Worth reading
68In 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
923
¥ million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter (interim period) of the fiscal year ending November 202615 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥19,595 million+4.9%
Operating profit¥262 million-18.0%
Ordinary income¥433 million+0.3%
Net income¥339 million +83.0%interim net income attributable to owners of the parent
Gross Profit Margin34.2 %
Operating profit margin1.3 %
Selling, general and administrative expenses¥6,429 million
Results for the three months of the current quarter
Net Sales
¥10,611 million
Operating profit
¥424 million
Ordinary income
¥515 million
Full-year earnings forecast
Net Sales
¥38,700 million
Operating profit
¥710 million
Ordinary income
¥910 million
Profit attributable to owners of the parent
¥570 million
Annual dividend per share
¥11
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Above plan (cumulative second quarter of the fiscal year ending November 2026)Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Questions Characteristics of results in each quarter (seasonality) / Answer The first quarter is the off-season, while the second and third quarters are the peak season. Advertising expenses tend to be incurred earlier in the first quarter.
- Questions Approach to recovering the investment in advertising expenses for FY2026 / Answer FY2026 is positioned as a year of upfront investment, with an expected gradual contribution from higher customer lifetime value to results from FY2027 onward.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Wholesale
Volume factors-265
Unit price factors924
Retail
Volume factors458
Unit price factors-32
Gross profit
Number of systems86
Unit price153
Other37
Selling, general and administrative expenses
Selling Expenses267
Personnel Expenses128
Administrative expenses-60
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Auction market pricesAssumptionsSteady
- Sales MixAssumptionsIncrease in sales of high-value-added products
- Customer strategyAssumptionsFocus on existing and repeat customers
New initiatives
- Full-scale operations at RIDE＆LINK株式会社
- Launch of a membership business and shared inventory platform for motorcycle businesses
- Opening of a combined automobile and motorcycle business pilot store
- Strategic investment in marketing, systems and employee training
Key KPIsA metric the company considers important as a management benchmark.
- Ordinary income margin2.2 %Year on year against the same period last year-0.1%
- ROE4.7 %Year on year against the same period last year+1.9%
- Retail unit sales ratio24.4 %Year on year against the same period last year+1.7%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Motorcycle business unit salesRetail: 23 thousand units; wholesale: 21 thousand unitsYear on year against the same period last yearRetail: increase; wholesale: decrease
- Vehicle selling price per unitWholesale: ¥260,000; retail: ¥590,000Year on year against the same period last yearWholesale: up 9.2%; retail: down 0.4%
Segment results
Wholesale
Net Sales
¥11,008 million
Year on year against the same period last year+6.4%
Retail
Net Sales
¥7,305 million
Year on year against the same period last year+6.2%
Other
Net Sales
¥1,282 million
Year on year against the same period last year-11.2%
Medium-term management plan targets
Target fiscal yearFY2028
Net Sales
¥400 million
Ordinary income
¥16 million
ROE
12 %
Ordinary profit per employee
¥134 10,000
Advertising ROI
300 %
Payout ratio
30 %
Financial targets
ROE
Target value12 %
FY2026 second-quarter results4.7 %
Market Size / Share
Includes the number of units owned, new vehicle sales, and the number of vehicles listed and sold at auction
Number of stores and locations
Number at period-end85 stores (77 motorcycle business stores and 8 other stores)
Number of store openings and closures during the period2 new stores opened
Number of employees
Number of Employees1,031 people
Change during the periodDown 6 people year on year
Annual Dividend
Annual dividend per share
¥11
Interim
¥5.5
End of period
5.5 Yen forecast
Payout ratio
27.6 %
Medium-term targetMaintain at 30%
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending November 2026 |
| Net Sales | ¥19,595 million (YoY +4.9%) |
| Operating profit | ¥262 million (YoY -18.0%) |
| Ordinary income | ¥433 million (YoY +0.3%) |
| Net income | ¥339 million (interim net income attributable to owners of the parent) (YoY +83.0%) |
| Gross Profit Margin | 34.2 % |
| Operating profit margin | 1.3 % |
