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Earnings briefing transcriptFirst quarter of the fiscal year ending January 202710 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥48.54 million+15.8%
Operating profit¥16.8 million+28.5%
Ordinary income¥15.7 million
Net income¥11 million+36.2%
Gross Profit Margin79.4%
Operating profit margin34.6%
Selling, general and administrative expenses¥22.58 million
Results for the three months of the current quarterConsolidated revenue of ¥485.4 million, operating profit of ¥168.0 million and net income of approximately ¥110 million. EBITDA was ¥217.3 million and adjusted EBITDA was approximately ¥210 million.
Full-year earnings forecast
Revenue
¥206 million
Operating profit
¥68 million
Profit for the period
¥44 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。
Revenue23.6%
Operating profit24.7%
Profit for the period24.2%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is on track across all levels of profit, with results proceeding smoothly as expected. Compared with the internal budget, both revenue and operating profit were slightly ahead of plan.Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Progress: Revenue was 23.6% and operating profit was 24.7% of the full-year forecasts, levels considered appropriate in light of seasonality. Both were slightly ahead of the internal budget.
- Gross margin: 79.4%, broadly in line with the plan. The decline was within expectations due to the consolidation effect of 株式会社ハンズ.
- Inventories: A normal increase in inventory resulting from transfers to products and growth in the number of stores and sales.
- Store openings: New store openings are expected to exceed the full-year plan of 7 stores.
- Price revisions: Implemented for both brands in late May and effectively already incorporated into the plan.
- Lens supplies: There have been some delivery delays, but they have had no impact on business performance.
- Overseas sales: Driven by the increase in visitors to Japan and greater brand recognition in local markets.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Sales to overseas customersChange in amountUp approximately ¥350 million
- Sales to Japanese customers at domestic storesChange in amountUp approximately ¥190 million
- Total revenueChange in amountUp approximately ¥660 million
- Selling, General and Administrative ExpensesChange in amountUp approximately ¥230 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The seasonality of business performance is taken into account. The full-year store-opening plan is 7 stores. The effect of the price revisions in late May is expected to emerge from the second quarter onward. Numerical assumptions for other factors, including foreign exchange rates and raw material prices, were not disclosed.New initiatives
- Starting this fiscal year, the CFO will present the results for the first and third quarters
- Opened 1 金子眼鏡 store overseas and 2 フォーナインズ stores in Japan
- Opened 金子眼鏡's fifth store in China
- Implemented price revisions for both brands
- Plans to open additional stores in excess of the full-year plan
Key KPIsA metric the company considers important as a management benchmark.
- Inbound sales at domestic stores¥102.9 millionYear on year against the same period last yearUp 14.7% year on year
- Sales to overseas customersApproximately ¥1.8 billionYear on year against the same period last yearUp 24.6% year on year
- Sales to overseas customers as a percentage of total sales36.2%Year on year against the same period last yearUp from 34.1% in the previous fiscal year
- Sales to Japanese customers at domestic storesApproximately ¥2.57 billionYear on year against the same period last yearUp 7.7% year on year
- EBITDA¥217.3 millionYear on year against the same period last yearUp 23.0% year on year
- EBITDA margin44.8%
- Sales to Chinese customers as a percentage of revenueJust under 7%Year on year against the same period last yearDown 3 percentage points from the previous fiscal year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The average price per complete pair of glasses at 金子眼鏡 was approximately ¥84,600, up 36.3% from the fiscal year ended January 2019, while the figure for フォーナインズ was approximately ¥88,600, up 22.9% over the same period. A clear breakdown by volume was not disclosed.Segment results
- 金子眼鏡Net Sales¥343.4 millionYear-on-year change in revenueUp 20.3% year on yearSegment profit¥138.5 millionYear-on-year change in profitUp 28.8% year on year
- フォーナインズNet Sales¥141.9 millionYear-on-year change in revenueUp 6.2% year on yearSegment profit¥38.3 millionYear-on-year change in profitUp 9.2% year on year
Number of stores and locations
The Group had 116 stores at the end of the period. It opened 3 stores during the period, 1 overseas and 2 in Japan, with 0 store closures or relocations.Capital expenditures
¥2.2 100 million expenditures for the acquisition of property, plant and equipment and other items included in cash flow from investing activities
| Item | Details |
|---|---|
| Document type | Earnings briefing transcript |
| Fiscal Period Covered | First quarter of the fiscal year ending January 2027 |
| Net Sales | ¥48.54 million (YoY +15.8%) |
| Operating profit | ¥16.8 million (YoY +28.5%) |
| Ordinary income | ¥15.7 million |
