Komori
Financial results presentation5888DAIWA CYCLE CO.,LTD.Retail

Earnings Presentation Materials for the Fiscal Year Ended January 2026

For the fiscal year ended January 2026, revenue and operating profit reached record highs due to the increase in the number of stores and strong sales of electric-assist bicycles, exceeding the full-year earnings forecast. However, the gross profit margin and operating margin declined due to the higher sales mix of electric-assist bicycles, sales initiatives and new store-related expenses.

Worth reading
67In focus
Scored from 5 of 6 sections
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
211
¥100 million
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFull year of the fiscal year ending January 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥21,106 million+15.0%
Operating profit¥1,416 million+3.0%
Ordinary income¥1,434 million+3.5%
Net income¥948 million+5.6%
Gross Profit Margin43.6 %
Operating profit margin6.7 %
Selling, general and administrative expenses¥7,783 million
Results for the three months of the current quarter
Net Sales
¥4,845 million
Year on year against the same period last year+19.7%
Operating profit
¥405 million
Year on year against the same period last year-10.1%
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
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 Sales
102.5 %
Operating profit
101.9 %
Ordinary income
101.9 %
Net income for the current fiscal year
101.9 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
業績予想を上回る着地となる
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
  1. Questions 為替の変動による業績影響 / Answer PB商品の仕入れはドルまたは元建てのため円安は原価上昇要因だが、値上げなどで影響を抑える
  2. Questions Seasonality of Operating Results / Answer 春季が最需要期で、売上高・営業利益は上期に偏る
  3. Questions 4Qの売上総利益率低下 / Answer 市場の一時的な価格プロモーションの強まりを受け、顧客シェア維持・拡大のため販売施策を実施した
  4. Questions 自転車小売業の市場規模 / Answer 市場規模は3,700億円程度で、販売台数は減少傾向だが電動アシスト車など高単価商品の比率が上昇
  5. Questions Implementation of Shareholder Benefits / Answer 現時点では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.
  • 新規出店に伴う費用の増加
  • 26/1期以降新店分¥-24 million
  • 新店22店増加（うち直営化2店）に伴う各種間接コスト増
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Assumed Exchange Rates
155 US$1
Number of stores
174 stores
Store Openings
20 stores
Store closures
0 stores
New initiatives
  • オリジナル電動アシスト自転車ブランドATOSSに新モデルATOSS Sportsを追加
  • 2027年1月期に20店舗を出店し、店舗数174店を目指す
Key KPIsA metric the company considers important as a management benchmark.
  • Private-label sales ratio33.7 %
    Year on year against the same period last year-0.9%
  • Cumulative revenue at existing stores104.6 % year on year
  • Cumulative customer count at existing stores102.3 % year on year
  • Cumulative average spend per customer at existing stores102.3 % year on year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Customer count102.3 % year on year
  • Average spend per customer102.3 % 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構成比63 %
  • 業界全体の電動アシスト車構成比43 %
Number of stores and locations
Number of Stores at Period-End154 stores
Breakdown
Company-operated stores150
Franchised stores4
Number of store openings and closures during the period新規出店20店、FC店2店を直営化、退店数Not disclosed
Number of employees
Number of Employees881 people
Record dateEnd of January 2026
Annual Dividend
¥73 per share
Payout ratio
20 %
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFull year of the fiscal year ending January 2026
Net Sales¥21,106 million (YoY +15.0%)
Operating profit¥1,416 million (YoY +3.0%)
Ordinary income¥1,434 million (YoY +3.5%)
Net income¥948 million (YoY +5.6%)
Gross Profit Margin43.6 %
Operating profit margin6.7 %
Selling, general and administrative expenses¥7,783 million
Results for the three months of the current quarterNet Sales ¥4,845 million / Operating profit ¥405 million
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
Progress against full-year forecastNet Sales 102.5 % / Operating profit 101.9 % / Ordinary income 101.9 % / Net income for the current fiscal year 101.9 %
Self-assessment against the plan業績予想を上回る着地となる
Breakdown of Factors Affecting the ChangeFactors 新規出店に伴う費用の増加 / Amount Not disclosed, Factors 26/1期以降新店分 / Amount ¥-24 million, Factors 新店22店増加（うち直営化2店）に伴う各種間接コスト増 / Amount Not disclosed
Key KPIsIndicator name Private-label sales ratio / Value 33.7 % / Year on year against the same period last year -0.9 %, Indicator name Cumulative revenue at existing stores / Value 104.6 % year on year / Year on year against the same period last year Not disclosed, Indicator name Cumulative customer count at existing stores / Value 102.3 % year on year / Year on year against the same period last year Not disclosed, Indicator name Cumulative average spend per customer at existing stores / Value 102.3 % year on year / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator name Customer count / Value 102.3 % year on year, Indicator name Average spend per customer / Value 102.3 % year on year
Number of stores and locationsNumber of Stores at Period-End 154 stores / Breakdown Company-operated stores 150 / Franchised stores 4 / Number of store openings and closures during the period 新規出店20店、FC店2店を直営化、退店数Not disclosed
Number of employeesNumber of Employees 881 people / Record date End of January 2026
Assumptions Underlying the Business OutlookAssumed Exchange Rates 155 US$1 / Number of stores 174 stores / Store Openings 20 stores / Store closures 0 stores
Annual Dividend¥73 per share
Payout ratio20 %
Market Size / ShareItem 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構成比 / Value 63 %, Item 業界全体の電動アシスト車構成比 / Value 43 %
Key points of the Q&AQuestions 為替の変動による業績影響 / Answer PB商品の仕入れはドルまたは元建てのため円安は原価上昇要因だが、値上げなどで影響を抑える, Questions Seasonality of Operating Results / Answer 春季が最需要期で、売上高・営業利益は上期に偏る, Questions 4Qの売上総利益率低下 / Answer 市場の一時的な価格プロモーションの強まりを受け、顧客シェア維持・拡大のため販売施策を実施した, Questions 自転車小売業の市場規模 / Answer 市場規模は3,700億円程度で、販売台数は減少傾向だが電動アシスト車など高単価商品の比率が上昇, Questions Implementation of Shareholder Benefits / Answer 現時点では実施を考えていない
New initiativesMeasures オリジナル電動アシスト自転車ブランドATOSSに新モデルATOSS Sportsを追加, Measures 2027年1月期に20店舗を出店し、店舗数174店を目指す
Items this document does not state (7)
Segment 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.

売上高は店舗数の増加および電動アシスト車販売の好調により増加した。営業利益は、電動アシスト車比率の増加による売上総利益率の低下や出店拡大に伴う費用増加があったものの、増益となった。

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.
Earnings Presentation Materials for the Fiscal Year Ended January 2026 | DAIWA CYCLE CO.,LTD. (5888) timely disclosure | Komori