Worth reading
74In 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
26
¥100 million (year-on-year change in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFull fiscal year ended February 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥167,085 million+6.7%
Operating profit¥4,325 million+264.4%
Ordinary income¥5,440 million+262.0%
Net income¥3,793 million+24.9%
Selling, general and administrative expenses¥87,132 million
Gross Profit Margin
Rate54.7%
Year on year against the same period last year+1.1 percentage points
Operating profit margin
Rate2.6%
Year on year against the same period last year+1.6 percentage points (from 1.0% in the prior fiscal year)
Results for the three months of the current quarter
mix.tokyoFourth-quarter revenue: ¥1,996 million
Full-year earnings forecast
Net Sales
¥2,000 100 million
Operating profit
¥75 100 million
Ordinary income
¥72 100 million
Net income for the current fiscal year
¥77 100 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 Sales98.8% of revised plan
Operating profit75.9% of revised plan
Net income90.3% of revised plan
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue and operating profit both fell short of planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profitOperating profit in the prior fiscal year: ¥1.6 billion; gross profit from exited businesses: -¥4.0 billion; gross profit from existing businesses: -¥2.6 billion; sales-linked expenses: +¥3.1 billion; benefits from structural reforms and other improvements: +¥5.2 billion; new businesses/M&A: +¥1.0 billion; operating profit in the current fiscal year: ¥4.3 billion
Effects of structural reformsLower procurement costs and supply-and-demand management: approximately ¥1.6 billion; store reforms: approximately ¥900 million; e-commerce integration: approximately ¥500 million; greater efficiency in selling, general and administrative costs and other measures: approximately ¥2.2 billion; total: approximately ¥5.2 billion
New initiatives
- Agreement to acquire 100% of the shares of 東洋エンタープライズ株式会社
- Establishment of the TSI Fashion Future Foundation scheduled for June 2026
- Launch of FREE’S MART sales on Daytona Park
- Establishment of a ¥3.0 billion share repurchase program
Key KPIsA metric the company considers important as a management benchmark.
- Domestic retail e-commerce penetration rate31 %Year on year against the same period last yearUp from 27.0%
- Existing-Store Sales in Japan97.2 % year on yearYear on year against the same period last yearDeteriorated
- mix.tokyo membership registrations100 10,000 people
- EBITDA¥96 100 millionYear on year against the same period last yearUp from ¥5.2 billion in the prior fiscal year
- Monthly reach4 million–5 million
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Changes in customer numbers and average spend per customer are provided by brand. The materials note that average spend per customer is trending upward at core brands, while customer numbers are declining in the domestic business.Medium-term management plan targets
Final year of TIP27Revenue of ¥165.0 billion, operating profit of ¥10.0 billion, net income of ¥7.7 billion, operating margin of 6.0%, ROE of 8.0% and DOE of 4.0%
Comparison with current-year planRevenue, net income, ROE and DOE are expected to meet the targets; operating profit has been revised to ¥7.5 billion
Financial targets
ROETIP27 target: 8.0%; current-year plan: 8.0%
DOETIP27 target: 4.0%; current-year plan: 4.0%
Number of stores and locations
End of period777 stores
During the period118 openings, 80 closures
Annual Dividend
Annual dividend per share¥70
BreakdownBase dividend: ¥55; special dividend: ¥15
Payout ratio
53.0% (41.6% for the base dividend portion); dividend policy: at least 30%Acquisition of treasury shares
Buyback limit¥3.0 billion and 3.3 million shares
Period13 April 2026 to 30 October 2026
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Full fiscal year ended February 2026 |
| Net Sales | ¥167,085 million (YoY +6.7%) |
| Operating profit | ¥4,325 million (YoY +264.4%) |
| Ordinary income | ¥5,440 million (YoY +262.0%) |
| Net income | ¥3,793 million (YoY +24.9%) |
| Gross Profit Margin | Rate 54.7% / Year on year against the same period last year +1.1 percentage points |
| Operating profit margin | Rate 2.6% / Year on year against the same period last year +1.6 percentage points (from 1.0% in the prior fiscal year) |
