Worth reading
78Important
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
3.4
% (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationQ3 FY202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥11,888 million+3.4%
Operating profit¥267 million
Ordinary income¥232 million
Net income¥233 million
Gross Profit Margin37.3%
Operating profit margin2.2%
Results for the three months of the current quarter
Net Sales
¥4,001 million
OtherQuarterly sales trend, including standalone sales for the third quarter of FY2026
Full-year earnings forecast
Net Sales
¥17,035 million
Gross profit
¥6,430 million
Operating profit
¥352 million
Ordinary income
¥324 million
Quarterly net income
¥227 million
Quarterly earnings per share
¥12.53
EBITDA
¥591 million
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。
Net Sales69.8%
Gross profit69.0%
Operating profit75.7%
Ordinary income71.5%
Quarterly net income102.8%
Quarterly earnings per share103.1%
EBITDA73.6%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Operating income and ordinary income are generally in line with the full-year plan. Quarterly net income is above the full-year plan, but sales are progressing somewhat below plan, and the company assesses the situation as challenging in terms of achieving the full-year plan.Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Sales are progressing somewhat below plan, making full-year achievement challenging, while operating income is generally in line with plan.
- The operating income progress rate has remained almost flat from the first half because advertising expenses and showroom renovation costs were concentrated in the period.
- Although quarterly net income is above the full-year plan, the full-year forecast was left unchanged in light of expenses scheduled for the fourth quarter and the business environment.
- The decline in gross profit margin was attributable to higher product costs and lower direct-shipment sales.
- Regarding the situation in the Middle East and the Strait of Hormuz, there has been no significant impact on supply or lead times at present, although a prolonged situation could have an impact.
- The company will review its disclosure of site traffic and use social media follower counts as an indicator of its potential customer base.
- The reason for changing to non-consolidated financial statements from the fiscal year ending September 2026 was the sale of all shares in the consolidated subsidiary.
- The dividend forecast is undecided, and the company will work to return profits to shareholders while taking into account business performance and other factors.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Increase in gross profit due to higher sales+¥149 million
- Decline in Gross Profit Margin-¥62 million
- Advertising expenses+¥40 million
- Warehouse expenses+¥56 million
- Temporary expenses associated with the head office relocation+¥360 million
- Personnel expenses-¥62 million
- Rent and other expenses-¥31 million
- Depreciation-¥21 million
- Other-¥22 million
New initiatives
- Launch of the original Inviera built-in refrigerator
- Launch of the full-ceramic Geoora kitchen
- Launch of new products including the Basalti extra-large-format tile
- Publication of the 2026 comprehensive catalogs Best Selection and Materials, and launch of a dedicated website
- AI employees begin customer service operations
- Distribution of an earnings presentation video featuring an AI avatar
- Provision of generative AI tools to all employees
- Introduction of the mirAIs AI skills visualization index
- AI training for all employees
- Holding of the first ASOLIE Design Awards
Key KPIsA metric the company considers important as a management benchmark.
- Key official social media followers and other metrics39.1 10,000 people
- Instagram followers20 More than 10,000 people
- TikTok followers1.9 More than 10,000 people
- Awareness among the general population18.4 %
- Awareness among people considering purchasing a home6.9 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Average order values and order frequency increased, particularly among loyal customers. Figures are Not disclosed.Medium-term management plan targets
PeriodFY2025-FY2027 (Leap Forward Phase)
TargetHigh growth exceeding the growth rate through the Growth Acceleration Phase; FY2027 sales of ¥17.0 billion and a 10.3% CAGR
Comparison with actual resultsFY2025 actual: ¥16.1 billion; FY2026 plan: ¥16.7 billion; FY2027 plan: ¥17.0 billion
Market Size / Share
The materials include the size of the home renovation market, the number of new housing starts and a comparison of growth rates with competitors. Specific figures for market size and market share are Not disclosed.Number of stores and locations
ShowroomTokyo, Osaka, Sendai, Nagoya, Kyoto and Fukuoka; smart showrooms in Sapporo and Yokohama
Number of employees
Number of Employees292 people
Change during the period+3 people from the end of the previous fiscal year (+1.04%)
Annual Dividend
The dividend forecast is undecided.| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Q3 FY2026 |
| Net Sales | ¥11,888 million (YoY +3.4%) |
| Operating profit | ¥267 million |
| Ordinary income | ¥232 million |
| Net income | ¥233 million |
| Gross Profit Margin | 37.3% |
| Operating profit margin | 2.2% |
| Results for the three months of the current quarter | Net Sales ¥4,001 million / Other Quarterly sales trend, including standalone sales for the third quarter of FY2026 |
| Full-year earnings forecast | Net Sales ¥17,035 million / Gross profit ¥6,430 million / Operating profit ¥352 million / Ordinary income ¥324 million / Quarterly net income ¥227 million / Quarterly earnings per share ¥12.53 / EBITDA ¥591 million |
