Worth reading
61In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
7
Revenue CAGR (growth of at least %)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+102.0pt
基準 4,863Target4,965million / %
Operating profit+3.0pt
基準 2,025Target2,028million / %
Operating profit margin+2,024.8pt
基準 1.2Target2,026％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).
ROEMost recent actual: Not disclosed → At least 8%
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNet Sales ¥5,200 million / Operating profit ¥206 million / Net income for the current fiscal year ¥125 million → Net Sales ¥4,863 million / Operating profit ¥59 million / Net income for the current fiscal year ¥34 million（Revenue: down 6.5%; operating profit: down 71.3%; net income: down 72.1%）
Investment amount by sectorField Working capital / Amount ¥619 million / Remarks Use of proceeds from the listing, Field Capital expenditures / Amount ¥713 million / Remarks Use of proceeds from the listing
Key initiatives
0101 Global strategy
0202 D2C strategy
0303 Earnings structure reform
0401 Global strategy
0502 D2C strategy
0603 Supply chain reform
Plan assumptionsItem Global golf equipment and apparel market / Assumptions Approximately ¥10 trillion, including ¥150 billion in Japan, Item Global luxury market / Assumptions Approximately ¥70 trillion, including approximately ¥6 trillion in Japan, Item Foreign exchange / Assumptions ¥156.41 per US dollar (as of 30 December 2025), Item Global golf equipment market / Assumptions $8,200m in 2024 and $11,000m in 2033, Item Japan's personal luxury market / Assumptions $3,390,410m in 2025 and $5,471,860m in 2034, Item Global personal luxury market / Assumptions $41,265,000m in 2024 and $57,876,000m in 2030
Size of the Target MarketMarket Domestic golf equipment and apparel market / Scale 2025 forecast: ¥136,050 million / Source Yano Research Institute, "Golf Industry White Paper 2025 Edition", Market Global golf equipment and apparel market / Scale $8,200m in 2024 and $11,000m in 2033 / Source IMARC, "Golf Equipment Market Report", Market Japan's personal luxury market / Scale $3,390,410m in 2025 and $5,471,860m in 2034 / Source Global Information, "Japan Personal Luxury Goods Market Size", Market Global personal luxury market / Scale $41,265,000m in 2024 and $57,876,000m in 2030 / Source Global Information, "Personal Luxury Goods Market", Market Target global luxury market / Scale Approximately ¥70 trillion, including approximately ¥6 trillion in Japan / Source Based on personal luxury figures from Euromonitor
Reason for revision or withdrawal
In light of the business environment, the company revised its revenue CAGR growth rate, operating margin and ROE from the figures disclosed last year and added gross profit margin as a target. It also consolidated last year's "02 D2C strategy" and "03 Branding strategy" into a single "02" initiative and newly established "03 Earnings structure reform," replacing last year's "01 Global expansion," "02 D2C strategy" and "03 Branding strategy."
| Item | Details |
|---|---|
| Plan name | Medium- to Long-Term Growth Targets / 2026 Management Policy and Growth Strategy |
| Plan period | FY2026～FY2028 |
| Progress against the plan | Partially revised |
| Sales Target | FY2025 actual: ¥4,863 million → FY2026 earnings plan: ¥4,965 million; medium- to long-term target: revenue CAGR growth of at least 7% (FY2028) |
| Operating profit target | FY2025 actual: ¥59 million → FY2026 earnings plan: ¥115 million; medium- to long-term target: operating profit growth of at least 40% (FY2028) |
| Operating profit margin target | Most recent actual: 1.2% → FY2026 earnings plan: 4.0%; medium- to long-term target: at least 10% |
| ROE target | Most recent actual: Not disclosed → At least 8% |
| Investment amount by sector | Field Working capital / Amount ¥619 million / Remarks Use of proceeds from the listing, Field Capital expenditures / Amount ¥713 million / Remarks Use of proceeds from the listing |
| Plan assumptions | Item Global golf equipment and apparel market / Assumptions Approximately ¥10 trillion, including ¥150 billion in Japan, Item Global luxury market / Assumptions Approximately ¥70 trillion, including approximately ¥6 trillion in Japan, Item Foreign exchange / Assumptions ¥156.41 per US dollar (as of 30 December 2025), Item Global golf equipment market / Assumptions $8,200m in 2024 and $11,000m in 2033, Item Japan's personal luxury market / Assumptions $3,390,410m in 2025 and $5,471,860m in 2034, Item Global personal luxury market / Assumptions $41,265,000m in 2024 and $57,876,000m in 2030 |
| Key initiatives | 01 Global strategy, 02 D2C strategy, 03 Earnings structure reform, 01 Global strategy, 02 D2C strategy, 03 Supply chain reform |
| Results under the previous plan | Net Sales ¥5,200 million / Operating profit ¥206 million / Net income for the current fiscal year ¥125 million → Net Sales ¥4,863 million / Operating profit ¥59 million / Net income for the current fiscal year ¥34 million（Revenue: down 6.5%; operating profit: down 71.3%; net income: down 72.1%） |
| Reason for revision or withdrawal | In light of the business environment, the company revised its revenue CAGR growth rate, operating margin and ROE from the figures disclosed last year and added gross profit margin as a target. It also consolidated last year's "02 D2C strategy" and "03 Branding strategy" into a single "02" initiative and newly established "03 Earnings structure reform," replacing last year's "01 Global expansion," "02 D2C strategy" and "03 Branding strategy." |
| Size of the Target Market | Market Domestic golf equipment and apparel market / Scale 2025 forecast: ¥136,050 million / Source Yano Research Institute, "Golf Industry White Paper 2025 Edition", Market Global golf equipment and apparel market / Scale $8,200m in 2024 and $11,000m in 2033 / Source IMARC, "Golf Equipment Market Report", Market Japan's personal luxury market / Scale $3,390,410m in 2025 and $5,471,860m in 2034 / Source Global Information, "Japan Personal Luxury Goods Market Size", Market Global personal luxury market / Scale $41,265,000m in 2024 and $57,876,000m in 2030 / Source Global Information, "Personal Luxury Goods Market", Market Target global luxury market / Scale Approximately ¥70 trillion, including approximately ¥6 trillion in Japan / Source Based on personal luxury figures from Euromonitor |
| Publication date | March 2026 |
Items this document does not state (11)
Net income targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planSegment targetNon-financial targetsRisks identifiedDate of board resolution
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.In light of the business environment, the company revised its revenue CAGR growth rate, operating margin and ROE from the figures disclosed last year and added gross profit margin as a target. As growth investment was front-loaded in 2025, resulting in lower earnings, the company will promote business structure reform centered on its global strategy and supply chain reform.
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