Worth reading
58In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
161
Year-on-year decrease in operating profit (¥ millions)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFirst quarter of the fiscal year ending March 20278 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥11,706 million-3.9%
Operating profit¥260 million-38.2%
Ordinary income¥244 million-42.0%
Net income¥2 million-99.2%
Selling, general and administrative expenses¥1,814 million
Operating profit margin2.2%, down 1.3 percentage points year on year
Results for the three months of the current quarterRevenue of ¥11,706 million, operating profit of ¥260 million, ordinary profit of ¥244 million, and net profit of ¥2 million for the three months of the quarter (standalone first-quarter results for the fiscal year ending March 2027)
Full-year earnings forecastFull-year forecast: revenue of ¥55,098 million and operating profit of ¥2,754 million; no full-year forecast figures for ordinary profit or net profit are provided in the materials
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。21% of the full-year revenue forecast and 9.5% of the full-year operating profit forecast
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Factors behind the decline in operating profit from ¥421 million to ¥260 million: gross profit, -¥87 million; personnel costs, -¥29 million; outsourcing expenses, -¥20 million; depreciation and amortization, -¥79 million; freight expenses, -¥36 million; other, -¥19 million; sales promotion expenses, +¥35 million; payment processing fees, +¥65 million; other SG&A expenses, +¥9 million
New initiatives
Strengthening governance, expanding domestic operations, strengthening overseas business, and pursuing a capital allocation strategy. Specific measures include replacing the e-commerce system, accelerating listings on overseas platforms, examining overseas expansion, and reviewing stores and logistics operations.Key KPIsA metric the company considers important as a management benchmark.
Own-site sales ratio: 90.1% (up 1.5 percentage points year on year); second-hand product ratio: 54%; e-commerce sourcing ratio: 81%; online purchasing members: 25,000; active rate: 3.2%; cumulative registered members: 796,000; requests delivered: 23.58 million; items registered on wish lists: 2.95 million; back-in-stock email subscriptions: approximately 210,000Unit price and quantity metricsThese figures show sales broken down by price and volume.
Trade-in purchase transactions: 6,550; advance-purchase transactions: 5,481. No figures for average customer spend, sales volume, or ARPU are provided.Segment results
Cameras: revenue of ¥9,077 million (92.9% of the year-earlier level) and operating profit of ¥641 million (68.1%). Watches: revenue of ¥2,510 million (118.5%) and operating profit of ¥54 million (versus an operating loss of ¥32 million in the year-earlier period). Writing instruments: revenue of ¥119 million (102.0%) and operating profit of ¥22 million (154.6%). Bicycles: revenue of ¥0 million and operating profit of ¥0 million (versus revenue of ¥166 million and an operating loss of ¥14 million in the year-earlier period).Financial targets
The materials state that the company aims to maximize capital efficiency, including ROIC and ROE, but no numerical targets are disclosed.Number of employees
260 employees (as of the end of March 2026)Gross profit
¥2,075 million, gross profit margin of 17.7%, down 0.1 percentage points year on year| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥11,706 million (YoY -3.9%) |
| Operating profit | ¥260 million (YoY -38.2%) |
| Ordinary income | ¥244 million (YoY -42.0%) |
| Net income | ¥2 million (YoY -99.2%) |
| Gross profit | ¥2,075 million, gross profit margin of 17.7%, down 0.1 percentage points year on year |
| Operating profit margin | 2.2%, down 1.3 percentage points year on year |
| Selling, general and administrative expenses | ¥1,814 million |
| Results for the three months of the current quarter | Revenue of ¥11,706 million, operating profit of ¥260 million, ordinary profit of ¥244 million, and net profit of ¥2 million for the three months of the quarter (standalone first-quarter results for the fiscal year ending March 2027) |
| Full-year earnings forecast | Full-year forecast: revenue of ¥55,098 million and operating profit of ¥2,754 million; no full-year forecast figures for ordinary profit or net profit are provided in the materials |
| Progress against full-year forecast | 21% of the full-year revenue forecast and 9.5% of the full-year operating profit forecast |
| Segment results | Cameras: revenue of ¥9,077 million (92.9% of the year-earlier level) and operating profit of ¥641 million (68.1%). Watches: revenue of ¥2,510 million (118.5%) and operating profit of ¥54 million (versus an operating loss of ¥32 million in the year-earlier period). Writing instruments: revenue of ¥119 million (102.0%) and operating profit of ¥22 million (154.6%). Bicycles: revenue of ¥0 million and operating profit of ¥0 million (versus revenue of ¥166 million and an operating loss of ¥14 million in the year-earlier period). |
| Breakdown of Factors Affecting the Change | Factors behind the decline in operating profit from ¥421 million to ¥260 million: gross profit, -¥87 million; personnel costs, -¥29 million; outsourcing expenses, -¥20 million; depreciation and amortization, -¥79 million; freight expenses, -¥36 million; other, -¥19 million; sales promotion expenses, +¥35 million; payment processing fees, +¥65 million; other SG&A expenses, +¥9 million |
| Key KPIs | Own-site sales ratio: 90.1% (up 1.5 percentage points year on year); second-hand product ratio: 54%; e-commerce sourcing ratio: 81%; online purchasing members: 25,000; active rate: 3.2%; cumulative registered members: 796,000; requests delivered: 23.58 million; items registered on wish lists: 2.95 million; back-in-stock email subscriptions: approximately 210,000 |
| Unit price and quantity metrics | Trade-in purchase transactions: 6,550; advance-purchase transactions: 5,481. No figures for average customer spend, sales volume, or ARPU are provided. |
| Number of employees | 260 employees (as of the end of March 2026) |
| Financial targets | The materials state that the company aims to maximize capital efficiency, including ROIC and ROE, but no numerical targets are disclosed. |
| New initiatives | Strengthening governance, expanding domestic operations, strengthening overseas business, and pursuing a capital allocation strategy. Specific measures include replacing the e-commerce system, accelerating listings on overseas platforms, examining overseas expansion, and reviewing stores and logistics operations. |
Items this document does not state (12)
Self-assessment against the planNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
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.Revenue declined due to the suspension of the e-commerce site and restrictions on sales activities associated with the replacement of the core system. In addition to the decrease in gross profit, SG&A expenses increased, including personnel costs resulting from base-pay increases and expanded allowances, system-related costs, depreciation and amortization, freight expenses, and costs associated with strengthening governance.
How to read this page
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