Worth reading
75Important
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
-60
億円（通期営業利益予想の対4月予想減額）Wording
Conditional
How definitive the wording is.Contents of this document
Results presentation2026年2月期 中間期11 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,199 100 million +5.0%revenue
Operating profit¥299 billions-23.9%
Net income¥183 100 million -36.9%interim profit attributable to owners of the parent
Selling, general and administrative expenses¥793 billions
Results for the three months of the current quarter
1Q
Revenue
¥1,108 billions+9.2%
Operating profit
¥159 billions-0.9%
Net income
¥104 billions-7.4%
2Q
Revenue
¥1,091 billions+1.1%
Operating profit
¥139 billions-39.8%
Net income
¥78 billions-55.7%
Full-year earnings forecast
Gross sales
¥12,930 billions
Revenue
¥4,520 billions
Gross profit
¥2,135 billions
Selling, General and Administrative Expenses
¥1,650 billions
Business profit
¥485 billions
Operating profit
¥440 billions
Profit for the period attributable to owners of the parent
¥260 billions
ROE
6.4 %
ROIC
5.6 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
営業利益は概ね計画線、事業利益は下振れBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
百貨店SG&A
Higher personnel expenses355
Increase in advertising expenses85
包装配達費増98
Lower depreciation expense-162
作業費増316
Higher other SG&A expenses595
Higher SG&A expenses3,780
通期営業利益予想の対4月予想
Gross profit-50
Selling, General and Administrative Expenses5
Other operating revenue11
Other operating expenses16
Operating profit-60
New initiatives
- 大丸梅田店の改装前倒し
- 心斎橋PARCOの大型改装計画（2026年春）
- 有力食品パートナーとのJV会社設立とオリジナル商品開発
- ゲームパブリッシング事業への進出
- リユース事業への参入、年内7店舗出店予定
- 内装・BM事業を統合した新会社J.フロント プライムスペースの来春始動
Key KPIsA metric the company considers important as a management benchmark.
- 大丸松坂屋百貨店インバウンド客数約1割増Year on year against the same period last year約1割増
- 大丸松坂屋百貨店インバウンド客単価-30 %Year on year against the same period last year-30.0%
- PARCO existing-store tenant sales7.2 %Year on year against the same period last year+7.2%
- グループID客数448 10,000 people
- 新カード発行数6 10,000 passes
- Card transaction volume6.5 %カード集約前比較
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Inbound Tourism
Number of Customers約1割増
Average Spend per CustomerDown 30% year on year
Segment results
Department stores
Revenue
¥1,296 billions+1.8%
Business profit
¥160 billions-20.3%
Operating profit
¥166 billions-14.0%
SC
Revenue
¥331 billions+4.1%
Business profit
¥83 billions+6.2%
Operating profit
¥95 billions+34.0%
Developer
Revenue
¥432 billions+10.8%
Business profit
¥44 billions+2.3%
Operating profit
¥44 billions+3.4%
Payments and finance
Revenue
¥66 billions+2.0%
Business profit
¥4 billions-57.7%
Operating profit
¥4 billions-52.3%
Other
Revenue
¥289 billions+29.5%
Business profit
¥4 billions+18.6%
Operating profit
¥3 billions-12.2%
Medium-term management plan targets
ROE
10 % or higher
Target fiscal yearMedium- to Long-Term Outlook
Financial targets
ROE
Target value10% or higher
実績・予想値6.4 %
ROIC
実績・予想値5.6 %
Equity ratio attributable to owners of the parent
実績・予想値35 %
Capital expenditures
460 億円投資CF、設備投資を計画
Annual Dividend
Annual
¥54 per share
Interim
¥27 per share
End of period
¥27 per share
Acquisition of treasury shares
¥150 billions
Period2025年4月～8月
| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | 2026年2月期 中間期 |
| Net Sales | ¥2,199 100 million (revenue) (YoY +5.0%) |
| Operating profit | ¥299 billions (YoY -23.9%) |
| Net income | ¥183 100 million (interim profit attributable to owners of the parent) (YoY -36.9%) |
| Selling, general and administrative expenses | ¥793 billions |
