Worth reading
59In 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
12.3
Year-on-year revenue growth (%)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst quarter of the fiscal year ending January 202711 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥6,960 million+12.3%
Operating profit¥656 million+7.3%
Ordinary income¥656 million+4.2%
Net income¥430 million+3.8%
Gross Profit Margin40.8 %
Operating profit margin9.4 %
Selling, general and administrative expenses¥2,181 million
Results for the three months of the current quarter
Net Sales
¥6,960 million
Gross profit
¥2,838 million
Operating profit
¥656 million
Ordinary income
¥656 million
Quarterly net income
¥430 million
Full-year earnings forecast
Net Sales
¥24,293 million
Operating profit
¥1,490 million
Ordinary income
¥1,519 million
Net income for the current fiscal year
¥1,006 million
Number of stores
174 stores
Number of company-operated stores
170 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 Sales28.7 %
Operating profit44.1 %
Ordinary income43.2 %
Net income for the current fiscal year42.8 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Off to a strong startKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Questions Impact of exchange-rate movements on results / Answer Dollar- and yuan-denominated purchases of private-brand products increase costs when the yen weakens, but the company will respond flexibly, including through price increases.
- Questions Seasonality of Operating Results / Answer Because spring is the peak demand season, revenue and operating profit are weighted toward the first half.
- Questions Reason for the low gross profit margin in Q1 / Answer The sales mix shifts toward bicycle frames and complete bicycles, which have lower gross margins.
- Questions Reasons for monthly fluctuations in average spend per customer / Answer When the sales mix shifts toward bicycle frames and complete bicycles, average spend per customer increases. When the proportion of repair services rises, the customer count increases and average spend per customer declines.
- Questions Impact of introducing blue-ticket traffic citations / Answer There has been no material impact, while sales of products such as raincoats and helmets have increased to some extent.
- Questions Impact of the situation in the Middle East / Answer The company has received requests for price increases for certain petroleum-related products, but the impact on results is limited at this time.
- Questions Store-opening costs per store / Answer Approximately ¥30 million to ¥50 million, although costs may rise in the future.
- Questions Shareholder Benefits / Answer The company is not considering introducing them at this time.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Revenue increase
- Cost of sales
- Increase in employee headcount and salary revisions
- Personnel expenses
- Increase of 22 new stores, including 2 converted to company-operated stores
- Rent
- Payment commissions
- Depreciation
- Other
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.
Assumed Exchange Rates¥155 per U.S. dollar
Store Opening Plan20 store openings and 0 closures
Key KPIsA metric the company considers important as a management benchmark.
- Private-label sales ratio31.9 %Year on year against the same period last year+1.6%
- Cumulative revenue at existing stores101.2 % year on year
- Cumulative customer count at existing stores104.4 % year on year
- Cumulative average spend per customer at existing stores96.9 % year on year
- Sales mix of electric-assist bicycles65 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Cumulative existing-store results
Net Sales101.2 % year on year
Number of Customers104.4 % year on year
Average Spend per Customer96.9 % year on year
Market Size / Share
Sales mix of electric-assist bicycles
The Company65 %
Industry total48 %
Sales growth rate for electric-assist bicycles
The Company19 Five-year CAGR through the fiscal year ended January 2026 %
Industry total3 Five-year CAGR through the fiscal year ended January 2026 %
Number of stores and locations
Number of Stores at Period-End159 stores
Breakdown
Company-operated stores155
Franchised stores4
Stores opened during the period5 stores
Stores closed during the period0 stores
Number of employees
Number of Employees881 People
Reference dateEnd of January 2026
Annual Dividend
Annual dividend per share¥73
Payout ratio
20 %
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending January 2027 |
| Net Sales | ¥6,960 million (YoY +12.3%) |
| Operating profit | ¥656 million (YoY +7.3%) |
| Ordinary income | ¥656 million (YoY +4.2%) |
| Net income | ¥430 million (YoY +3.8%) |
| Gross Profit Margin | 40.8 % |
| Operating profit margin | 9.4 % |
| Selling, general and administrative expenses | ¥2,181 million |
| Results for the three months of the current quarter | Net Sales ¥6,960 million / Gross profit ¥2,838 million / Operating profit ¥656 million / Ordinary income ¥656 million / Quarterly net income ¥430 million |