| Net income | ¥11 million (YoY +36.2%) |
| Gross Profit Margin | 79.4% |
| Operating profit margin | 34.6% |
| Selling, general and administrative expenses | ¥22.58 million |
| Results for the three months of the current quarter | Consolidated revenue of ¥485.4 million, operating profit of ¥168.0 million and net income of approximately ¥110 million. EBITDA was ¥217.3 million and adjusted EBITDA was approximately ¥210 million. |
| Full-year earnings forecast | Revenue ¥206 million / Operating profit ¥68 million / Profit for the period ¥44 million |
| Progress against full-year forecast | Revenue 23.6% / Operating profit 24.7% / Profit for the period 24.2% |
| Self-assessment against the plan | Progress is on track across all levels of profit, with results proceeding smoothly as expected. Compared with the internal budget, both revenue and operating profit were slightly ahead of plan. |
| Segment results | Segment 金子眼鏡 / Net Sales ¥343.4 million / Year-on-year change in revenue Up 20.3% year on year / Segment profit ¥138.5 million / Year-on-year change in profit Up 28.8% year on year, Segment フォーナインズ / Net Sales ¥141.9 million / Year-on-year change in revenue Up 6.2% year on year / Segment profit ¥38.3 million / Year-on-year change in profit Up 9.2% year on year |
| Breakdown of Factors Affecting the Change | Factors Sales to overseas customers / Change in amount Up approximately ¥350 million, Factors Sales to Japanese customers at domestic stores / Change in amount Up approximately ¥190 million, Factors Total revenue / Change in amount Up approximately ¥660 million, Factors Selling, General and Administrative Expenses / Change in amount Up approximately ¥230 million |
| Key KPIs | Indicator name Inbound sales at domestic stores / Value ¥102.9 million / Year on year against the same period last year Up 14.7% year on year, Indicator name Sales to overseas customers / Value Approximately ¥1.8 billion / Year on year against the same period last year Up 24.6% year on year, Indicator name Sales to overseas customers as a percentage of total sales / Value 36.2% / Year on year against the same period last year Up from 34.1% in the previous fiscal year, Indicator name Sales to Japanese customers at domestic stores / Value Approximately ¥2.57 billion / Year on year against the same period last year Up 7.7% year on year, Indicator name EBITDA / Value ¥217.3 million / Year on year against the same period last year Up 23.0% year on year, Indicator name EBITDA margin / Value 44.8% / Year on year against the same period last year Not disclosed, Indicator name Sales to Chinese customers as a percentage of revenue / Value Just under 7% / Year on year against the same period last year Down 3 percentage points from the previous fiscal year |
| Unit price and quantity metrics | The average price per complete pair of glasses at 金子眼鏡 was approximately ¥84,600, up 36.3% from the fiscal year ended January 2019, while the figure for フォーナインズ was approximately ¥88,600, up 22.9% over the same period. A clear breakdown by volume was not disclosed. |
| Number of stores and locations | The Group had 116 stores at the end of the period. It opened 3 stores during the period, 1 overseas and 2 in Japan, with 0 store closures or relocations. |
| Assumptions Underlying the Business Outlook | The seasonality of business performance is taken into account. The full-year store-opening plan is 7 stores. The effect of the price revisions in late May is expected to emerge from the second quarter onward. Numerical assumptions for other factors, including foreign exchange rates and raw material prices, were not disclosed. |
| Capital expenditures | ¥2.2 100 million (expenditures for the acquisition of property, plant and equipment and other items included in cash flow from investing activities) |
| Key points of the Q&A | Progress: Revenue was 23.6% and operating profit was 24.7% of the full-year forecasts, levels considered appropriate in light of seasonality. Both were slightly ahead of the internal budget., Gross margin: 79.4%, broadly in line with the plan. The decline was within expectations due to the consolidation effect of 株式会社ハンズ., Inventories: A normal increase in inventory resulting from transfers to products and growth in the number of stores and sales., Store openings: New store openings are expected to exceed the full-year plan of 7 stores., Price revisions: Implemented for both brands in late May and effectively already incorporated into the plan., Lens supplies: There have been some delivery delays, but they have had no impact on business performance., Overseas sales: Driven by the increase in visitors to Japan and greater brand recognition in local markets. |
| New initiatives | Starting this fiscal year, the CFO will present the results for the first and third quarters, Opened 1 金子眼鏡 store overseas and 2 フォーナインズ stores in Japan, Opened 金子眼鏡's fifth store in China, Implemented price revisions for both brands, Plans to open additional stores in excess of the full-year plan |
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Number of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesOrders received and order backlogMarket Size / Share
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