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How definitive the wording is.Contents of this document
Summary of Q&AFull fiscal year ended February 20269 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Operating profit marginExpected to decline temporarily under the medium-term management plan. The plan calls for an increase at existing stores.
Full-year earnings forecastSame-store sales growth rate of 102%; 30–35 new stores; targeting 6–10 stores in the US within 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, inbound demand, Chinese tourists, standalone same-store gross margin, lower-priced products, Kindal, operating margin, personnel expenses, inventory, domestic and overseas store openings, rents, competitive advantages, same-store sales assumptions, AI/DX investment, logistics facilities, share price and shareholder returnsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Factors improving gross margin: ① improved markup rates following changes to the purchase coupon system, ② sales mix driven by strong sales of lower-priced products, and ③ price controls for winter merchandise inventory. Factors reducing operating margin: ① expansion and relocation of the distribution center, ② increased staffing for mail-in and on-site purchasing, ③ AI/DX investment, and ④ initial investment in the US business
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Same-store sales growth rate of 102%; full-year same-store sales growth of 2%; first US store during the fiscal year ending February 2027; 30–35 new stores this fiscal year; 6–10 US stores within 3 yearsNew initiatives
AI-based authentication of branded goods and calculation of selling prices; consolidation, expansion and relocation of the distribution center; strengthening of mail-in purchasing, on-site purchasing and corporate procurement; entry into the US market; and consideration of flexible share buybacksKey KPIsA metric the company considers important as a management benchmark.
Tax-exempt sales ratio above 10%; same-store sales at 104.6% of the previous fiscal year's actual results; assumption of 102% for the fiscal year ending February 2027; March 2026 same-store sales at 101.6% year on year; domestic room for 800–1,000 stores; annual store openings equivalent to approximately 10% of the existing store baseMedium-term management plan targets
6–10 US stores within 3 years; at existing stores, full-year sales growth of 2% and an increase in gross margin are expectedNumber of stores and locations
5 stores in Thailand, with a sixth planned during the current fiscal year. 3 stores in Taiwan. Targeting the first US store during the fiscal year ending February 2027. Plan to open 30–35 stores this fiscal yearAcquisition of treasury shares
The company is specifically considering flexible share buybacks. The amount, number of shares and period for the buyback authorization are Not disclosed| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | Full fiscal year ended February 2026 |
| Operating profit margin | Expected to decline temporarily under the medium-term management plan. The plan calls for an increase at existing stores. |
| Full-year earnings forecast | Same-store sales growth rate of 102%; 30–35 new stores; targeting 6–10 stores in the US within 3 years |
| Self-assessment against the plan | Progress has been generally in line with expectations |
| Breakdown of Factors Affecting the Change | Factors improving gross margin: ① improved markup rates following changes to the purchase coupon system, ② sales mix driven by strong sales of lower-priced products, and ③ price controls for winter merchandise inventory. Factors reducing operating margin: ① expansion and relocation of the distribution center, ② increased staffing for mail-in and on-site purchasing, ③ AI/DX investment, and ④ initial investment in the US business |
| Key KPIs | Tax-exempt sales ratio above 10%; same-store sales at 104.6% of the previous fiscal year's actual results; assumption of 102% for the fiscal year ending February 2027; March 2026 same-store sales at 101.6% year on year; domestic room for 800–1,000 stores; annual store openings equivalent to approximately 10% of the existing store base |
| Number of stores and locations | 5 stores in Thailand, with a sixth planned during the current fiscal year. 3 stores in Taiwan. Targeting the first US store during the fiscal year ending February 2027. Plan to open 30–35 stores this fiscal year |
| Assumptions Underlying the Business Outlook | Same-store sales growth rate of 102%; full-year same-store sales growth of 2%; first US store during the fiscal year ending February 2027; 30–35 new stores this fiscal year; 6–10 US stores within 3 years |
| Medium-term management plan targets | 6–10 US stores within 3 years; at existing stores, full-year sales growth of 2% and an increase in gross margin are expected |
| Acquisition of treasury shares | The company is specifically considering flexible share buybacks. The amount, number of shares and period for the buyback authorization are Not disclosed |
| Key points of the Q&A | Crude oil supply constraints, inbound demand, Chinese tourists, standalone same-store gross margin, lower-priced products, Kindal, operating margin, personnel expenses, inventory, domestic and overseas store openings, rents, competitive advantages, same-store sales assumptions, AI/DX investment, logistics facilities, share price and shareholder returns |
| New initiatives | AI-based authentication of branded goods and calculation of selling prices; consolidation, expansion and relocation of the distribution center; strengthening of mail-in purchasing, on-site purchasing and corporate procurement; entry into the US market; and consideration of flexible share buybacks |
Items this document does not state (18)
Net SalesOperating profitOrdinary incomeNet incomeGross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSegment resultsUnit price and quantity metricsNumber of employeesRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioCapital expendituresOrders received and order backlogMarket Size / Share
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 believes that the temporary decline in operating margin resulting from growth investment has been priced into the share price as concern over slowing growth. At the same time, it identified same-store growth, inbound demand, the high gross margins of lower-priced products and overseas business expansion as growth drivers.
How to read this page
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