Worth reading
60In 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
32
% (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFirst quarter of the fiscal year ending March 202711 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales3,191 million yen+32.0%
Operating profit-225 million yen-142.0%
Ordinary income-264 million yen-105.6%
Net income-93 million yen-2.0%
Gross Profit Margin31.8 %
Operating profit margin-7.1 %
Selling, general and administrative expenses1,240 million yen
Results for the three months of the current quarter
Net Sales
3,191 million yen
Gross profit
1,015 million yen
Selling, general and administrative expenses
1,240 million yen
Operating profit
-225 million yen
Ordinary income
-264 million yen
Net income
-93 million yen
Full-year earnings forecast
Net Sales
14,570 million yen
Gross profit
5,039 million yen
Selling, general and administrative expenses
4,768 million yen
Operating profit
270 million yen
Ordinary income
150 million yen
Net income
40 million yen
Earnings per share
3.18 yen
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is on track against the budget / Progress is in line with expectations against the earnings forecastBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Stores opened in or before the fiscal year ended March 2024870 million yen
- Stores opened in the fiscal year ended March 2025313 million yen
- Stores opened in the fiscal year ended March 2026137 million yen
- Business division costs-32 million yen
- HR Business-40 million yen
- Other costs-281 million yen
- Head office-211 million yen
- New-store opening costs-302 million yen
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Full-year new store openings71 Location
- Quarterly trend in operating profitDetailsAn operating loss is expected in the first quarter, followed by operating profit from the second quarter onward
New initiatives
- Continue the strategy of consolidating the Pilates market and open 71 stores during the full year
- Accelerate store openings, primarily in regional cities
- Promote long-term contract plans
- Begin testing plans allowing reciprocal use across brands
- Expand the new HR business focused on developing female talent and purpose-driven management
Key KPIsA metric the company considers important as a management benchmark.
- Members (loive)3.4 10,000 people
- Members (Pilates K)5.3 10,000 people
- Retention Rate96.2 %
- Monthly customer acquisition67 % year on yearYear on year against the same period last year+67.0%
- Customer acquisition cost1.3 times year on year
- Revenue from the new HR business7.4 million yen
- Cumulative number of companies adopting the HR business123 companies
- Cumulative number of HR business participants237 people
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Average customer spend¥1.3 10,000
- Average retention period22 months
- LTV¥28.4 10,000
- CAC¥2.2 10,000
- LTV/CAC ratio12.8 times
Medium-term management plan targets
Target fiscal yearFiscal year ending March 2028
Operating profit
¥1 billion~
Operating profit on an existing-store basis
¥2 billion~
Market Size / Share
A comparison of store openings illustrating the expansion of market share in the Pilates market. Pilates K had 159 stores as of the end of June 2026 and opened 34 stores in the first quarter. Competitors' first-quarter store openings are presented in a chart.Number of stores and locations
Number of Stores at Period-End236 Location
Stores opened during the period36 Location
Number of employees
Number of Employees375 people
Change during the period375 people joined the company in April 2026, including 214 new graduates
Hiring plan200 new graduates (plan), 322 mid-career hires (plan)
Capital expenditures
35~45initial investment per store
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | 3,191 million yen (YoY +32.0%) |
| Operating profit | -225 million yen (YoY -142.0%) |
| Ordinary income | -264 million yen (YoY -105.6%) |
| Net income | -93 million yen (YoY -2.0%) |
| Gross Profit Margin | 31.8 % |
| Operating profit margin | -7.1 % |
| Selling, general and administrative expenses | 1,240 million yen |
| Results for the three months of the current quarter | Net Sales 3,191 million yen / Gross profit 1,015 million yen / Selling, general and administrative expenses 1,240 million yen / Operating profit -225 million yen / Ordinary income -264 million yen / Net income -93 million yen |
| Full-year earnings forecast | Net Sales 14,570 million yen / Gross profit 5,039 million yen / Selling, general and administrative expenses 4,768 million yen / Operating profit 270 million yen / Ordinary income 150 million yen / Net income 40 million yen / Earnings per share 3.18 yen |
| Self-assessment against the plan | Progress is on track against the budget / Progress is in line with expectations against the earnings forecast |
| Breakdown of Factors Affecting the Change | Factors Stores opened in or before the fiscal year ended March 2024 / Amount 870 million yen, Factors Stores opened in the fiscal year ended March 2025 / Amount 313 million yen, Factors Stores opened in the fiscal year ended March 2026 / Amount 137 million yen, Factors Business division costs / Amount -32 million yen, Factors HR Business / Amount -40 million yen, Factors Other costs / Amount -281 million yen, Factors Head office / Amount -211 million yen, Factors New-store opening costs / Amount -302 million yen |
| Key KPIs | Indicator name Members (loive) / Value 3.4 10,000 people / Year on year against the same period last year Not disclosed, Indicator name Members (Pilates K) / Value 5.3 10,000 people / Year on year against the same period last year Not disclosed, Indicator name Retention Rate / Value 96.2 % / Year on year against the same period last year Not disclosed, Indicator name Monthly customer acquisition / Value 67 % (year on year) / Year on year against the same period last year 67 % (year on year), Indicator name Customer acquisition cost / Value 1.3 times (year on year) / Year on year against the same period last year Not disclosed, Indicator name Revenue from the new HR business / Value 7.4 million yen / Year on year against the same period last year Not disclosed, Indicator name Cumulative number of companies adopting the HR business / Value 123 companies / Year on year against the same period last year Not disclosed, Indicator name Cumulative number of HR business participants / Value 237 people / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Indicator name Average customer spend / Value ¥1.3 10,000, Indicator name Average retention period / Value 22 months, Indicator name LTV / Value ¥28.4 10,000, Indicator name CAC / Value ¥2.2 10,000, Indicator name LTV/CAC ratio / Value 12.8 times |
| Number of stores and locations | Number of Stores at Period-End 236 Location / Stores opened during the period 36 Location / Stores closed during the period Not disclosed |
| Number of employees | Number of Employees 375 people / Change during the period 375 people joined the company in April 2026, including 214 new graduates / Hiring plan 200 new graduates (plan), 322 mid-career hires (plan) |
| Assumptions Underlying the Business Outlook | Item Full-year new store openings / Value 71 Location, Item Quarterly trend in operating profit / Details An operating loss is expected in the first quarter, followed by operating profit from the second quarter onward |
| Medium-term management plan targets | Target fiscal year Fiscal year ending March 2028 / Operating profit ¥1 billion~ / Operating profit on an existing-store basis ¥2 billion~ |
| Capital expenditures | 35~45 |
| Market Size / Share | A comparison of store openings illustrating the expansion of market share in the Pilates market. Pilates K had 159 stores as of the end of June 2026 and opened 34 stores in the first quarter. Competitors' first-quarter store openings are presented in a chart. |
| New initiatives | Continue the strategy of consolidating the Pilates market and open 71 stores during the full year, Accelerate store openings, primarily in regional cities, Promote long-term contract plans, Begin testing plans allowing reciprocal use across brands, Expand the new HR business focused on developing female talent and purpose-driven management |
Items this document does not state (9)
Progress against full-year forecastSegment resultsRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesOrders received and order backlogKey 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.Costs for new stores and recruitment-related expenses increased because 36 stores were opened in the first quarter alone and 375 people, including 214 new graduates, joined the company.
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