to depend on profit from development and sales, the business posted a loss in the first quarter. - FY2024WorsenedAnnual report
「Profit from the "trunk-room development and sales business" accounted for 80% in the fiscal year ended January 2023 and 86% in the fiscal year ended January 2024.」
Dependence on profit from development and sales increased from 80% to 86%. - FY2023SoftenedAnnual report
「Within the segments, we classify the profit recorded when self-developed trunk rooms are sold to investors as income-producing real estate as profit from development and sales, while profit from operating trunk rooms after opening is classified as profit from operations and management. Profit from development and sales accounted for 82% in the fiscal year ended January 2022 and 80% in the fiscal year ended January 2023.」
The proportion of profit from development and sales declined from 82% to 80%, but still accounted for approximately 80% of profit. - FY2023-Q3MaterialisedAnnual report
「In the storage-unit development and sale business, all 4 development projects in the Tokyo metropolitan area have commenced construction. However, because completion and sale are concentrated in the fourth quarter, as of the third quarter we had recorded only parking revenue from properties currently under development.」
In the cumulative third quarter period, external-customer sales related to the development and sales business amounted to only ¥1,265 thousand. As revenue from development and sales was therefore almost unrecorded, we posted a cumulative operating loss of ¥169,187 thousand. - FY2022First statedAnnual report
「We generate approximately 80% of our profit from the development and sale business, in which we purchase land, build storage units and sell them to investors.」
The Company explains that the operations and management business alone cannot cover selling, general and administrative expenses, making the success of development property sales a major determinant of earnings.