| Selling, general and administrative expenses | ¥6,429 million |
| Results for the three months of the current quarter | Net Sales ¥10,611 million / Operating profit ¥424 million / Ordinary income ¥515 million |
| Full-year earnings forecast | Net Sales ¥38,700 million / Operating profit ¥710 million / Ordinary income ¥910 million / Profit attributable to owners of the parent ¥570 million / Annual dividend per share ¥11 |
| Self-assessment against the plan | Above plan (cumulative second quarter of the fiscal year ending November 2026) |
| Segment results | Wholesale Net Sales ¥11,008 million / Year on year against the same period last year 6.4 / Retail Net Sales ¥7,305 million / Year on year against the same period last year 6.2 / Other Net Sales ¥1,282 million / Year on year against the same period last year -11.2 |
| Breakdown of Factors Affecting the Change | Net Sales Wholesale Volume factors -265 / Unit price factors 924 / Retail Volume factors 458 / Unit price factors -32 / Gross profit Number of systems 86 / Unit price 153 / Other 37 / Selling, general and administrative expenses Selling Expenses 267 / Personnel Expenses 128 / Administrative expenses -60 |
| Key KPIs | Indicator name Ordinary income margin / Value 2.2 % / Year on year against the same period last year -0.1 %, Indicator name ROE / Value 4.7 % / Year on year against the same period last year 1.9 %, Indicator name Retail unit sales ratio / Value 24.4 % / Year on year against the same period last year 1.7 % |
| Unit price and quantity metrics | Indicator name Motorcycle business unit sales / Value Retail: 23 thousand units; wholesale: 21 thousand units / Year on year against the same period last year Retail: increase; wholesale: decrease, Indicator name Vehicle selling price per unit / Value Wholesale: ¥260,000; retail: ¥590,000 / Year on year against the same period last year Wholesale: up 9.2%; retail: down 0.4% |
| Number of stores and locations | Number at period-end 85 stores (77 motorcycle business stores and 8 other stores) / Number of store openings and closures during the period 2 new stores opened |
| Number of employees | Number of Employees 1,031 people / Change during the period Down 6 people year on year |
| Assumptions Underlying the Business Outlook | Item Auction market prices / Assumptions Steady, Item Sales Mix / Assumptions Increase in sales of high-value-added products, Item Customer strategy / Assumptions Focus on existing and repeat customers |
| Medium-term management plan targets | Target fiscal year FY2028 / Net Sales ¥400 million / Ordinary income ¥16 million / ROE 12 % / Ordinary profit per employee ¥134 10,000 / Advertising ROI 300 % / Payout ratio 30 % |
| Financial targets | ROE Target value 12 % / FY2026 second-quarter results 4.7 % |
| Annual Dividend | Annual dividend per share ¥11 / Interim ¥5.5 / End of period 5.5 Yen (forecast) |
| Payout ratio | 27.6 % |
| Market Size / Share | Market Size Includes the number of units owned, new vehicle sales, and the number of vehicles listed and sold at auction / Share Not disclosed |
| Key points of the Q&A | Questions Characteristics of results in each quarter (seasonality) / Answer The first quarter is the off-season, while the second and third quarters are the peak season. Advertising expenses tend to be incurred earlier in the first quarter., Questions Approach to recovering the investment in advertising expenses for FY2026 / Answer FY2026 is positioned as a year of upfront investment, with an expected gradual contribution from higher customer lifetime value to results from FY2027 onward. |
| New initiatives | Full-scale operations at RIDE＆LINK株式会社, Launch of a membership business and shared inventory platform for motorcycle businesses, Opening of a combined automobile and motorcycle business pilot store, Strategic investment in marketing, systems and employee training |
Items this document does not state (5)
Progress against full-year forecastRisk amount incorporated into the outlookAcquisition 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.In sales, higher retail unit sales, higher wholesale vehicle selling prices, firm auction market prices and the securing of quality vehicles for purchase contributed to higher revenue. Operating profit declined due to marketing investments, including television commercials, but profit from investments accounted for under the equity method and higher credit fee income driven by strong retail performance resulted in growth from ordinary profit onward.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.