Worth reading
77Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-172
¥ million (year-on-year change in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportSecond 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¥2,223 million-5.8%
Operating profit¥-136 million
Ordinary income¥-135 million
Net income¥-102 million
Selling, general and administrative expensesAmount not stated
Gross Profit Margin
Rate62.6%
Year-on-year change (points)+2.4pt
Operating profit margin
Rate-6.1%
Results for the three months of the current quarter
Net Sales
¥1,111 million
Operating profit
¥-92 million
D2C sales
¥847 million
yoy_change+¥55 million
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 Sales44.8%
Gross profit44.5%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue is tracking below the full-year plan, while SG&A expenses are broadly in line with the internal planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Decrease in gross profit¥-29 million
- Increase in advertising expenses¥-39 million
- Increase in taxes and dues¥-24 million
- Increase in rent¥-24 million
- Increase in depreciation and amortization¥-20 million
- Higher personnel expenses¥-14 million
- Other¥-22 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Refers to risks and uncertainties including changes in the external environment, market conditions, interest rates, and currency exchange rate fluctuations. Numerical assumptions are not disclosed.New initiatives
- Appointed KARINA as the brand's first female ambassador
- Launched the collaboration line “MC BY HIDETAKA FUKUZONO” with Fukuzono Hideki (福薗英貴)
- Signed an exclusive general agency agreement in Japan for TECH SKIN, a golf brand from South Korea, and began expanding the brand in Japan
- Opened a location at Beijing CBD International Golf Club
- Expanded and renovated Hankyu Umeda Main Store
- Sponsored the Maezawa Cup, collaborated with Hello Kitty, and signed apparel contracts with women professional golfers
Key KPIsA metric the company considers important as a management benchmark.
- Overseas revenue ratio26.7 %Year on year against the same period last year-8.5pt
- D2C ratio68.8 %Year on year against the same period last year+8.1pt
- E-commerce penetration rate18.9 %Year on year against the same period last year-1.4pt
- ROE-2.6 %Year on year against the same period last year-3.0pt
- Equity ratio88.1 %Year on year against the same period last year+2.2pt
- EPS¥-16.66Year on year against the same period last year-¥19.56
- BPS¥643.43Year on year against the same period last year-¥12.91
Financial targets
Reports ROE of -2.6%, an equity ratio of 88.1%, EPS of -¥16.66, and BPS of ¥643.43 as actual financial KPI results. Target figures are not disclosed.Number of stores and locations
China4 stores in total (1 commercial facility and 3 golf courses)
Store openings during the periodOpened a location at Beijing CBD International Golf Club in China, opened 1 permanent domestic retail store, and operated pop-up stores at a cumulative total of 5 locations
Number of employees
99 People
Reference dateEnd of June 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 | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥2,223 million (YoY -5.8%) |
| Operating profit | ¥-136 million |
| Ordinary income | ¥-135 million |
| Net income | ¥-102 million |
| Gross Profit Margin | Rate 62.6% / Year-on-year change (points) +2.4pt |
| Operating profit margin | Rate -6.1% / Year-on-year change (points) Not disclosed |
| Selling, general and administrative expenses | 非開示 |
| Results for the three months of the current quarter | Net Sales ¥1,111 million / Operating profit ¥-92 million / D2C sales ¥847 million |
| 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 44.8% / Gross profit 44.5% / Operating profit Not disclosed / Ordinary income Not disclosed / Net income for the current fiscal year Not disclosed |
| Self-assessment against the plan | Revenue is tracking below the full-year plan, while SG&A expenses are broadly in line with the internal plan |
| Breakdown of Factors Affecting the Change | Factors Decrease in gross profit / Amount ¥-29 million, Factors Increase in advertising expenses / Amount ¥-39 million, Factors Increase in taxes and dues / Amount ¥-24 million, Factors Increase in rent / Amount ¥-24 million, Factors Increase in depreciation and amortization / Amount ¥-20 million, Factors Higher personnel expenses / Amount ¥-14 million, Factors Other / Amount ¥-22 million |
| Key KPIs | Indicator name Overseas revenue ratio / Value 26.7 % / Year on year against the same period last year -8.5pt, Indicator name D2C ratio / Value 68.8 % / Year on year against the same period last year +8.1pt, Indicator name E-commerce penetration rate / Value 18.9 % / Year on year against the same period last year -1.4pt, Indicator name ROE / Value -2.6 % / Year on year against the same period last year -3.0pt, Indicator name Equity ratio / Value 88.1 % / Year on year against the same period last year +2.2pt, Indicator name EPS / Value ¥-16.66 / Year on year against the same period last year -¥19.56, Indicator name BPS / Value ¥643.43 / Year on year against the same period last year -¥12.91 |
| Number of stores and locations | China 4 stores in total (1 commercial facility and 3 golf courses) / Store openings during the period Opened a location at Beijing CBD International Golf Club in China, opened 1 permanent domestic retail store, and operated pop-up stores at a cumulative total of 5 locations |
| Number of employees | 99 People |
| Assumptions Underlying the Business Outlook | Refers to risks and uncertainties including changes in the external environment, market conditions, interest rates, and currency exchange rate fluctuations. Numerical assumptions are not disclosed. |
| Financial targets | Reports ROE of -2.6%, an equity ratio of 88.1%, EPS of -¥16.66, and BPS of ¥643.43 as actual financial KPI results. Target figures are not disclosed. |
| 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 KARINA as the brand's first female ambassador, Launched the collaboration line “MC BY HIDETAKA FUKUZONO” with Fukuzono Hideki (福薗英貴), Signed an exclusive general agency agreement in Japan for TECH SKIN, a golf brand from South Korea, and began expanding the brand in Japan, Opened a location at Beijing CBD International Golf Club, Expanded and renovated Hankyu Umeda Main Store, Sponsored the Maezawa Cup, collaborated with Hello Kitty, and signed apparel contracts with women professional golfers |
Items this document does not state (10)
Segment resultsUnit price and quantity metricsRisk amount incorporated into the outlookMedium-term management plan 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 company posted an operating loss due to lower revenue resulting from changes in the external environment, market adjustments in wholesale operations in South Korea, and higher SG&A expenses, including advertising and promotional expenses, rent, depreciation and amortization, and personnel expenses. Meanwhile, the gross profit margin improved as the D2C ratio increased and direct trading was expanded.
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.