Komori
Earnings presentation5888DAIWA CYCLE CO.,LTD.Retail

Presentation Materials on Financial Results for the Fiscal Year Ended January 2025

For the fiscal year ended January 2025, higher revenue and profits, driven by favorable weather, strong sales of electric-assist bicycles and the effects of new stores, lifted revenue and operating profit to record highs. For the fiscal year ending January 2026, the company plans to double the number of new store openings to 20. Revenue is expected to increase, while the operating margin is expected to decline due to higher costs associated with new store openings.

Worth reading
70In focus
Scored from 5 of 6 sections
Direction
Improvement
Direction inferred from the company’s description.
Scale
19.6
Year-on-year revenue growth (%)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationFiscal year ended January 202511 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥18,349 million+19.6%
Operating profit¥1,375 million+72.6%
Ordinary income¥1,386 million+72.3%
Net income¥898 million+79.2%
Selling, general and administrative expenses¥6,765 million
Gross Profit Margin
Rate44.4%
Year-on-year change (points)+0.5pt
Operating profit margin
Rate7.5%
Year-on-year change (points)+2.3pt
Results for the three months of the current quarter
Net Sales
¥5,316 million
Year on year against the same period last year+17.0%
Operating profit
¥553 million
Year on year against the same period last year+78.4%
対象四半期2025年1月期 第4四半期（11月～1月）
Full-year earnings forecast
Net Sales
¥20,586 million
Operating profit
¥1,389 million
Ordinary income
¥1,408 million
Net income for the current fiscal year
¥930 million
Number of stores
154 stores
Dividend per share
¥68
What the company explained in this material
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
  1. 2026年1月期は20店舗出店計画により初期費用や人件費が増え、営業利益率が悪化する見込み
  2. PB商品の仕入れはドルまたは元建てで、円安は原価上昇要因となるが、過去には値上げで対応
  3. 2025年1月期の出店実績が計画20店舗に対して10店舗となった理由は、居抜き物件の成約数・成約率が計画を下回ったため
  4. 自転車小売業の市場規模は3,700億円程度と想定
  5. 株主優待は現時点で実施を考えていない
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • 既存店売上の好調
  • 新店10店舗増加
  • 従業員数増加・給与引き上げによる人件費増加
  • 新店増加に伴う地代家賃
  • Increase in recruitment costs
  • 夏日が続いたことによる水道光熱費増加
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Assumed Exchange Rates¥150 per US dollar
New initiatives
  • 2025年1月期第4四半期にPB商品3車種を新発売
  • 2025年1月期第4四半期にPB商品1車種をリニューアル
  • 2026年1月期に20店舗を新規出店する計画
  • 店舗開発体制を強化し、案件情報の獲得から交渉開始までの速度を上げる
Key KPIsA metric the company considers important as a management benchmark.
  • Private-label sales ratio34.6 %
    Year on year against the same period last year前期累計34.6%
  • Cumulative revenue at existing stores112.7 % year on year
    Year on year against the same period last year+12.7%
  • Cumulative customer count at existing stores104.8 % year on year
    Year on year against the same period last year+4.8%
  • Cumulative average spend per customer at existing stores107.5 % year on year
    Year on year against the same period last year+7.5%
  • Sales mix of electric-assist bicycles59 %
  • Market Size3,700 Approximately ¥100 million
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Same-store customer traffic104.8 % year on year
  • Same-store spend per customer107.5 % year on year
Market Size / Share
3,700億円程度
Number of stores and locations
Number at period-end134店舗（直営128店、FC6店）
Number of store openings and closures during the period10 stores opened, 0 stores closed
Number of employees
Number of Employees797 people
As of2025年1月末
Changes during the period and hiring plan出店に伴う人員増・採用コスト増に言及。人数の増減および採用計画の数値はNot disclosed
