Worth reading
75Important
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
5.3
¥100 million (year-on-year increase in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsFiscal year ending September 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥15,631 million+2.7%
Operating profit¥306 million
Ordinary income¥257 million
Net income¥160 million
Gross Profit Margin37.3%
Operating profit margin2.0%
Results for the three months of the current quarter
Net Sales
FY2026 4Q¥4,001 million
Full-year earnings forecast
Net Sales
¥18,360 million
Gross profit
¥7,778 million
Operating profit
¥1,200 million
Ordinary income
¥1,181 million
Net income for the current fiscal year
¥826 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 Sales91.8%
Gross profit90.8%
Operating profit86.9%
Ordinary income79.5%
Net income for the current fiscal year70.7%
EPS71.8%
EBITDA91.7%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue and each profit item fell short of the full-year planKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- The main reason for missing the full-year plan was that new customer acquisition did not progress as expected.
- The main reasons operating income changed from a loss to a profit were higher revenue and reduced advertising and promotional investment.
- The decline in gross margin was due to higher product costs and lower direct-shipment revenue.
- The company plans to discontinue disclosure of site traffic and make its potential customer base visible through the number of social media followers.
- The shift to non-consolidated accounting was because the sale of the subsidiary left the company with no consolidated subsidiaries.
- Revenue growth factors for FY2027 are category expansion, new products, sales-channel expansion and price revisions.
- Future price revisions will be considered based on cost trends, the market environment and purchasing trends.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Increase in gross profit due to higher revenue+¥157 million
- Decline in Gross Profit Margin-¥95 million
- Advertising expenses+¥519 million
- Warehouse expenses+¥53 million
- Temporary expenses associated with the head office relocation+¥40 million
- Personnel expenses-¥44 million
- Rent and other expenses-¥33 million
- Depreciation and amortization-¥31 million
- Other SG&A expenses-¥36 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Price revisions implemented in the fiscal year ending September 2026
- New product launches and expansion of sales channels
New initiatives
- Opened the first showroom in Hong Kong
- Launched the Type II full-ceramic kitchen “Geora”
- Launched new products, including the built-in refrigerator “Inviera”
- Introduced AI employees and AI avatars
- Provided generative AI tools to all employees and conducted AI training
- Introduction of the mirAIs AI skills visualization index
Key KPIsA metric the company considers important as a management benchmark.
- Key official social media followers and other metrics425,000 peopleYear on year against the same period last yearIncreased from the prior fiscal year
- Awareness among the general population18.4%Year on year against the same period last yearImproved from the prior fiscal year
- Awareness among people considering purchasing a home6.9%Year on year against the same period last yearImproved from the prior fiscal year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Average order valueIncreased
- Order frequencyIncreased
- Customer BaseGrowth remains a challenge
Medium-term management plan targets
The policy is to enter a leap-forward phase from FY2025 after passing through a period of structural transformation and a period of accelerated growth. Specific targets Not disclosedFinancial targets
FY2027
Operating profit margin6.5%
ROIC16.0%
Number of stores and locations
Opened 1 Hong Kong showroom in July 2026. Other period-end store and location counts, and openings and closures, Not disclosedNumber of employees
292 people
Change during the period+3 people from the end of the previous fiscal year (+1.04%)
| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Fiscal year ending September 2026 |
| Net Sales | ¥15,631 million (YoY +2.7%) |
| Operating profit | ¥306 million |
| Ordinary income | ¥257 million |
| Net income | ¥160 million |
| Gross Profit Margin | 37.3% |
| Operating profit margin | 2.0% |
| Results for the three months of the current quarter | Net Sales ¥4,001 million |
| Full-year earnings forecast | Net Sales ¥18,360 million / Gross profit ¥7,778 million / Operating profit ¥1,200 million / Ordinary income ¥1,181 million / Net income for the current fiscal year ¥826 million |
| Progress against full-year forecast | Net Sales 91.8% / Gross profit 90.8% / Operating profit 86.9% / Ordinary income 79.5% / Net income for the current fiscal year 70.7% / EPS 71.8% / EBITDA 91.7% |
| Self-assessment against the plan | Revenue and each profit item fell short of the full-year plan |
| Breakdown of Factors Affecting the Change | Factors Increase in gross profit due to higher revenue / Amount +¥157 million, Factors Decline in Gross Profit Margin / Amount -¥95 million, Factors Advertising expenses / Amount +¥519 million, Factors Warehouse expenses / Amount +¥53 million, Factors Temporary expenses associated with the head office relocation / Amount +¥40 million, Factors Personnel expenses / Amount -¥44 million, Factors Rent and other expenses / Amount -¥33 million, Factors Depreciation and amortization / Amount -¥31 million, Factors Other SG&A expenses / Amount -¥36 million |
| Key KPIs | Indicator name Key official social media followers and other metrics / Value 425,000 people / Year on year against the same period last year Increased from the prior fiscal year, Indicator name Awareness among the general population / Value 18.4% / Year on year against the same period last year Improved from the prior fiscal year, Indicator name Awareness among people considering purchasing a home / Value 6.9% / Year on year against the same period last year Improved from the prior fiscal year |
| Unit price and quantity metrics | Indicator name Average order value / Value Increased, Indicator name Order frequency / Value Increased, Indicator name Customer Base / Value Growth remains a challenge |
| Number of stores and locations | Opened 1 Hong Kong showroom in July 2026. Other period-end store and location counts, and openings and closures, Not disclosed |
| Number of employees | 292 people |
| Assumptions Underlying the Business Outlook | Item Price revisions implemented in the fiscal year ending September 2026 / Figure Not disclosed, Item New product launches and expansion of sales channels / Figure Not disclosed |
| Medium-term management plan targets | The policy is to enter a leap-forward phase from FY2025 after passing through a period of structural transformation and a period of accelerated growth. Specific targets Not disclosed |
| Financial targets | FY2027 Operating profit margin 6.5% / ROIC 16.0% / Actual results Not disclosed |
| Key points of the Q&A | The main reason for missing the full-year plan was that new customer acquisition did not progress as expected., The main reasons operating income changed from a loss to a profit were higher revenue and reduced advertising and promotional investment., The decline in gross margin was due to higher product costs and lower direct-shipment revenue., The company plans to discontinue disclosure of site traffic and make its potential customer base visible through the number of social media followers., The shift to non-consolidated accounting was because the sale of the subsidiary left the company with no consolidated subsidiaries., Revenue growth factors for FY2027 are category expansion, new products, sales-channel expansion and price revisions., Future price revisions will be considered based on cost trends, the market environment and purchasing trends. |
| New initiatives | Opened the first showroom in Hong Kong, Launched the Type II full-ceramic kitchen “Geora”, Launched new products, including the built-in refrigerator “Inviera”, Introduced AI employees and AI avatars, Provided generative AI tools to all employees and conducted AI training, Introduction of the mirAIs AI skills visualization index |
Items this document does not state (9)
Selling, general and administrative expensesSegment resultsRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition 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.Growth in gross profit from higher revenue, lower advertising and promotional expenses following the completion of the large-scale advertising and promotional investment made in the prior fiscal year, and the elimination of temporary expenses and duplicate payments associated with the headquarters and warehouse relocation carried out in the prior fiscal year contributed to higher profit. Meanwhile, trends in demand and sluggish growth in new customer acquisition were cited as reasons for missing the plan.
How to read this page
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