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How definitive the wording is.Contents of this document
Summary of Q&AFull fiscal 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 standalone same-store gross margin improved. The specific margin and year-on-year change factors are Not disclosed
Operating profit marginThe plan calls for an increase at existing stores. The medium-term management plan assumes a decline due to upfront investment. The specific margin and year-on-year change factors are Not disclosed
Full-year earnings forecast
Same-store sales growth rate
102 %
Store Opening Plans
30〜35
U.S. store opening target
6–10 in 3 years
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress has been generally in line with expectationsKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Crude oil supply constraints: While there are concerns about higher logistics and store equipment costs, the Company explained that expanding demand for used goods could become a growth opportunity
- Inbound tourism: The decline in Chinese tourists will be absorbed by increased demand from other regions. The tax-free sales ratio is more than 10%
- Gross margin: Changes to the coupon program, lower-priced merchandise, and price management of winter inventory were cited as factors behind the improvement
- Medium-term plan: AI and DX, procurement channels, and entry into the U.S. market are the main upfront investment factors
- Store openings: The Company plans to open 30–35 stores this fiscal year, with a focus on balancing urban and regional locations
- AI and DX: The Company is working to improve appraisal efficiency, authentication, and price calculation. Expenses are expected to precede the benefits for 1–2 years
- SG&A expenses: The Company plans to consolidate, expand, and relocate its logistics centers, with expenses expected to increase mainly in the second half
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Factors behind the improvement in gross margin: improved markup rates following changes to the purchase coupon program, a favorable sales mix driven by strong sales of lower-priced merchandise, and price controls on winter inventory. Factors behind the increase in SG&A expenses: AI and DX investment, strengthening procurement channels other than stores, entry into the U.S. market, and the expansion and relocation of logistics centers
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Same-store sales growth rate102 %
- New store opening plan for the current fiscal year30〜35
- U.S. store opening target6–10 in 3 years
New initiatives
- AI-based authentication of branded goods and calculation of selling prices
- Strengthening procurement channels other than stores
- Consolidation, expansion, and relocation of logistics facilities in the Kanto region
- Preparations for and entry into the U.S. market
Key KPIsA metric the company considers important as a management benchmark.
- Standalone same-store sales growth rate104.6 % of the year-ago month
- Assumption for same-store sales growth for the fiscal year ending February 2027102 % year on year
- March same-store sales101.6 % of the year-ago month
- Tax-free sales ratioMore than 10%Year on year against the same period last yearTrending above the previous year
Medium-term management plan targets
The Company aims to build a network of 6–10 stores in the U.S. over 3 years. Same-store sales are expected to grow 2% for the full year, accompanied by an increase in gross marginMarket Size / Share
The Company explained that there is room for approximately 800–1,000 additional stores in Japan. Figures for market size and market share are Not disclosedNumber of stores and locations
5 stores in Thailand and 3 stores in Taiwan. Thailand is scheduled to open its sixth store during the current fiscal year, while the first U.S. store is scheduled to open during the fiscal year ending February 2027. The plan calls for 30–35 new stores this fiscal yearNumber of employees
The number of employees is Not disclosed. Hiring will increase in the AI/DX fields and in procurement channels other than stores| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | Full fiscal year ended February 2026 |
| Gross Profit Margin | The standalone same-store gross margin improved. The specific margin and year-on-year change factors are Not disclosed |
| Operating profit margin | The plan calls for an increase at existing stores. The medium-term management plan assumes a decline due to upfront investment. The specific margin and year-on-year change factors are Not disclosed |
| Full-year earnings forecast | Same-store sales growth rate 102 % / Store Opening Plans 30〜35 / U.S. store opening target 6–10 in 3 years |
| Self-assessment against the plan | Progress has been generally in line with expectations |
| Breakdown of Factors Affecting the Change | Factors behind the improvement in gross margin: improved markup rates following changes to the purchase coupon program, a favorable sales mix driven by strong sales of lower-priced merchandise, and price controls on winter inventory. Factors behind the increase in SG&A expenses: AI and DX investment, strengthening procurement channels other than stores, entry into the U.S. market, and the expansion and relocation of logistics centers |
| Key KPIs | Indicator name Standalone same-store sales growth rate / Value 104.6 % of the year-ago month / Year on year against the same period last year Not disclosed, Indicator name Assumption for same-store sales growth for the fiscal year ending February 2027 / Value 102 % year on year / Year on year against the same period last year Not disclosed, Indicator name March same-store sales / Value 101.6 % of the year-ago month / Year on year against the same period last year Not disclosed, Indicator name Tax-free sales ratio / Value More than 10% / Year on year against the same period last year Trending above the previous year |
| Number of stores and locations | 5 stores in Thailand and 3 stores in Taiwan. Thailand is scheduled to open its sixth store during the current fiscal year, while the first U.S. store is scheduled to open during the fiscal year ending February 2027. The plan calls for 30–35 new stores this fiscal year |
| Number of employees | The number of employees is Not disclosed. Hiring will increase in the AI/DX fields and in procurement channels other than stores |
| Assumptions Underlying the Business Outlook | Item Same-store sales growth rate / Value 102 %, Item New store opening plan for the current fiscal year / Value 30〜35, Item U.S. store opening target / Value 6–10 in 3 years |
| Medium-term management plan targets | The Company aims to build a network of 6–10 stores in the U.S. over 3 years. Same-store sales are expected to grow 2% for the full year, accompanied by an increase in gross margin |
| Market Size / Share | The Company explained that there is room for approximately 800–1,000 additional stores in Japan. Figures for market size and market share are Not disclosed |
| Key points of the Q&A | Crude oil supply constraints: While there are concerns about higher logistics and store equipment costs, the Company explained that expanding demand for used goods could become a growth opportunity, Inbound tourism: The decline in Chinese tourists will be absorbed by increased demand from other regions. The tax-free sales ratio is more than 10%, Gross margin: Changes to the coupon program, lower-priced merchandise, and price management of winter inventory were cited as factors behind the improvement, Medium-term plan: AI and DX, procurement channels, and entry into the U.S. market are the main upfront investment factors, Store openings: The Company plans to open 30–35 stores this fiscal year, with a focus on balancing urban and regional locations, AI and DX: The Company is working to improve appraisal efficiency, authentication, and price calculation. Expenses are expected to precede the benefits for 1–2 years, SG&A expenses: The Company plans to consolidate, expand, and relocate its logistics centers, with expenses expected to increase mainly in the second half |
| New initiatives | AI-based authentication of branded goods and calculation of selling prices, Strengthening procurement channels other than stores, Consolidation, expansion, and relocation of logistics facilities in the Kanto region, Preparations for and entry into the U.S. market |
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 forecastSegment resultsUnit price and quantity metricsRisk 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 cited the higher hurdle from the previous year's results and uncertainty in the external environment, including inflation and global conditions, as reasons for setting the same-store sales assumption at 102%. It also explained that investment in AI and DX, the expansion and relocation of logistics facilities, and its entry into the U.S. market are upfront investments for future growth, with expenses expected to precede the benefits for the time being.
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