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How definitive the wording is.Contents of this document
Summary of Q&AFiscal year ended February 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Gross Profit MarginThe factors behind improvements at standalone existing stores and the impact on the consolidated gross margin are explained, but the margin figure and year-on-year comparison are not disclosed
Operating profit marginThe medium-term management plan assumes a decline, while an increase is planned for existing stores, but the margin figure and year-on-year comparison are not disclosed
Full-year earnings forecastFull-year sales growth of 2% at existing stores and 6–10 stores in the US over 3 years; forecasts for other line items are not disclosed
What the company explained in this material
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
The company explains that crude oil supply constraints could increase logistics and store equipment costs, while also presenting them as an opportunity for increased demand for used goods. Inbound sales exceeded the prior year, with lower numbers of Chinese tourists offset by stronger demand from other regions. The gross margin improvement was attributed to the change to the buyback coupon program, the sales mix of lower-priced merchandise, and pricing management of winter merchandise inventory. AI and DX, procurement channels and US expansion were described as growth investments. The company also responded to questions about store openings, overseas stores and differentiating factorsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
The company identifies 3 factors behind the gross margin improvement: a change to the buyback coupon program, the sales mix resulting from strong sales of lower-priced merchandise, and pricing control for winter merchandise inventory. The amount is not disclosed
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Full-year sales growth of 2% at existing stores, 6–10 stores in the US over 3 years, and an opening pace equivalent to approximately 10% of the existing store baseNew initiatives
Labor-saving authentication using AI and improved appraisal accuracy, the expansion and relocation of logistics facilities together with increased staffing, US expansion, and the rollout of the TreFac Style format in TaiwanKey KPIsA metric the company considers important as a management benchmark.
Tax-exempt sales ratio above 10%, domestic store expansion potential of 800–1,000 stores, an average of approximately 6 months to open a store, a target opening pace equivalent to approximately 10% of the existing store base, 5 stores in Thailand with the sixth store planned during the current fiscal year, 3 stores in Taiwan, and a target of opening the first US store during the fiscal year ending February 2027Unit price and quantity metricsThese figures show sales broken down by price and volume.
Demand by price range from lower-priced merchandise to high-value items, the number of items sold, and gross profit per item are explained, but actual volume and unit-price figures are not disclosedMedium-term management plan targets
A scale of 6–10 stores in the US over 3 years and an opening pace equivalent to approximately 10% of the existing store base. Numerical comparisons with the medium-term plan's actual results are not disclosedMarket Size / Share
Domestic expansion potential of 800–1,000 stores. Market share figures are not disclosedNumber of stores and locations
5 stores in Thailand, with the sixth store planned during the current fiscal year, 3 stores in Taiwan, and a target of opening the first US store during the fiscal year ending February 2027. Domestic period-end store numbers and the number of store openings and closures during the period are not disclosedNumber of employees
Headcount has increased in AI and DX and in procurement channels outside stores. Headcount and hiring plans are not disclosed| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | Fiscal year ended February 2026 |
| Gross Profit Margin | The factors behind improvements at standalone existing stores and the impact on the consolidated gross margin are explained, but the margin figure and year-on-year comparison are not disclosed |
| Operating profit margin | The medium-term management plan assumes a decline, while an increase is planned for existing stores, but the margin figure and year-on-year comparison are not disclosed |
| Full-year earnings forecast | Full-year sales growth of 2% at existing stores and 6–10 stores in the US over 3 years; forecasts for other line items are not disclosed |
| Breakdown of Factors Affecting the Change | The company identifies 3 factors behind the gross margin improvement: a change to the buyback coupon program, the sales mix resulting from strong sales of lower-priced merchandise, and pricing control for winter merchandise inventory. The amount is not disclosed |
| Key KPIs | Tax-exempt sales ratio above 10%, domestic store expansion potential of 800–1,000 stores, an average of approximately 6 months to open a store, a target opening pace equivalent to approximately 10% of the existing store base, 5 stores in Thailand with the sixth store planned during the current fiscal year, 3 stores in Taiwan, and a target of opening the first US store during the fiscal year ending February 2027 |
| Unit price and quantity metrics | Demand by price range from lower-priced merchandise to high-value items, the number of items sold, and gross profit per item are explained, but actual volume and unit-price figures are not disclosed |
| Number of stores and locations | 5 stores in Thailand, with the sixth store planned during the current fiscal year, 3 stores in Taiwan, and a target of opening the first US store during the fiscal year ending February 2027. Domestic period-end store numbers and the number of store openings and closures during the period are not disclosed |
| Number of employees | Headcount has increased in AI and DX and in procurement channels outside stores. Headcount and hiring plans are not disclosed |
| Assumptions Underlying the Business Outlook | Full-year sales growth of 2% at existing stores, 6–10 stores in the US over 3 years, and an opening pace equivalent to approximately 10% of the existing store base |
| Medium-term management plan targets | A scale of 6–10 stores in the US over 3 years and an opening pace equivalent to approximately 10% of the existing store base. Numerical comparisons with the medium-term plan's actual results are not disclosed |
| Market Size / Share | Domestic expansion potential of 800–1,000 stores. Market share figures are not disclosed |
| Key points of the Q&A | The company explains that crude oil supply constraints could increase logistics and store equipment costs, while also presenting them as an opportunity for increased demand for used goods. Inbound sales exceeded the prior year, with lower numbers of Chinese tourists offset by stronger demand from other regions. The gross margin improvement was attributed to the change to the buyback coupon program, the sales mix of lower-priced merchandise, and pricing management of winter merchandise inventory. AI and DX, procurement channels and US expansion were described as growth investments. The company also responded to questions about store openings, overseas stores and differentiating factors |
| New initiatives | Labor-saving authentication using AI and improved appraisal accuracy, the expansion and relocation of logistics facilities together with increased staffing, US expansion, and the rollout of the TreFac Style format in Taiwan |
Items this document does not state (16)
Net SalesOperating profitOrdinary incomeNet incomeSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planSegment resultsRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlog
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 company explains that it has added to and revised certain content to make it easier for investors to understand.
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