| Selling, general and administrative expenses | ¥87,132 million |
| Results for the three months of the current quarter | mix.tokyo Fourth-quarter revenue: ¥1,996 million |
| Full-year earnings forecast | Net Sales ¥2,000 100 million / Operating profit ¥75 100 million / Ordinary income ¥72 100 million / Net income for the current fiscal year ¥77 100 million |
| Progress against full-year forecast | Net Sales 98.8% of revised plan / Operating profit 75.9% of revised plan / Net income 90.3% of revised plan |
| Self-assessment against the plan | Revenue and operating profit both fell short of plan |
| Breakdown of Factors Affecting the Change | Operating profit Operating profit in the prior fiscal year: ¥1.6 billion; gross profit from exited businesses: -¥4.0 billion; gross profit from existing businesses: -¥2.6 billion; sales-linked expenses: +¥3.1 billion; benefits from structural reforms and other improvements: +¥5.2 billion; new businesses/M&A: +¥1.0 billion; operating profit in the current fiscal year: ¥4.3 billion / Effects of structural reforms Lower procurement costs and supply-and-demand management: approximately ¥1.6 billion; store reforms: approximately ¥900 million; e-commerce integration: approximately ¥500 million; greater efficiency in selling, general and administrative costs and other measures: approximately ¥2.2 billion; total: approximately ¥5.2 billion |
| Key KPIs | Indicator name Domestic retail e-commerce penetration rate / Value 31 % / Year on year against the same period last year Up from 27.0%, Indicator name Existing-Store Sales in Japan / Value 97.2 % year on year / Year on year against the same period last year Deteriorated, Indicator name mix.tokyo membership registrations / Value 100 10,000 people / Year on year against the same period last year Not disclosed, Indicator name EBITDA / Value ¥96 100 million / Year on year against the same period last year Up from ¥5.2 billion in the prior fiscal year, Indicator name Monthly reach / Value 4 million–5 million / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Changes in customer numbers and average spend per customer are provided by brand. The materials note that average spend per customer is trending upward at core brands, while customer numbers are declining in the domestic business. |
| Number of stores and locations | End of period 777 stores / During the period 118 openings, 80 closures |
| Medium-term management plan targets | Final year of TIP27 Revenue of ¥165.0 billion, operating profit of ¥10.0 billion, net income of ¥7.7 billion, operating margin of 6.0%, ROE of 8.0% and DOE of 4.0% / Comparison with current-year plan Revenue, net income, ROE and DOE are expected to meet the targets; operating profit has been revised to ¥7.5 billion |
| Financial targets | ROE TIP27 target: 8.0%; current-year plan: 8.0% / DOE TIP27 target: 4.0%; current-year plan: 4.0% |
| Annual Dividend | Annual dividend per share ¥70 / Breakdown Base dividend: ¥55; special dividend: ¥15 |
| Payout ratio | 53.0% (41.6% for the base dividend portion); dividend policy: at least 30% |
| Acquisition of treasury shares | Buyback limit ¥3.0 billion and 3.3 million shares / Period 13 April 2026 to 30 October 2026 |
| New initiatives | Agreement to acquire 100% of the shares of 東洋エンタープライズ株式会社, Establishment of the TSI Fashion Future Foundation scheduled for June 2026, Launch of FREE’S MART sales on Daytona Park, Establishment of a ¥3.0 billion share repurchase program |
Items this document does not state (8)
Segment resultsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookCapital 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 increased due to contributions from Daytona International and Waterfront following their inclusion in the scope of consolidation. Operating profit increased as a result of structural reforms, including lower procurement costs, supply-and-demand management, store reforms, e-commerce integration and greater efficiency in selling, general and administrative expenses. However, results fell short of plan due to struggles by existing core brands, difficulties in acquiring new customers and a delayed recovery in the company's own e-commerce business. Net income declined due to the absence of the prior year's gain on real estate sales and impairment losses recorded in the current fiscal year.
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