Worth reading
55In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
250
¥ million (increase in operating income forecast)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation2025年1月期 第3四半期11 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥14,214 million+20.4%
Operating profit¥1,248 million+72.1%
Ordinary income¥1,250 million+69.6%
Net income¥777 million+70.4%
Gross Profit Margin44.2 %
Operating profit margin8.8 %
Selling, general and administrative expenses¥5,030 million
Results for the three months of the current quarter
Net Sales
¥4,245 million+20.0%
Operating profit
¥436 million+90.2%
Full-year earnings forecast
Net Sales
¥18,312 million
Operating profit
¥1,335 million
Ordinary income
¥1,340 million
Net income for the current fiscal year
¥868 million
Number of stores
134 stores
Number of company-operated stores
128 stores
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 Sales80.1 %
Operating profit115 %
Ordinary income114.5 %
Quarterly net income117.9 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing as plannedKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- 業績予想を上方修正した理由3Qまでの業績好調、既存店好調見通し、販管費は前回予想並み。
- 為替影響PB商品のドル・元仕入れは円安で原価上昇要因となるが、値上げなどで対応。
- 季節変動春季が需要期で、売上・営業利益は上期に偏る。
- 粗利益率の四半期差1Qは自転車車体の販売割合が高く、粗利益率が低くなる。
- 市場環境自転車小売市場は3,700億円程度、販売台数は減少傾向だが電動アシスト車の比率が上昇。
- 出店コスト約3,000万～5,000万円程度。
- 株主還元年間配当性向20％を目途とし、株主優待は現時点で実施予定なし。
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- 従業員数増加・給与引き上げによる人件費増加
- 新店10店増加による地代家賃増加
- 新規出店に伴う広告費用減少
- 既存店売上の好調
The company identifies the factors but does not state the amount attributable to each one.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
季節性、既存店が好調に推移する見通し、下期出店計画を7店舗から5店舗に見直し。為替については円安がPB商品の原価上昇要因となる旨を説明しているが、前提レートはNot disclosed。New initiatives
- PBブランド『ARTMA』を2024年10月に導入し、ロードバイク・クロスバイク・Jr.MTBの3車種を新発売。
- PB商品3車種をリニューアル。
- 第3四半期に8店舗を出店し、店舗網を拡大。
Key KPIsA metric the company considers important as a management benchmark.
- Private-label sales ratio34.3 %Year on year against the same period last year前期3Q累計34.2%
- Existing-store revenue115.5 Year-on-year %Year on year against the same period last year+15.5%
- Same-store customer traffic104.5 Year-on-year %Year on year against the same period last year+4.5%
- Same-store spend per customer110.5 Year-on-year %Year on year against the same period last year+10.5%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Same-store customer traffic104.5 Year-on-year %
- Same-store spend per customer110.5 Year-on-year %
Market Size / Share
- 自転車小売業の市場規模3,700 Approximately ¥100 million
- 当社の電動アシスト車売上比率59 %
- 業界全体の電動アシスト車比率39 %
Number of stores and locations
Number of Stores at Period-End132 stores
Stores opened during the period8 stores
Stores closed during the period0 stores
Breakdown直営126店、FC6店（2024年10月末）
Number of employees
Number of Employees698 people
Reference date2024年1月末時点
Payout ratio
20 %
Details年間配当性向20％を目途
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | 2025年1月期 第3四半期 |
| Net Sales | ¥14,214 million (YoY +20.4%) |
| Operating profit | ¥1,248 million (YoY +72.1%) |
| Ordinary income | ¥1,250 million (YoY +69.6%) |
| Net income | ¥777 million (YoY +70.4%) |
| Gross Profit Margin | 44.2 % |
| Operating profit margin | 8.8 % |
| Selling, general and administrative expenses | ¥5,030 million |
| Results for the three months of the current quarter | Net Sales ¥4,245 million (YoY +20.0%) / Operating profit ¥436 million (YoY +90.2%) |
| Full-year earnings forecast | Net Sales ¥18,312 million / Operating profit ¥1,335 million / Ordinary income ¥1,340 million / Net income for the current fiscal year ¥868 million / Number of stores 134 stores / Number of company-operated stores 128 stores |
| Progress against full-year forecast | Net Sales 80.1 % / Operating profit 115 % / Ordinary income 114.5 % / Quarterly net income 117.9 % |
| Self-assessment against the plan | Progressing as planned |
| Breakdown of Factors Affecting the Change | Factors 従業員数増加・給与引き上げによる人件費増加 / Amount Not disclosed, Factors 新店10店増加による地代家賃増加 / Amount Not disclosed, Factors 新規出店に伴う広告費用減少 / Amount Not disclosed, Factors 既存店売上の好調 / Amount Not disclosed |
| Key KPIs | Indicator name Private-label sales ratio / Value 34.3 % / Year on year against the same period last year 前期3Q累計34.2%, Indicator name Existing-store revenue / Value 115.5 Year-on-year % / Year on year against the same period last year 15.5 Year-on-year %, Indicator name Same-store customer traffic / Value 104.5 Year-on-year % / Year on year against the same period last year 4.5 Year-on-year %, Indicator name Same-store spend per customer / Value 110.5 Year-on-year % / Year on year against the same period last year 10.5 Year-on-year % |
| Unit price and quantity metrics | Indicator name Same-store customer traffic / Value 104.5 Year-on-year %, Indicator name Same-store spend per customer / Value 110.5 Year-on-year % |
| Number of stores and locations | Number of Stores at Period-End 132 stores / Stores opened during the period 8 stores / Stores closed during the period 0 stores / Breakdown 直営126店、FC6店（2024年10月末） |
| Number of employees | Number of Employees 698 people / Reference date 2024年1月末時点 / Changes during the period and hiring plan Not disclosed |
| Assumptions Underlying the Business Outlook | 季節性、既存店が好調に推移する見通し、下期出店計画を7店舗から5店舗に見直し。為替については円安がPB商品の原価上昇要因となる旨を説明しているが、前提レートはNot disclosed。 |
| Payout ratio | 20 % |
| Market Size / Share | Item 自転車小売業の市場規模 / Value 3,700 Approximately ¥100 million, Item 当社の電動アシスト車売上比率 / Value 59 %, Item 業界全体の電動アシスト車比率 / Value 39 % |
| Key points of the Q&A | 業績予想を上方修正した理由：3Qまでの業績好調、既存店好調見通し、販管費は前回予想並み。, 為替影響：PB商品のドル・元仕入れは円安で原価上昇要因となるが、値上げなどで対応。, 季節変動：春季が需要期で、売上・営業利益は上期に偏る。, 粗利益率の四半期差：1Qは自転車車体の販売割合が高く、粗利益率が低くなる。, 市場環境：自転車小売市場は3,700億円程度、販売台数は減少傾向だが電動アシスト車の比率が上昇。, 出店コスト：約3,000万～5,000万円程度。, 株主還元：年間配当性向20％を目途とし、株主優待は現時点で実施予定なし。 |
| New initiatives | PBブランド『ARTMA』を2024年10月に導入し、ロードバイク・クロスバイク・Jr.MTBの3車種を新発売。, PB商品3車種をリニューアル。, 第3四半期に8店舗を出店し、店舗網を拡大。 |
Items this document does not state (8)
Segment resultsRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendAcquisition 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.第3四半期までの業績が好調で、既存店が好調に推移する見通しとなったため。下期の出店予定の一部が来期にずれ込み、出店計画を7店舗から5店舗に見直した一方、販管費は前回修正予想どおりに推移する見込みとしている。
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.