Annual Dividend
Annual dividend per share¥68
Payout ratio
Rate20.1 %
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFiscal year ended January 2025
Net Sales¥18,349 million (YoY +19.6%)
Operating profit¥1,375 million (YoY +72.6%)
Ordinary income¥1,386 million (YoY +72.3%)
Net income¥898 million (YoY +79.2%)
Gross Profit MarginRate 44.4% / Year-on-year change (points) +0.5pt
Operating profit marginRate 7.5% / Year-on-year change (points) +2.3pt
Selling, general and administrative expenses¥6,765 million
Results for the three months of the current quarterNet Sales ¥5,316 million / Operating profit ¥553 million / 対象四半期 2025年1月期 第4四半期（11月～1月）
Full-year earnings forecastNet Sales ¥20,586 million / Operating profit ¥1,389 million / Ordinary income ¥1,408 million / Net income for the current fiscal year ¥930 million / Number of stores 154 stores / Dividend per share ¥68
Breakdown of Factors Affecting the Change既存店売上の好調, 新店10店舗増加, 従業員数増加・給与引き上げによる人件費増加, 新店増加に伴う地代家賃, Increase in recruitment costs, 夏日が続いたことによる水道光熱費増加
Key KPIsIndicator name Private-label sales ratio / Value 34.6 % / Year on year against the same period last year 前期累計34.6%, Indicator name Cumulative revenue at existing stores / Value 112.7 % year on year / Year on year against the same period last year +12.7%, Indicator name Cumulative customer count at existing stores / Value 104.8 % year on year / Year on year against the same period last year +4.8%, Indicator name Cumulative average spend per customer at existing stores / Value 107.5 % year on year / Year on year against the same period last year +7.5%, Indicator name Sales mix of electric-assist bicycles / Value 59 % / Year on year against the same period last year Not disclosed, Indicator name Market Size / Value 3,700 Approximately ¥100 million / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator name Same-store customer traffic / Value 104.8 % year on year, Indicator name Same-store spend per customer / Value 107.5 % year on year
Number of stores and locationsNumber at period-end 134店舗（直営128店、FC6店） / Number of store openings and closures during the period 10 stores opened, 0 stores closed
Number of employeesNumber of Employees 797 people / As of 2025年1月末 / Changes during the period and hiring plan 出店に伴う人員増・採用コスト増に言及。人数の増減および採用計画の数値はNot disclosed
Assumptions Underlying the Business OutlookAssumed Exchange Rates ¥150 per US dollar
Annual DividendAnnual dividend per share ¥68 / Interim and Year-End Breakdown Not disclosed
Payout ratioRate 20.1 % / Total payout ratio Not disclosed / DOE Not disclosed
Market Size / ShareMarket Size 3,700億円程度 / Share Not disclosed
Key points of the Q&A2026年1月期は20店舗出店計画により初期費用や人件費が増え、営業利益率が悪化する見込み, PB商品の仕入れはドルまたは元建てで、円安は原価上昇要因となるが、過去には値上げで対応, 2025年1月期の出店実績が計画20店舗に対して10店舗となった理由は、居抜き物件の成約数・成約率が計画を下回ったため, 自転車小売業の市場規模は3,700億円程度と想定, 株主優待は現時点で実施を考えていない
New initiatives2025年1月期第4四半期にPB商品3車種を新発売, 2025年1月期第4四半期にPB商品1車種をリニューアル, 2026年1月期に20店舗を新規出店する計画, 店舗開発体制を強化し、案件情報の獲得から交渉開始までの速度を上げる
Items this document does not state (9)
Progress against full-year forecastSelf-assessment against the planSegment resultsRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAcquisition 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.

2025年1月期は、コロナ禍からの回復、好天、電動アシスト車販売の好調、新店効果、既存店売上の増加が増収要因となった。営業利益は、既存店売上の好調、店舗あたり売上高の増加、原価率の低下により増加した。2026年1月期は、既存店成長と20店舗の新規出店を見込む一方、出店関連の備品購入費、採用コスト、広告宣伝費、人件費の増加を見込んでいる。

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.
Presentation Materials on Financial Results for the Fiscal Year Ended January 2025 | DAIWA CYCLE CO.,LTD. (5888) timely disclosure | Komori