Worth reading
71In focus
Scored from 5 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
985
¥ million (year-on-year change in Q1 revenue)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Earnings presentationFirst quarter of the fiscal year ending March 20279 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥3,501 million+39.1%
Operating profit¥-260 million
Ordinary income¥-267 million
Net income¥-190 million
Selling, general and administrative expenses¥2,719 million
Results for the three months of the current quarterRevenue: ¥3,501 million; gross profit: ¥2,459 million; SG&A expenses: ¥2,719 million; operating loss: ¥260 million; net loss: ¥190 million; EPS: -¥20.5
Full-year earnings forecast
Net Sales
¥12,500 million
Operating profit
¥800 million
Ordinary income
¥780 million
Net income for the current fiscal year
¥540 million
EPS
¥58.2
Direct sales revenue
¥9,039 million
Wholesale sales revenue
¥2,510 million
TV shopping revenue
¥949 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Q1 operating profit bridge
Gross profit595
Promotional costs216
Personnel costs-79
Logistics Costs-54
Other costs-58
Full-year operating profit bridge
Gross profit1,842
Promotional costs-1,118
Personnel costs-241
Logistics Costs-249
Research and development costs-55
Other costs-61
New initiatives
- Shift direct sales toward a customer acquisition model focused on maximizing long-term profitability.
- Strengthen promotional activities in general retail channels, including in-store digital signage commercials.
- Appoint new talent for TV shopping.
- Expand into TikTok live commerce.
- Launch the co-op-exclusive product Cherlura Hair Growth Essence.
- Increase investment in research and development and human capital.
Key KPIsA metric the company considers important as a management benchmark.
- New customer acquisitions108.6 % year on yearYear on year against the same period last year+108.6%
- Subscription members105.8 % year on yearYear on year against the same period last year+105.8%
- Third-party marketplace sales135.3 % year on yearYear on year against the same period last year+135.3%
- CPA89.8 % year on yearYear on year against the same period last year+89.8%
- Number of times QVC budget was achieved8 Most recent number of times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
New customer acquisitions, subscription members and CPA are provided.Segment results
Direct sales
Net Sales
¥2,282 million
Year-on-year (%)21.5
Third-party sales
Net Sales
¥935 million
Year-on-year (%)133.4
TV mail-order sales
Net Sales
¥284 million
Year-on-year (%)19.9
Financial targets
The materials state an equity ratio of 21.7% (actual as of the end of June 2026), but financial targets are not disclosed.Number of stores and locations
The number of stores carrying the products is stated to have increased significantly, but the number of stores at period-end and store openings and closures are not disclosed.Number of employees
The number of employees and hires are not disclosed.Annual Dividend
The dividend forecast is undecided.| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥3,501 million (YoY +39.1%) |
| Operating profit | ¥-260 million |
| Ordinary income | ¥-267 million |
| Net income | ¥-190 million |
| Selling, general and administrative expenses | ¥2,719 million |
| Results for the three months of the current quarter | Revenue: ¥3,501 million; gross profit: ¥2,459 million; SG&A expenses: ¥2,719 million; operating loss: ¥260 million; net loss: ¥190 million; EPS: -¥20.5 |
| Full-year earnings forecast | Net Sales ¥12,500 million / Operating profit ¥800 million / Ordinary income ¥780 million / Net income for the current fiscal year ¥540 million / EPS ¥58.2 / Direct sales revenue ¥9,039 million / Wholesale sales revenue ¥2,510 million / TV shopping revenue ¥949 million |
| Segment results | Direct sales Net Sales ¥2,282 million / Year-on-year (%) 21.5 / Third-party sales Net Sales ¥935 million / Year-on-year (%) 133.4 / TV mail-order sales Net Sales ¥284 million / Year-on-year (%) 19.9 |
| Breakdown of Factors Affecting the Change | Q1 operating profit bridge Gross profit 595 / Promotional costs 216 / Personnel costs -79 / Logistics Costs -54 / Other costs -58 / Full-year operating profit bridge Gross profit 1,842 / Promotional costs -1,118 / Personnel costs -241 / Logistics Costs -249 / Research and development costs -55 / Other costs -61 |
| Key KPIs | Indicator name New customer acquisitions / Value 108.6 % year on year / Year on year against the same period last year 108.6 % year on year, Indicator name Subscription members / Value 105.8 % year on year / Year on year against the same period last year 105.8 % year on year, Indicator name Third-party marketplace sales / Value 135.3 % year on year / Year on year against the same period last year 135.3 % year on year, Indicator name CPA / Value 89.8 % year on year / Year on year against the same period last year 89.8 % year on year, Indicator name Number of times QVC budget was achieved / Value 8 Most recent number of times / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | New customer acquisitions, subscription members and CPA are provided. |
| Number of stores and locations | The number of stores carrying the products is stated to have increased significantly, but the number of stores at period-end and store openings and closures are not disclosed. |
| Number of employees | The number of employees and hires are not disclosed. |
| Financial targets | The materials state an equity ratio of 21.7% (actual as of the end of June 2026), but financial targets are not disclosed. |
| Annual Dividend | The dividend forecast is undecided. |
| New initiatives | Shift direct sales toward a customer acquisition model focused on maximizing long-term profitability., Strengthen promotional activities in general retail channels, including in-store digital signage commercials., Appoint new talent for TV shopping., Expand into TikTok live commerce., Launch the co-op-exclusive product Cherlura Hair Growth Essence., Increase investment in research and development and human capital. |
Items this document does not state (13)
Gross Profit MarginOperating profit marginProgress against full-year forecastSelf-assessment against the planAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsPayout ratioAcquisition of treasury sharesCapital 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 growth in each division, expansion in subscription revenue from direct sales and sales through third-party marketplaces, an increase in the number of stores carrying wholesale products, and the success of major QVC programs, together with the successful control of promotional costs.
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.