Worth reading
81Important
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
116893
¥ millions (increase in sales from FY2025 actual results)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+21.9%
基準 533,107Target650,000million
Operating profit+36.4%
基準 31,014Target42,300million
Operating profit margin+0.7pt
基準 5.8Target6.5%
Net income for the current fiscal year+53.1%
基準 17,310Target26,500million
ROE+1.8pt
基準 6.2Target8%
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 545,000 / Gross Profit Margin 34.5 / Operating profit 35,000 / Operating profit margin 6.4 / Ordinary income 33,600 / Net income for the current fiscal year 19,600 / ROE 7.5 → Net Sales 533,107 / Gross Profit Margin 34.3 / Operating profit 31,014 / Operating profit margin 5.8 / Ordinary income 29,158 / Net income for the current fiscal year 17,310 / ROE 6.2（Net Sales 97.8% of target / Gross Profit Margin Not disclosed / Operating profit 88.6% of target / Operating profit margin Not disclosed / Ordinary income 86.8% of target / Net income for the current fiscal year 88.3% of target / ROE Not disclosed）
Total investment planApproximately ¥150.0 billion (total cash outflows during the plan period, including investment and shareholder returns)
Investment amount by sectorField New-store and remodeling investments / Annual ¥13.0 billion / Mid-term plan period ¥39.0 billion, Field Systems and logistics-related investments / Annual ¥5 billion / Mid-term plan period ¥15 billion, Field Future investments, including M&A / Annual Not disclosed / Mid-term plan period Up to ¥90.0 billion
Statements about the use of capital
Payout ratio / DOE policyAnnual dividends will be determined with a payout ratio of 40% as a guideline, with the company targeting a total payout ratio of 70%. The period covered is the Fourth Medium-Term Management Plan period (FY2026–FY2028). No DOE policy is stated.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 continue to consider opportunistic share repurchases with a view to improving capital efficiency. It plans to hold approximately 5% of total shares issued as a guideline and retire any excess. It will also consider using the shares for M&A and other purposes. The purchase amount and timing are not disclosed.
Cost of capitalApproximately 5%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR was 0.79x based on FY2025 actual results, and the company aims to achieve a PBR of at least 1.0x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Customer strategy
02Product Strategy
03Branch Strategy
04Remodeling strategy
05DX Strategy
06Strengthening sales of private-label and exclusive products
07Logistics transformation, including sustainable store deliveries and improved service levels
08Business-format conversion and the launch of new businesses
09Expanding orders for large-scale remodeling projects
10Product development and sales-floor efficiency improvements using AI and DX
11Aggressive M&A strategy
12Management focused on achieving a PBR of at least 1.0x
13Developing the next generation of top management
14Creating a workplace where everyone can contribute and take on challenges
15Advance sustainability initiatives
Segment targetSegment name ホダカ株式会社 / Sales Target ¥35.0 billion (FY2028) / Profit Target Not disclosed / Other targets 100 stores (FY2028), Segment name DCMニコット株式会社 / Sales Target ¥21.0 billion (FY2028) / Profit Target Not disclosed / Other targets 126 stores (FY2028), Segment name XPRICE Inc. / Sales Target ¥80.0 billion (FY2028) / Profit Target Not disclosed, Segment name Remodeling business (ホームテック株式会社) / Sales Target ¥50.0 billion (FY2028) / Profit Target Not disclosed / Growth rate 380.1% of FY2025
Non-financial targetsIndicator DCM app members / Target value 6 million / Timing FY2028, Indicator Growth in customer traffic at existing stores / Target value +4.0% vs. FY2025 / Timing FY2028, Indicator Private-label revenue mix / Target value 40％ / Timing FY2028, Indicator Top management development program / Target value 67 expected to complete the first cohort; 73 enrolled in the second cohort / Timing Fourth Medium-Term Management Plan period
Risks identified by the company
Foreign exchange impact
Various factors may cause the planned strategies and actual results to differ from expectations.
