Worth reading
55In focus
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
4.9
Year-on-year change in operating profit (%)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales545,626¥ millionYear on year -1.8%Progress 97.4%
Operating profit80,020¥ millionYear on year +4.9%Progress 98.2%
Ordinary income86,587¥ millionYear on year -1.7%Progress 108.2%
Net income attributable to owners of the parent76,096¥ millionYear on year +44.1%Progress 123.7%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥213.96
Operating Margin14.7%
Financial position at period-end
Total assets1,217,975¥ million
of which net assets 620,156 ¥ millionEquity ratio 50.8%vs. prior year-end +0.9pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+90,655
Investment+21,634
Financials-76,922
Net change+35,367
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥77,343 million
Segment revenueDepartment store business ¥449,718 million (YoY -2.5%), Credit, financial services and membership clubs ¥35,593 million (YoY +3.4%), Real Estate Business ¥27,173 million (YoY -8.0%), Other ¥98,130 million (YoY +2.1%)
Segment profitDepartment store business ¥65,522 million (YoY +1.5%), Credit, financial services and membership clubs ¥6,336 million (YoY +10.3%), Real Estate Business ¥4,681 million (YoY +29.5%), Other ¥3,022 million (YoY +45.4%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥560,000 million (YoY +2.6%)
Operating profit¥81,500 million (YoY +1.8%)
Ordinary income¥80,000 million (YoY -7.6%)
Net income¥61,500 million (YoY -19.2%)
Annual Dividend Forecast¥54 per share → ¥80 per share（+48.1%）
Payout ratio32.7%
Shareholder Return PolicyCumulative total payout ratio of at least 70% during Phase I; from the fiscal year ending March 2028, DOE of at least 5%, with dividends maintained or increased based on progressive dividends
Factors Behind Changes in Business Performance
Increase in the number of identifiable customers, steady sales to domestic customers, a reaction in sales to overseas customers from the previous year's record-high level and a slowdown in inbound visitor numbers, control of personnel expenses, rent and other costs through cost-structure reforms, and gains on sales of shares in affiliates
Disclosure regarding the going concern assumption
No applicable matters
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew 0 / Excluded 0 / Company name No applicable matters
Material subsequent eventsOn 1 April 2026, 149,537,222 shares of 新光三越百貨股份有限公司, an equity-method affiliate, were transferred to 新豐資本股份有限公司. The transfer price was NTD 7,028 million and the gain on transfer was approximately ¥10 billion. The post-transfer ownership interest was 10.00%, and 新光三越 ceased to qualify as an equity-method affiliate.
Impairment lossImpairment loss was ¥1,191 million in the consolidated statement of income. It was stated as ¥1,440 million in the segment information and statement of cash flows, and the specific details of the assets concerned were Not disclosed
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥322 million, Gain on sale of investment securities ¥732 million, Gain on sale of shares in an affiliated company ¥10,646 million / Extraordinary loss Losses on disposal of fixed assets ¥54 million, Impairment Losses ¥1,191 million, Loss on closure of stores ¥253 million, Business structure improvement costs ¥484 million, Provision for contract loss ¥500 million
Depreciation and amortization¥24,430 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for securities analysts)
Issued Shares at Period-End367,446,554 shares
Treasury Shares at Period-End16,712,323 shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥545,626 million (YoY -1.8%) |
| Operating profit | ¥80,020 million (YoY +4.9%) |
| Ordinary income | ¥86,587 million (YoY -1.7%) |
| Profit attributable to owners of the parent | ¥76,096 million (YoY +44.1%) |
| Net income per share | ¥213.96 |
| Operating Margin | 14.7% |
| Equity ratio | End of the current fiscal period 50.8% / End of previous period 49.9% |
| Total assets | ¥1,217,975 million |
| Net assets | ¥620,156 million |
| Cash flows from operating activities | ¥90,655 million |
| Cash flows from investing activities | ¥21,634 million |
| Cash flows from financing activities | ¥-76,922 million |
| Cash and cash equivalents at end of period | ¥77,343 million |
| Full-year earnings forecast | Net Sales ¥560,000 million (YoY +2.6%) / Operating profit ¥81,500 million (YoY +1.8%) / Ordinary income ¥80,000 million (YoY -7.6%) / Net income ¥61,500 million (YoY -19.2%) |
| Annual Dividend Forecast | ¥54 per share → ¥80 per share（+48.1%） |
| Payout ratio | 32.7% |
| Shareholder Return Policy | Cumulative total payout ratio of at least 70% during Phase I; from the fiscal year ending March 2028, DOE of at least 5%, with dividends maintained or increased based on progressive dividends |
| Segment revenue | Department store business ¥449,718 million (YoY -2.5%), Credit, financial services and membership clubs ¥35,593 million (YoY +3.4%), Real Estate Business ¥27,173 million (YoY -8.0%), Other ¥98,130 million (YoY +2.1%) |
| Segment profit | Department store business ¥65,522 million (YoY +1.5%), Credit, financial services and membership clubs ¥6,336 million (YoY +10.3%), Real Estate Business ¥4,681 million (YoY +29.5%), Other ¥3,022 million (YoY +45.4%) |
| Depreciation and amortization | ¥24,430 million |
| Impairment loss | Impairment loss was ¥1,191 million in the consolidated statement of income. It was stated as ¥1,440 million in the segment information and statement of cash flows, and the specific details of the assets concerned were Not disclosed |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥322 million, Gain on sale of investment securities ¥732 million, Gain on sale of shares in an affiliated company ¥10,646 million / Extraordinary loss Losses on disposal of fixed assets ¥54 million, Impairment Losses ¥1,191 million, Loss on closure of stores ¥253 million, Business structure improvement costs ¥484 million, Provision for contract loss ¥500 million |
| Disclosure regarding the going concern assumption | No applicable matters |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New 0 / Excluded 0 / Company name No applicable matters |
| Material subsequent events | On 1 April 2026, 149,537,222 shares of 新光三越百貨股份有限公司, an equity-method affiliate, were transferred to 新豐資本股份有限公司. The transfer price was NTD 7,028 million and the gain on transfer was approximately ¥10 billion. The post-transfer ownership interest was 10.00%, and 新光三越 ceased to qualify as an equity-method affiliate. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for securities analysts) |
| Issued Shares at Period-End | 367,446,554 shares |
| Treasury Shares at Period-End | 16,712,323 shares |
| Factors Behind Changes in Business Performance | Increase in the number of identifiable customers, steady sales to domestic customers, a reaction in sales to overseas customers from the previous year's record-high level and a slowdown in inbound visitor numbers, control of personnel expenses, rent and other costs through cost-structure reforms, and gains on sales of shares in affiliates |
Items this document does not state (3)
Revision to Earnings ForecastRegional salesOrders 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.Although growth in the number of identifiable customers and initiatives to enhance distinctiveness supported sales to domestic customers, sales to overseas customers declined due to a reaction from the record-high level in the previous year and a slowdown in inbound visitor numbers. Control of personnel expenses, rent and other costs through cost-structure reforms contributed to the improvement in operating profit, while gains on sales of shares in affiliates also boosted net income.
How to read this page
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