Worth reading
80Important
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
Billion yen (reduction in operating profit from the April forecast)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationInterim period of the fiscal year ending February 202713 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,138 hundred million-2.8%
Operating profit¥268 hundred million-10.5%
Net income¥173 hundred million-5.3%
Selling, general and administrative expenses¥806 hundred million
Results for the three months of the current quarter
1Q
Revenue¥1,064 hundred million
Operating profit¥141 hundred million
Profit for the period attributable to owners of the parent¥96 hundred million
2Q
Revenue¥1,073 hundred million
Operating profit¥126 hundred million
Profit for the period attributable to owners of the parent¥76 hundred million
Full-year earnings forecast
Gross sales
¥13,600 hundred million
Revenue
¥4,700 hundred million
Gross profit
¥2,260 hundred million
Selling, general and administrative expenses
¥1,725 hundred million
Business profit
¥535 hundred million
Operating profit
¥460 hundred million
Profit for the period attributable to owners of the parent
¥290 hundred million
ROE
6.9 %
ROIC
5.9 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
First-half business profit exceeded the April forecast by more than ¥4.5 billion. Full-year operating profit is expected to fall ¥1 billion below the April forecast.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
First-half operating profit vs. April forecast+¥4.5 billion due to controls on selling, general and administrative expenses and timing shifts
Daimaru Matsuzakaya Department Stores SG&A expenses-¥770 million versus the prior year, -¥2,037 million versus the April forecast
Second-half SG&A expenses+¥2,033 million versus the prior year, +¥1,236 million versus the April forecast
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The yen is expected to gradually stabilize from its exceptionally weak levels, but yen weakness is expected to continue for the time being. Domestic consumption is generally expected to remain firm.New initiatives
- Launch of HAERA and development into a commercial platform
- Making Pieroth Japan a consolidated subsidiary through the acquisition of all shares of Clanet Holdings Co., Ltd.
- Major renovation of the Daimaru Umeda store
- Parco operation at the South Building of the Matsuzakaya Nagoya store
- Policy for integrating customer IDs and programs across the Group
Key KPIsA metric the company considers important as a management benchmark.
- Tax-free sales (Daimaru Matsuzakaya)¥534 hundred million+13.8%
- Number of duty-free shoppers-16.7 %
- Average spend per duty-free shopper36.6 %
- HAERA transaction value (June–August)¥120 hundred million
- HAERA visitors (June–August)225 10,000 people
- Number of Group ID customers514 10,000 people
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Tax-free
Number of Customers
Year on year against the same period last year-16.7%
Average Spend per Customer
Year on year against the same period last year+36.6%
Net Sales
Year on year against the same period last year+13.8%
Segment results
Department stores
Gross sales
¥4,009 hundred million+1.8%
Revenue
¥1,283 hundred million-1.0%
Business profit
¥155 hundred million-2.6%
Operating profit
¥163 hundred million-1.7%
SC
Gross sales
¥1,881 hundred million+8.8%
Revenue
¥355 hundred million+7.3%
Business profit
¥84 hundred million+1.3%
Operating profit
¥76 hundred million-19.8%
Developer
Gross sales
¥390 hundred million-9.8%
Revenue
¥390 hundred million-9.8%
Business profit
¥36 hundred million-18.4%
Operating profit
¥35 hundred million-21.2%
Payments and finance
Gross sales
¥72 hundred million+9.2%
Revenue
¥72 hundred million+9.2%
Business profit
¥7 hundred million+75.7%
Operating profit
¥7 hundred million+76.1%
Other
Gross sales
¥292 hundred million-1.2%
Revenue
¥278 hundred million-3.7%
Business profit
¥0 hundred million-98.2%
Operating profit
¥1 hundred million-39.3%
Medium-term management plan targets
ROE
8 %
TargetEarly achievement
Long-term ROE target
10 %
Financial targets
ROE
TargetAchieve 8% early and target 10%
Full-year forecast/actual6.9 %
ROIC
Full-year forecast/actual5.9 %
Market Size / Share
The company referred to expanding its share of the affluent market, but the figures were Not disclosedAnnual Dividend
Annual
¥56 per share
Interim
¥28 per share
End of period
¥28 per share
Payout ratio
47 %
Total payout ratio82
Acquisition of treasury shares
The company stated that it conducted share repurchases, but the repurchase limit, number of shares and period were Not disclosed| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Interim period of the fiscal year ending February 2027 |
| Net Sales | ¥2,138 hundred million (YoY -2.8%) |
| Operating profit | ¥268 hundred million (YoY -10.5%) |
| Net income | ¥173 hundred million (YoY -5.3%) |
| Selling, general and administrative expenses | ¥806 hundred million |