| Full-year earnings forecast | Net Sales ¥24,293 million / Operating profit ¥1,490 million / Ordinary income ¥1,519 million / Net income for the current fiscal year ¥1,006 million / Number of stores 174 stores / Number of company-operated stores 170 stores |
| Progress against full-year forecast | Net Sales 28.7 % / Operating profit 44.1 % / Ordinary income 43.2 % / Net income for the current fiscal year 42.8 % |
| Self-assessment against the plan | Off to a strong start |
| Breakdown of Factors Affecting the Change | Factors Revenue increase / Amount Not disclosed, Factors Cost of sales / Amount Not disclosed, Factors Increase in employee headcount and salary revisions / Amount Not disclosed, Factors Personnel expenses / Amount Not disclosed, Factors Increase of 22 new stores, including 2 converted to company-operated stores / Amount Not disclosed, Factors Rent / Amount Not disclosed, Factors Payment commissions / Amount Not disclosed, Factors Depreciation / Amount Not disclosed, Factors Other / Amount Not disclosed |
| Key KPIs | Indicator name Private-label sales ratio / Value 31.9 % / Year on year against the same period last year 1.6 %, Indicator name Cumulative revenue at existing stores / Value 101.2 % year on year / Year on year against the same period last year Not disclosed, Indicator name Cumulative customer count at existing stores / Value 104.4 % 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 96.9 % year on year / Year on year against the same period last year Not disclosed, Indicator name Sales mix of electric-assist bicycles / Value 65 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Cumulative existing-store results Net Sales 101.2 % year on year / Number of Customers 104.4 % year on year / Average Spend per Customer 96.9 % year on year |
| Number of stores and locations | Number of Stores at Period-End 159 stores / Breakdown Company-operated stores 155 / Franchised stores 4 / Stores opened during the period 5 stores / Stores closed during the period 0 stores |
| Number of employees | Number of Employees 881 People / Reference date End of January 2026 |
| Assumptions Underlying the Business Outlook | Assumed Exchange Rates ¥155 per U.S. dollar / Store Opening Plan 20 store openings and 0 closures |
| Annual Dividend | Annual dividend per share ¥73 / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | 20 % |
| Market Size / Share | Sales mix of electric-assist bicycles The Company 65 % / Industry total 48 % / Sales growth rate for electric-assist bicycles The Company 19 Five-year CAGR through the fiscal year ended January 2026 (%) / Industry total 3 Five-year CAGR through the fiscal year ended January 2026 (%) |
| Key points of the Q&A | Questions Impact of exchange-rate movements on results / Answer Dollar- and yuan-denominated purchases of private-brand products increase costs when the yen weakens, but the company will respond flexibly, including through price increases., Questions Seasonality of Operating Results / Answer Because spring is the peak demand season, revenue and operating profit are weighted toward the first half., Questions Reason for the low gross profit margin in Q1 / Answer The sales mix shifts toward bicycle frames and complete bicycles, which have lower gross margins., Questions Reasons for monthly fluctuations in average spend per customer / Answer When the sales mix shifts toward bicycle frames and complete bicycles, average spend per customer increases. When the proportion of repair services rises, the customer count increases and average spend per customer declines., Questions Impact of introducing blue-ticket traffic citations / Answer There has been no material impact, while sales of products such as raincoats and helmets have increased to some extent., Questions Impact of the situation in the Middle East / Answer The company has received requests for price increases for certain petroleum-related products, but the impact on results is limited at this time., Questions Store-opening costs per store / Answer Approximately ¥30 million to ¥50 million, although costs may rise in the future., Questions Shareholder Benefits / Answer The company is not considering introducing them at this time. |
Items this document does not state (8)
Segment resultsRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogNew initiatives
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 benefited from the sale celebrating the achievement of 150 stores, an increase in the number of stores, the contribution from new stores, and higher sales at existing stores. Operating profit benefited from higher revenue, despite increases in various costs associated with store expansion, personnel expenses, and rent. Although the gross profit margin was affected by adverse exchange-rate movements, it remained at the same level as in the previous period due to increased sales of parts, accessories, and other products, which carry higher gross margins.
How to read this page
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