Worth reading
56In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
21.5
First-half operating profit year-on-year change (%)Wording
Conditional
How definitive the wording is.Contents of this document
Summary of Q&AFiscal year ending February 2027, second quarter10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Operating profit¥2,330 million+21.5%
Gross Profit Margin60.2 %
Results for the three months of the current quarter
Net SalesGrowth of at least 10% year on year
Operating profitGrowth of at least 10% year on year; +12.5% year on year
Full-year earnings forecast
Annual Dividend
¥46 per share
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
First-half operating profit exceeded planKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Questions Factors behind the second quarter ending with higher profit / Answer The recovery of existing stores from July onward and strong cross-store shopping initiatives leveraging synergies between the customer base and the dominant-store strategy
- Questions Reasons for leaving the full-year earnings and dividend forecasts unchanged / Answer Because the second half is expected to see the fading impact of improved markups, costs related to relocating the logistics center and other expenses, and new-store opening costs
- Questions Existing-store sales growth and the outlook / Answer The first-half cumulative figure was 105.2% year on year, and the second half is based on an assumption of 103%; customer acquisition and sales opportunities will be expanded through the app, e-commerce and other channels
- Questions Reasons for the modest increase in the gross profit margin / Answer Mix effect from strong sales of high-priced apparel and accessories with relatively low gross margins
- Questions Reasons for the increase in inventories and flat operating cash flow / Answer Because autumn/winter merchandise and inventory for new stores were secured systematically; there are no issues with inventory turnover
- Questions Response to the personal information breach / Answer Taking inventory of approximately 1,000 IT tools, establishing an Information Security Liaison Council, and correcting authentication and access-rights management
- Questions Background to new-store openings exceeding the annual target / Answer The opening of 37 stores was confirmed through increased staffing in the store development division and diversification of store formats
- Questions Response to higher personnel expenses from human capital investment / Answer Personnel expenses are growing within the range of revenue growth, while productivity is being improved through the use of AI and other measures
- Questions Progress in using AI for appraisals / Answer Launching appraisal DX and an authentication laboratory, with trials under way to improve the efficiency of data entry and search tasks
- Questions Progress at Trefac Anime Lab / Answer Purchases and sales of hobby goods increased, and the second location is scheduled to open in the fourth quarter
- Questions Staffing measures for the U.S. business / Answer The business will be operated primarily with locally hired staff, with the first store scheduled to open in spring 2027
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Recovery of existing stores and strong cross-store shopping initiatives
- Improved markups resulting from changes to purchase coupon initiatives
- Mix effect from strong sales of high-priced merchandise with relatively low gross margins
The company identifies the factors but does not state the amount attributable to each one.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Second-half existing-store salesFigures103% year on year
- Medium- to long-term existing-store growthFiguresApproximately 2–3% year on year
- Initial-plan assumption for existing-store salesFigures102% year on year
New initiatives
- Launching appraisal DX and an authentication laboratory and trialing AI appraisals
- Establishing a group-wide Information Security Liaison Council
- Expansion of Trefac Anime Lab
- Investment in delivery-based and on-site purchasing
- Preparations to open the first U.S. store in spring 2027
Key KPIsA metric the company considers important as a management benchmark.
