Worth reading
59In 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
15.8
Year-on-year change in operating profit (%)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 March 2025–28 February 2026ConsolidatedIFRSNet Sales445,094¥ millionYear on year +0.7%Progress 94.9%
Operating profit49,015¥ millionYear on year -15.8%Progress 104.3%
Ordinary income44,515¥ millionYear on year -20.2%Progress 106.0%
Net income attributable to owners of the parent28,282¥ millionYear on year -31.7%Progress 97.5%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥112.93
Operating Margin11.0%
Financial position at period-end
Total assets1,141,567¥ million
of which net assets 428,022 ¥ millionEquity ratio 36.4%vs. prior year-end +1.2pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+66,992
Investment-15,154
Financials-70,782
Net change-18,944
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥36,099 million
Segment revenueDepartment Store Business ¥268,175 million (YoY +1.7%), Shopping-center business ¥67,277 million (YoY +4.4%), Developer Business ¥81,393 million (YoY -10.2%), Payments and Financial Services ¥13,504 million (YoY +2.8%)
Segment profitDepartment Store Business ¥29,856 million (YoY +0.6%), Shopping-center business ¥13,669 million (YoY +6.4%), Developer Business ¥7,023 million (YoY -14.2%), Payments and Financial Services ¥920 million (YoY -37.0%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥469,000 million (YoY +5.4%)
Operating profit¥47,000 million (YoY -4.1%)
Ordinary income¥42,000 million (YoY -5.7%)
Net income¥29,000 million (YoY +2.5%)
Annual Dividend Forecast¥52 → ¥54（+3.8%）
Payout ratio47.8%
Shareholder Return PolicyA dividend payout ratio of at least 40% on a consolidated basis and optimization of equity capital through share repurchases
Factors Behind Changes in Business Performance
While sales to domestic customers and the shopping center business remained strong, duty-free sales at department stores, which had grown significantly in the previous fiscal year, declined substantially. There was also a decline from the previous fiscal year in the gain on step acquisitions associated with the conversion of Shinsaibashi Joint Center Building into a subsidiary.
Disclosure regarding the going concern assumption
No applicable matters.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 Not disclosed
Changes in the scope of consolidationNew 3 / Newly consolidated companies 株式会社JFR＆KOMEHYO PARTNERS, 株式会社ANNIVEL, 株式会社J.フロントプライムスペース / Excluded 1 / Companies excluded from consolidation JFRこどもみらい株式会社
Material subsequent eventsAt a meeting of the Board of Directors held on 14 April 2026, the Company resolved to acquire treasury shares. The acquisition will be limited to 5 million common shares and a total acquisition price of ¥10 billion, during the period from 15 April to 26 June 2026.
Impairment loss¥1,979 million
Depreciation and amortization¥44,290 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person Institutional investors and analysts
Issued Shares at Period-End270,565,764 Shares
Treasury Shares at Period-End21,912,861 Shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | IFRS |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 March 2025–28 February 2026 |
| Net Sales | ¥445,094 million (YoY +0.7%) |
| Operating profit | ¥49,015 million (YoY -15.8%) |
| Ordinary income | ¥44,515 million (YoY -20.2%) |
| Profit attributable to owners of the parent | ¥28,282 million (YoY -31.7%) |
| Net income per share | ¥112.93 |
| Operating Margin | 11.0% |
| Equity ratio | End of the current fiscal period 36.4% / End of previous period 35.2% |
| Total assets | ¥1,141,567 million |
| Net assets | ¥428,022 million |
| Cash flows from operating activities | ¥66,992 million |
| Cash flows from investing activities | ¥-15,154 million |
| Cash flows from financing activities | ¥-70,782 million |
| Cash and cash equivalents at end of period | ¥36,099 million |
| Full-year earnings forecast | Net Sales ¥469,000 million (YoY +5.4%) / Operating profit ¥47,000 million (YoY -4.1%) / Ordinary income ¥42,000 million (YoY -5.7%) / Net income ¥29,000 million (YoY +2.5%) |
| Annual Dividend Forecast | ¥52 → ¥54（+3.8%） |
| Payout ratio | 47.8% |
| Shareholder Return Policy | A dividend payout ratio of at least 40% on a consolidated basis and optimization of equity capital through share repurchases |
| Segment revenue | Department Store Business ¥268,175 million (YoY +1.7%), Shopping-center business ¥67,277 million (YoY +4.4%), Developer Business ¥81,393 million (YoY -10.2%), Payments and Financial Services ¥13,504 million (YoY +2.8%) |
| Segment profit | Department Store Business ¥29,856 million (YoY +0.6%), Shopping-center business ¥13,669 million (YoY +6.4%), Developer Business ¥7,023 million (YoY -14.2%), Payments and Financial Services ¥920 million (YoY -37.0%) |
| Depreciation and amortization | ¥44,290 million |
| Impairment loss | ¥1,979 million |
| Disclosure regarding the going concern assumption | No applicable matters. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement Not disclosed |
| Changes in the scope of consolidation | New 3 / Newly consolidated companies 株式会社JFR＆KOMEHYO PARTNERS, 株式会社ANNIVEL, 株式会社J.フロントプライムスペース / Excluded 1 / Companies excluded from consolidation JFRこどもみらい株式会社 |
| Material subsequent events | At a meeting of the Board of Directors held on 14 April 2026, the Company resolved to acquire treasury shares. The acquisition will be limited to 5 million common shares and a total acquisition price of ¥10 billion, during the period from 15 April to 26 June 2026. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person Institutional investors and analysts |
| Issued Shares at Period-End | 270,565,764 Shares |
| Treasury Shares at Period-End | 21,912,861 Shares |
| Factors Behind Changes in Business Performance | While sales to domestic customers and the shopping center business remained strong, duty-free sales at department stores, which had grown significantly in the previous fiscal year, declined substantially. There was also a decline from the previous fiscal year in the gain on step acquisitions associated with the conversion of Shinsaibashi Joint Center Building into a subsidiary. |
Items this document does not state (4)
Revision to Earnings ForecastRegional salesOrders received and order backlogBreakdown of extraordinary income (loss)
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.While sales to domestic customers and the shopping center business remained strong, duty-free sales at department stores, which had grown significantly in the previous fiscal year, declined substantially. Operating profit was also reduced by the decline from the previous fiscal year in the gain on step acquisitions associated with the conversion of Shinsaibashi Joint Center Building into a subsidiary.
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