| Item | Details |
|---|---|
| Plan name | Fourth Medium-Term Management Plan |
| Plan period | FY2026-FY2028 |
| Progress against the plan | Formulated |
| Sales Target | ¥533,107 million → ¥650,000 million（+6.8% per year） |
| Operating profit target | ¥31,014 million → ¥42,300 million（+10.9% per year） |
| Operating profit margin target | 5.8 % → 6.5 %（+0.2 percentage points per year） |
| Net income target | ¥17,310 million → ¥26,500 million（+15.3% per year） |
| ROE target | 6.2 % → 8 %（+0.6 percentage points per year） |
| Payout ratio / DOE policy | Annual dividends will be determined with a payout ratio of 40% as a guideline, with the company targeting a total payout ratio of 70%. The period covered is the Fourth Medium-Term Management Plan period (FY2026–FY2028). No DOE policy is stated. |
| Treasury share acquisition policy | The company will continue to consider opportunistic share repurchases with a view to improving capital efficiency. It plans to hold approximately 5% of total shares issued as a guideline and retire any excess. It will also consider using the shares for M&A and other purposes. The purchase amount and timing are not disclosed. |
| Cost of capital | Approximately 5% |
| Self-assessment of PBR and share price | PBR was 0.79x based on FY2025 actual results, and the company aims to achieve a PBR of at least 1.0x. |
| Total investment plan | Approximately ¥150.0 billion (total cash outflows during the plan period, including investment and shareholder returns) |
| Investment amount by sector | Field New-store and remodeling investments / Annual ¥13.0 billion / Mid-term plan period ¥39.0 billion, Field Systems and logistics-related investments / Annual ¥5 billion / Mid-term plan period ¥15 billion, Field Future investments, including M&A / Annual Not disclosed / Mid-term plan period Up to ¥90.0 billion |
| Segment target | Segment name ホダカ株式会社 / Sales Target ¥35.0 billion (FY2028) / Profit Target Not disclosed / Other targets 100 stores (FY2028), Segment name DCMニコット株式会社 / Sales Target ¥21.0 billion (FY2028) / Profit Target Not disclosed / Other targets 126 stores (FY2028), Segment name XPRICE Inc. / Sales Target ¥80.0 billion (FY2028) / Profit Target Not disclosed, Segment name Remodeling business (ホームテック株式会社) / Sales Target ¥50.0 billion (FY2028) / Profit Target Not disclosed / Growth rate 380.1% of FY2025 |
| Non-financial targets | Indicator DCM app members / Target value 6 million / Timing FY2028, Indicator Growth in customer traffic at existing stores / Target value +4.0% vs. FY2025 / Timing FY2028, Indicator Private-label revenue mix / Target value 40％ / Timing FY2028, Indicator Top management development program / Target value 67 expected to complete the first cohort; 73 enrolled in the second cohort / Timing Fourth Medium-Term Management Plan period |
| Key initiatives | Customer strategy, Product Strategy, Branch Strategy, Remodeling strategy, DX Strategy, Strengthening sales of private-label and exclusive products, Logistics transformation, including sustainable store deliveries and improved service levels, Business-format conversion and the launch of new businesses, Expanding orders for large-scale remodeling projects, Product development and sales-floor efficiency improvements using AI and DX, Aggressive M&A strategy, Management focused on achieving a PBR of at least 1.0x, Developing the next generation of top management, Creating a workplace where everyone can contribute and take on challenges, Advance sustainability initiatives |
| Results under the previous plan | Net Sales 545,000 / Gross Profit Margin 34.5 / Operating profit 35,000 / Operating profit margin 6.4 / Ordinary income 33,600 / Net income for the current fiscal year 19,600 / ROE 7.5 → Net Sales 533,107 / Gross Profit Margin 34.3 / Operating profit 31,014 / Operating profit margin 5.8 / Ordinary income 29,158 / Net income for the current fiscal year 17,310 / ROE 6.2（Net Sales 97.8% of target / Gross Profit Margin Not disclosed / Operating profit 88.6% of target / Operating profit margin Not disclosed / Ordinary income 86.8% of target / Net income for the current fiscal year 88.3% of target / ROE Not disclosed） |
| Risks identified | Foreign exchange impact, Various factors may cause the planned strategies and actual results to differ from expectations. |
| Publication date | 14 April 2026 |
Items this document does not state (5)
ROIC targetPlan assumptionsReason for revision or withdrawalSize 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.Under the concept of “Everything starts with thinking from the customer’s perspective,” the company aims to realize “three years of accelerating the transformation into a DCM that customers choose.” It will expand its business domains by advancing customer, product, store, remodeling and DX strategies, while also pursuing human capital management, sustainability initiatives and management that takes PBR into account. The company cited “the impact of foreign exchange” as a reason why the Third Medium-Term Management Plan fell short of its targets.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.