| Results for the three months of the current quarter | 1Q Revenue ¥1,064 hundred million / Operating profit ¥141 hundred million / Profit for the period attributable to owners of the parent ¥96 hundred million / 2Q Revenue ¥1,073 hundred million / Operating profit ¥126 hundred million / Profit for the period attributable to owners of the parent ¥76 hundred million |
| Full-year earnings forecast | Gross sales ¥13,600 hundred million / Revenue ¥4,700 hundred million / Gross profit ¥2,260 hundred million / Selling, general and administrative expenses ¥1,725 hundred million / Business profit ¥535 hundred million / Operating profit ¥460 hundred million / Profit for the period attributable to owners of the parent ¥290 hundred million / ROE 6.9 % / ROIC 5.9 % |
| Self-assessment against the plan | First-half business profit exceeded the April forecast by more than ¥4.5 billion. Full-year operating profit is expected to fall ¥1 billion below the April forecast. |
| Segment results | Department stores Gross sales ¥4,009 hundred million (YoY +1.8%) / Revenue ¥1,283 hundred million (YoY -1.0%) / Business profit ¥155 hundred million (YoY -2.6%) / Operating profit ¥163 hundred million (YoY -1.7%) / SC Gross sales ¥1,881 hundred million (YoY +8.8%) / Revenue ¥355 hundred million (YoY +7.3%) / Business profit ¥84 hundred million (YoY +1.3%) / Operating profit ¥76 hundred million (YoY -19.8%) / Developer Gross sales ¥390 hundred million (YoY -9.8%) / Revenue ¥390 hundred million (YoY -9.8%) / Business profit ¥36 hundred million (YoY -18.4%) / Operating profit ¥35 hundred million (YoY -21.2%) / Payments and finance Gross sales ¥72 hundred million (YoY +9.2%) / Revenue ¥72 hundred million (YoY +9.2%) / Business profit ¥7 hundred million (YoY +75.7%) / Operating profit ¥7 hundred million (YoY +76.1%) / Other Gross sales ¥292 hundred million (YoY -1.2%) / Revenue ¥278 hundred million (YoY -3.7%) / Business profit ¥0 hundred million (YoY -98.2%) / Operating profit ¥1 hundred million (YoY -39.3%) |
| Breakdown of Factors Affecting the Change | First-half operating profit vs. April forecast +¥4.5 billion due to controls on selling, general and administrative expenses and timing shifts / Daimaru Matsuzakaya Department Stores SG&A expenses -¥770 million versus the prior year, -¥2,037 million versus the April forecast / Second-half SG&A expenses +¥2,033 million versus the prior year, +¥1,236 million versus the April forecast |
| Key KPIs | Tax-free sales (Daimaru Matsuzakaya) ¥534 hundred million (YoY +13.8%), Number of duty-free shoppers -16.7 %, Average spend per duty-free shopper 36.6 %, HAERA transaction value (June–August) ¥120 hundred million, HAERA visitors (June–August) 225 10,000 people, Number of Group ID customers 514 10,000 people |
| Unit price and quantity metrics | Tax-free Number of Customers yoy_pct -16.7 % / Average Spend per Customer yoy_pct 36.6 % / Net Sales yoy_pct 13.8 % |
| Assumptions Underlying the Business Outlook | The yen is expected to gradually stabilize from its exceptionally weak levels, but yen weakness is expected to continue for the time being. Domestic consumption is generally expected to remain firm. |
| Medium-term management plan targets | ROE 8 % / Long-term ROE target 10 % |
| Financial targets | ROE Target Achieve 8% early and target 10% / Full-year forecast/actual 6.9 % / ROIC Full-year forecast/actual 5.9 % |
| Annual Dividend | Annual ¥56 per share / Interim ¥28 per share / End of period ¥28 per share |
| Payout ratio | 47 % |
| Acquisition of treasury shares | The company stated that it conducted share repurchases, but the repurchase limit, number of shares and period were Not disclosed |
| Market Size / Share | The company referred to expanding its share of the affluent market, but the figures were Not disclosed |
| New initiatives | Launch of HAERA and development into a commercial platform, Making Pieroth Japan a consolidated subsidiary through the acquisition of all shares of Clanet Holdings Co., Ltd., Major renovation of the Daimaru Umeda store, Parco operation at the South Building of the Matsuzakaya Nagoya store, Policy for integrating customer IDs and programs across the Group |
Items this document does not state (10)
Ordinary incomeGross Profit MarginOperating profit marginProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookCapital expendituresOrders received and order backlogKey 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.The department store and SC businesses performed strongly in the first half, but business profit declined due to the closure of sales floors at the Daimaru Umeda store and a decline following the boost from Expo-related sales. Full-year operating profit was reduced to reflect costs associated with closing the Daimaru Shimonoseki store and other factors.
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.
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