| Progress against full-year forecast | Net Sales 69.8% / Gross profit 69.0% / Operating profit 75.7% / Ordinary income 71.5% / Quarterly net income 102.8% / Quarterly earnings per share 103.1% / EBITDA 73.6% |
| Self-assessment against the plan | Operating income and ordinary income are generally in line with the full-year plan. Quarterly net income is above the full-year plan, but sales are progressing somewhat below plan, and the company assesses the situation as challenging in terms of achieving the full-year plan. |
| Breakdown of Factors Affecting the Change | Factors Increase in gross profit due to higher sales / Amount +¥149 million, Factors Decline in Gross Profit Margin / Amount -¥62 million, Factors Advertising expenses / Amount +¥40 million, Factors Warehouse expenses / Amount +¥56 million, Factors Temporary expenses associated with the head office relocation / Amount +¥360 million, Factors Personnel expenses / Amount -¥62 million, Factors Rent and other expenses / Amount -¥31 million, Factors Depreciation / Amount -¥21 million, Factors Other / Amount -¥22 million |
| Key KPIs | Indicator name Key official social media followers and other metrics / Value 39.1 10,000 people / Year on year against the same period last year Not disclosed, Indicator name Instagram followers / Value 20 More than 10,000 people / Year on year against the same period last year Not disclosed, Indicator name TikTok followers / Value 1.9 More than 10,000 people / Year on year against the same period last year Not disclosed, Indicator name Awareness among the general population / Value 18.4 % / Year on year against the same period last year Not disclosed, Indicator name Awareness among people considering purchasing a home / Value 6.9 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Average order values and order frequency increased, particularly among loyal customers. Figures are Not disclosed. |
| Number of stores and locations | Showroom Tokyo, Osaka, Sendai, Nagoya, Kyoto and Fukuoka; smart showrooms in Sapporo and Yokohama / Number of store openings and closures during the period Not disclosed |
| Number of employees | Number of Employees 292 people / Change during the period +3 people from the end of the previous fiscal year (+1.04%) / Hiring plan Not disclosed |
| Medium-term management plan targets | Period FY2025-FY2027 (Leap Forward Phase) / Target High growth exceeding the growth rate through the Growth Acceleration Phase; FY2027 sales of ¥17.0 billion and a 10.3% CAGR / Comparison with actual results FY2025 actual: ¥16.1 billion; FY2026 plan: ¥16.7 billion; FY2027 plan: ¥17.0 billion |
| Annual Dividend | The dividend forecast is undecided. |
| Market Size / Share | The materials include the size of the home renovation market, the number of new housing starts and a comparison of growth rates with competitors. Specific figures for market size and market share are Not disclosed. |
| Key points of the Q&A | Sales are progressing somewhat below plan, making full-year achievement challenging, while operating income is generally in line with plan., The operating income progress rate has remained almost flat from the first half because advertising expenses and showroom renovation costs were concentrated in the period., Although quarterly net income is above the full-year plan, the full-year forecast was left unchanged in light of expenses scheduled for the fourth quarter and the business environment., The decline in gross profit margin was attributable to higher product costs and lower direct-shipment sales., Regarding the situation in the Middle East and the Strait of Hormuz, there has been no significant impact on supply or lead times at present, although a prolonged situation could have an impact., The company will review its disclosure of site traffic and use social media follower counts as an indicator of its potential customer base., The reason for changing to non-consolidated financial statements from the fiscal year ending September 2026 was the sale of all shares in the consolidated subsidiary., The dividend forecast is undecided, and the company will work to return profits to shareholders while taking into account business performance and other factors. |
| New initiatives | Launch of the original Inviera built-in refrigerator, Launch of the full-ceramic Geoora kitchen, Launch of new products including the Basalti extra-large-format tile, Publication of the 2026 comprehensive catalogs Best Selection and Materials, and launch of a dedicated website, AI employees begin customer service operations, Distribution of an earnings presentation video featuring an AI avatar, Provision of generative AI tools to all employees, Introduction of the mirAIs AI skills visualization index, AI training for all employees, Holding of the first ASOLIE Design Awards |
Items this document does not state (9)
Selling, general and administrative expensesSegment resultsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookFinancial targetsPayout 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 increase in sales was driven by higher average order values and order frequency, particularly among loyal customers, as well as the capture of demand through new product launches and stronger social media and content initiatives. In terms of earnings, large-scale advertising investments and one-time costs associated with warehouse and head office relocations incurred in the previous year did not recur in the current period, while personnel expenses, rent and depreciation weighed on profits.
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