- Standalone existing-store sales (first-half cumulative)105.2 Year-on-year change %
- Standalone existing-store sales (second quarter)103.7 Year-on-year change %
- Standalone in-store purchases11.1 Year-on-year increase %
- Apparel and accessories sales18.5 Year-on-year increase %
- Hobby goods purchases9.7 Year-on-year increase %
- Hobby goods sales20.5 Year-on-year increase %
Number of stores and locations
Stores opened during the period37
Annual target30–35 stores
Number of employees
Change during the period144 new employees joined the company in April 2026
Hiring planHire more than 200 new graduates and experienced hires combined during the year
Annual Dividend
Annual¥46 per share
Interim¥24 per share
End of period¥22 per share
Payout ratio
30| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | Fiscal year ending February 2027, second quarter |
| Operating profit | ¥2,330 million (YoY +21.5%) |
| Gross Profit Margin | 60.2 % |
| Results for the three months of the current quarter | Net Sales Growth of at least 10% year on year / Operating profit Growth of at least 10% year on year; +12.5% year on year |
| Full-year earnings forecast | Operating profit Not disclosed / Annual Dividend ¥46 per share |
| Self-assessment against the plan | First-half operating profit exceeded plan |
| Breakdown of Factors Affecting the Change | Factors Recovery of existing stores and strong cross-store shopping initiatives / Amount Not disclosed, Factors Improved markups resulting from changes to purchase coupon initiatives / Amount Not disclosed, Factors Mix effect from strong sales of high-priced merchandise with relatively low gross margins / Amount Not disclosed |
| Key KPIs | Indicator name Standalone existing-store sales (first-half cumulative) / Value 105.2 Year-on-year change (%), Indicator name Standalone existing-store sales (second quarter) / Value 103.7 Year-on-year change (%), Indicator name Standalone in-store purchases / Value 11.1 Year-on-year increase (%), Indicator name Apparel and accessories sales / Value 18.5 Year-on-year increase (%), Indicator name Hobby goods purchases / Value 9.7 Year-on-year increase (%), Indicator name Hobby goods sales / Value 20.5 Year-on-year increase (%) |
| Number of stores and locations | Number at period-end Not disclosed / Stores opened during the period 37 / Annual target 30–35 stores / Number of store closures Not disclosed |
| Number of employees | Number of Employees Not disclosed / Change during the period 144 new employees joined the company in April 2026 / Hiring plan Hire more than 200 new graduates and experienced hires combined during the year |
| Assumptions Underlying the Business Outlook | Item Second-half existing-store sales / Figures 103% year on year, Item Medium- to long-term existing-store growth / Figures Approximately 2–3% year on year, Item Initial-plan assumption for existing-store sales / Figures 102% year on year |
| Annual Dividend | Annual ¥46 per share / Interim ¥24 per share / End of period ¥22 per share |
| Payout ratio | 30 |
| Key points of the Q&A | Questions Factors behind the second quarter ending with higher profit / Answer The recovery of existing stores from July onward and strong cross-store shopping initiatives leveraging synergies between the customer base and the dominant-store strategy, Questions Reasons for leaving the full-year earnings and dividend forecasts unchanged / Answer Because the second half is expected to see the fading impact of improved markups, costs related to relocating the logistics center and other expenses, and new-store opening costs, Questions Existing-store sales growth and the outlook / Answer The first-half cumulative figure was 105.2% year on year, and the second half is based on an assumption of 103%; customer acquisition and sales opportunities will be expanded through the app, e-commerce and other channels, Questions Reasons for the modest increase in the gross profit margin / Answer Mix effect from strong sales of high-priced apparel and accessories with relatively low gross margins, Questions Reasons for the increase in inventories and flat operating cash flow / Answer Because autumn/winter merchandise and inventory for new stores were secured systematically; there are no issues with inventory turnover, Questions Response to the personal information breach / Answer Taking inventory of approximately 1,000 IT tools, establishing an Information Security Liaison Council, and correcting authentication and access-rights management, Questions Background to new-store openings exceeding the annual target / Answer The opening of 37 stores was confirmed through increased staffing in the store development division and diversification of store formats, Questions Response to higher personnel expenses from human capital investment / Answer Personnel expenses are growing within the range of revenue growth, while productivity is being improved through the use of AI and other measures, Questions Progress in using AI for appraisals / Answer Launching appraisal DX and an authentication laboratory, with trials under way to improve the efficiency of data entry and search tasks, Questions Progress at Trefac Anime Lab / Answer Purchases and sales of hobby goods increased, and the second location is scheduled to open in the fourth quarter, Questions Staffing measures for the U.S. business / Answer The business will be operated primarily with locally hired staff, with the first store scheduled to open in spring 2027 |
| New initiatives | Launching appraisal DX and an authentication laboratory and trialing AI appraisals, Establishing a group-wide Information Security Liaison Council, Expansion of Trefac Anime Lab, Investment in delivery-based and on-site purchasing, Preparations to open the first U.S. store in spring 2027 |
Items this document does not state (15)
Net SalesOrdinary incomeNet incomeOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSegment resultsUnit price and quantity metricsRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAcquisition of treasury sharesCapital 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 recovery of existing stores from July onward, the expanded customer base generated by the previous year's anniversary initiatives, and strong cross-store shopping initiatives leveraging synergies with the dominant-store strategy were cited as factors driving higher profit. Reasons for leaving the full-year forecast unchanged included the fading impact of improved markups following changes to purchase coupons, costs related to relocating the logistics center and opening new home-purchase locations, and one-time opening costs associated with new stores.
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