| Results for the three months of the current quarter | 1Q Revenue ¥1,108 billions (YoY +9.2%) / Operating profit ¥159 billions (YoY -0.9%) / Net income ¥104 billions (YoY -7.4%) / 2Q Revenue ¥1,091 billions (YoY +1.1%) / Operating profit ¥139 billions (YoY -39.8%) / Net income ¥78 billions (YoY -55.7%) |
| Full-year earnings forecast | Gross sales ¥12,930 billions / Revenue ¥4,520 billions / Gross profit ¥2,135 billions / Selling, General and Administrative Expenses ¥1,650 billions / Business profit ¥485 billions / Operating profit ¥440 billions / Profit for the period attributable to owners of the parent ¥260 billions / ROE 6.4 % / ROIC 5.6 % |
| Self-assessment against the plan | 営業利益は概ね計画線、事業利益は下振れ |
| Segment results | Department stores Revenue ¥1,296 billions (YoY +1.8%) / Business profit ¥160 billions (YoY -20.3%) / Operating profit ¥166 billions (YoY -14.0%) / SC Revenue ¥331 billions (YoY +4.1%) / Business profit ¥83 billions (YoY +6.2%) / Operating profit ¥95 billions (YoY +34.0%) / Developer Revenue ¥432 billions (YoY +10.8%) / Business profit ¥44 billions (YoY +2.3%) / Operating profit ¥44 billions (YoY +3.4%) / Payments and finance Revenue ¥66 billions (YoY +2.0%) / Business profit ¥4 billions (YoY -57.7%) / Operating profit ¥4 billions (YoY -52.3%) / Other Revenue ¥289 billions (YoY +29.5%) / Business profit ¥4 billions (YoY +18.6%) / Operating profit ¥3 billions (YoY -12.2%) |
| Breakdown of Factors Affecting the Change | 百貨店SG&A Higher personnel expenses 355 / Increase in advertising expenses 85 / 包装配達費増 98 / Lower depreciation expense -162 / 作業費増 316 / Higher other SG&A expenses 595 / Higher SG&A expenses 3,780 / 通期営業利益予想の対4月予想 Gross profit -50 / Selling, General and Administrative Expenses 5 / Other operating revenue 11 / Other operating expenses 16 / Operating profit -60 |
| Key KPIs | Indicator name 大丸松坂屋百貨店インバウンド客数 / Value 約1割増 / Year on year against the same period last year 約1割増, Indicator name 大丸松坂屋百貨店インバウンド客単価 / Value -30 % / Year on year against the same period last year -30 %, Indicator name PARCO existing-store tenant sales / Value 7.2 % / Year on year against the same period last year 7.2 %, Indicator name グループID客数 / Value 448 10,000 people / Year on year against the same period last year Not disclosed, Indicator name 新カード発行数 / Value 6 10,000 passes / Year on year against the same period last year Not disclosed, Indicator name Card transaction volume / Value 6.5 %（カード集約前比較） / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Inbound Tourism Number of Customers 約1割増 / Average Spend per Customer Down 30% year on year |
| Medium-term management plan targets | ROE 10 % or higher |
| Financial targets | ROE Target value 10% or higher / 実績・予想値 6.4 % / ROIC 実績・予想値 5.6 % / Equity ratio attributable to owners of the parent 実績・予想値 35 % |
| Annual Dividend | Annual ¥54 per share / Interim ¥27 per share / End of period ¥27 per share |
| Acquisition of treasury shares | Amount ¥150 billions / Period 2025年4月～8月 |
| Capital expenditures | 460 億円（投資CF、設備投資を計画） |
| New initiatives | 大丸梅田店の改装前倒し, 心斎橋PARCOの大型改装計画（2026年春）, 有力食品パートナーとのJV会社設立とオリジナル商品開発, ゲームパブリッシング事業への進出, リユース事業への参入、年内7店舗出店予定, 内装・BM事業を統合した新会社J.フロント プライムスペースの来春始動 |
Items this document does not state (12)
Ordinary incomeGross Profit MarginOperating profit marginProgress against full-year forecastNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookPayout ratioOrders received and order backlogMarket Size / ShareKey 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.百貨店事業では、昨年度の急速な円安やラグジュアリーブランド値上げ前の駆け込み反動などによりインバウンドが急減速し、免税売上の大幅減収が外商売上の好調で補えなかった。通期予想については、インバウンドの変調に加え、変革推進に向けたコストと投資の先行を織り込んだ。
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.