Worth reading
59In 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
-25
¥ million (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFirst quarter of the fiscal year ending December 20269 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,111 million-2.2%
Operating profit¥-43 million
Ordinary income¥-47 million
Net income¥-39 million
Gross Profit Margin62.0%
Operating profit margin-3.9%
Results for the three months of the current quarterRevenue of ¥1,111 million, gross profit of ¥689 million, operating loss of ¥43 million, ordinary loss of ¥47 million and net loss of ¥39 million. D2C sales were ¥682 million, overseas revenue was ¥384 million, and cumulative sales at existing domestic directly operated stores were 101% and at all stores were 111%.
Full-year earnings forecast
Net Sales
¥4,965 million
Gross profit
¥3,179 million
Operating profit
¥115 million
Ordinary income
¥120 million
Net income for the current fiscal year
¥66 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 Sales22.4%
Gross profit21.7%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue was broadly in line with the internal plan, while operating profit was progressing as planned against the full-year forecast. Korean wholesale and domestic EC sales were also broadly in line with the plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Increase in gross profit9
Decrease in advertising expenses5
Higher personnel expenses-22
Increase in taxes and dues-18
Increase in depreciation and amortization-9
Increase in rent-8
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The Company assumes that increased awareness generated by the new ambassador will contribute to sales from the second quarter onward. Operating profit is expected to recover from the second quarter onward as sales increase.New initiatives
- Appointed aespa's KARINA as the new brand ambassador
- Signed apparel contracts with athletes Matsubara Toa (松原柊亜) and Kiyomoto Minami (清本美波)
- Sponsored the MAEZAWA CUP 2026
- First collaboration with Hello Kitty
- Launched collaboration golf shoes with ASICS
- Opened a new store at Beijing CBD International Golf Club in China
Key KPIsA metric the company considers important as a management benchmark.
- Overseas revenue ratio34.6% (¥384 million)Year on year against the same period last yearDown from 39.0%
- D2C ratio61.4% (¥682 million)Year on year against the same period last yearUp from 56.3%
- E-commerce penetration rate16.9% (¥187 million)Year on year against the same period last yearDown from 19.0%
- ROE
- Equity ratio84.9%Year on year against the same period last yearUp from 84.6%
Segment results
By sales channel: domestic retail, ¥494 million; domestic EC, ¥171 million; overseas EC, ¥16 million; overseas wholesale, ¥64 million; domestic wholesale, ¥39 million; Korean wholesale, ¥274 million; Chinese wholesale, ¥54 million; and Other, ¥0 million. The corresponding figures for the year-earlier period were ¥423 million, ¥188 million, ¥27 million, ¥57 million, ¥27 million and ¥358 million, respectively. There were no Chinese wholesale sales in the year-earlier period, while Other was ¥3 million.Number of stores and locations
The sales network in China comprises 1 store in a commercial facility and 3 stores at golf courses, for a total of 4 stores. By the end of the first quarter, the Company had opened 1 permanent store in Japan, renovated 1 existing store and opened POP-UP locations at 5 sites in total. The number of stores at the end of the fiscal year was Not disclosed.Number of employees
102 people including temporary employees, as of the end of March 2026
Acquisition of treasury shares
The Company stated that it would consider flexible capital policies, including share buybacks, in the event of a sudden change in the external environment. The acquisition limit, number of shares and period were Not disclosed.| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥1,111 million (YoY -2.2%) |
| Operating profit | ¥-43 million |
| Ordinary income | ¥-47 million |
| Net income | ¥-39 million |
| Gross Profit Margin | 62.0% |
| Operating profit margin | -3.9% |
| Results for the three months of the current quarter | Revenue of ¥1,111 million, gross profit of ¥689 million, operating loss of ¥43 million, ordinary loss of ¥47 million and net loss of ¥39 million. D2C sales were ¥682 million, overseas revenue was ¥384 million, and cumulative sales at existing domestic directly operated stores were 101% and at all stores were 111%. |
| Full-year earnings forecast | Net Sales ¥4,965 million / Gross profit ¥3,179 million / Operating profit ¥115 million / Ordinary income ¥120 million / Net income for the current fiscal year ¥66 million |
| Progress against full-year forecast | Net Sales 22.4% / Gross profit 21.7% / Operating profit Not disclosed / Ordinary income Not disclosed / Net income for the current fiscal year Not disclosed |
| Self-assessment against the plan | Revenue was broadly in line with the internal plan, while operating profit was progressing as planned against the full-year forecast. Korean wholesale and domestic EC sales were also broadly in line with the plan. |
| Segment results | By sales channel: domestic retail, ¥494 million; domestic EC, ¥171 million; overseas EC, ¥16 million; overseas wholesale, ¥64 million; domestic wholesale, ¥39 million; Korean wholesale, ¥274 million; Chinese wholesale, ¥54 million; and Other, ¥0 million. The corresponding figures for the year-earlier period were ¥423 million, ¥188 million, ¥27 million, ¥57 million, ¥27 million and ¥358 million, respectively. There were no Chinese wholesale sales in the year-earlier period, while Other was ¥3 million. |
| Breakdown of Factors Affecting the Change | Increase in gross profit 9 / Decrease in advertising expenses 5 / Higher personnel expenses -22 / Increase in taxes and dues -18 / Increase in depreciation and amortization -9 / Increase in rent -8 |
| Key KPIs | Indicator name Overseas revenue ratio / Value 34.6% (¥384 million) / Year on year against the same period last year Down from 39.0%, Indicator name D2C ratio / Value 61.4% (¥682 million) / Year on year against the same period last year Up from 56.3%, Indicator name E-commerce penetration rate / Value 16.9% (¥187 million) / Year on year against the same period last year Down from 19.0%, Indicator name ROE / Value Not disclosed / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 84.9% / Year on year against the same period last year Up from 84.6% |
| Number of stores and locations | The sales network in China comprises 1 store in a commercial facility and 3 stores at golf courses, for a total of 4 stores. By the end of the first quarter, the Company had opened 1 permanent store in Japan, renovated 1 existing store and opened POP-UP locations at 5 sites in total. The number of stores at the end of the fiscal year was Not disclosed. |
| Number of employees | 102 people (including temporary employees, as of the end of March 2026) |
| Assumptions Underlying the Business Outlook | The Company assumes that increased awareness generated by the new ambassador will contribute to sales from the second quarter onward. Operating profit is expected to recover from the second quarter onward as sales increase. |
| Acquisition of treasury shares | The Company stated that it would consider flexible capital policies, including share buybacks, in the event of a sudden change in the external environment. The acquisition limit, number of shares and period were Not disclosed. |
| New initiatives | Appointed aespa's KARINA as the new brand ambassador, Signed apparel contracts with athletes Matsubara Toa (松原柊亜) and Kiyomoto Minami (清本美波), Sponsored the MAEZAWA CUP 2026, First collaboration with Hello Kitty, Launched collaboration golf shoes with ASICS, Opened a new store at Beijing CBD International Golf Club in China |
Items this document does not state (11)
Selling, general and administrative expensesUnit price and quantity metricsRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
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.The decline in sales through Korean wholesalers was the main reason for the decrease in revenue. The gross profit margin improved as the D2C ratio increased and the cost of sales ratio declined through the promotion of direct trading, but higher personnel expenses, rent and other costs associated with the expansion of the domestic retail business contributed to the operating loss.
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