Worth reading
91Important
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
183
¥ million (year-on-year increase in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationSecond quarter of the fiscal year ending March 202714 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥8,053 million+20.1%
Operating profit¥471 million+63.9%
Ordinary income¥496 million+76.1%
Net income¥324 million+93.7%
Selling, general and administrative expenses¥2,800 million
Gross Profit Margin
Rate40.6%
Year-on-year change (points)+0.3 percentage points (difference from the displayed figure)
Operating profit margin
Rate5.9%
Year-on-year change (points)+1.6 percentage points
Results for the three months of the current quarterRevenue of ¥4,083 million and operating profit of ¥263 million (as shown in the graph)
Full-year earnings forecast
Net Sales
¥17,000 million
Operating profit
¥1,400 million
Ordinary income
¥1,420 million
Net income for the current fiscal year
¥910 million
ROE
16.7 %
ROIC
15 %
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 Sales47.4%
Operating profit33.7%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue and operating profit both exceeded plan in the first half.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Company-operated stores400
FC107
Distribution and wholesale16
Other49
Selling, general and administrative expenses-388
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The plan calls for 7 new company-operated stores, 10 franchise stores, 30 new Tire Distribution Center members, 3 new Cycles stores, and 1 new USA store. Planned year-on-year sales are 116.5% for company-operated all-store sales, 103.0% for company-operated same-store sales, 107.5% for franchise all-store sales, and 104.5% for franchise same-store sales.New initiatives
- Introduce an AI-powered purchasing appraisal function at all company-operated stores, with plans to roll it out to all franchise stores.
- Roll out PayPay receipt of payment for purchases to all company-operated stores.
- Display total EC site prices including installation fees and expand installation reservations.
- Negotiations are underway to open a third store in California, USA.
- Conduct a tender offer for the acquisition of treasury shares.
Key KPIsA metric the company considers important as a management benchmark.
- Same-store sales at company-operated stores109.8%
- Franchise all-store sales110.6%
- Franchise same-store sales107.2%
- Corporate purchasing amount136%
- Used studless tire inventory120%
- App members85 10,000 people
- Number of installation reservations made through the EC channel201%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Average spend per customer at company-operated stores: ¥13,520 (109.2% year on year); company-operated same-store sales: 109.8%; total chain purchasing amount: 110.2% year on year in the first half. Customer numbers: not disclosed.Segment results
Formal segment profit: not disclosed. Sales by business format were ¥5,001 million for the reuse business format (121.0% year on year) and ¥3,051 million for the distribution and wholesale business format (119.4%). Breakdown: store sales ¥3,538 million (123.4%), franchise-related ¥759 million (114.1%), EC commissions and web advertising ¥125 million (114.5%), overseas EC ¥73 million (106.7%), USA ¥156 million (196.6%), head office and other ¥346 million (102.3%), Tire Distribution Center ¥991 million (111.5%), Nexlink ¥2,059 million (123.6%), and recruitment services ¥0 million (8.8%).Medium-term management plan targets
The company aims for ROE of 20.0% and a dividend payout ratio of 40.0% in the fiscal year ending March 2029. It will promote domestic store expansion, the opening of its third US store, new businesses and M&A, and digital transformation.Financial targets
ROE: 16.7% planned for the fiscal year ending March 2027 and a target of 20.0% for the fiscal year ending March 2029. ROIC: 15.0% planned for the fiscal year ending March 2027.Number of stores and locations
As of the end of September 2026, the store count was 162 Main Brand stores, 99 Riders stores, 11 Wheel stores, 2 Tool stores, 10 Cycles stores, 4 Custom Car stores, and 217 Tire Distribution Center stores. The number of locations was 200 (46 company-operated, 152 franchise, and 2 overseas). New openings during the period comprised 1 company-operated store, 3 franchise stores, and 2 Tire Distribution Center locations. 6 company-operated stores are planned for the second half.Number of employees
Total employee count: not disclosed. The company reported 41 new graduate hires and 24 mid-career hires for fiscal 2025.Annual Dividend
Forecast for the fiscal year ending March 2027: ¥42.5. The interim and year-end breakdowns are not disclosed.Payout ratio
Forecast for the fiscal year ending March 2027: 40.0%. The company aims for 40% in the fiscal year ending March 2029.Acquisition of treasury shares
Maximum shares to be acquired: 880,100; maximum acquisition value: ¥1,053,479,700; acquisition period: 9 November 2026 to 31 January 2027. Planned shares in the tender offer: 880,000; tender offer period: 9 November 2026 to 7 December 2026; tender offer price: ¥1,197.| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | ¥8,053 million (YoY +20.1%) |
| Operating profit | ¥471 million (YoY +63.9%) |
| Ordinary income | ¥496 million (YoY +76.1%) |
| Net income | ¥324 million (YoY +93.7%) |
| Gross Profit Margin | Rate 40.6% / Year-on-year change (points) +0.3 percentage points (difference from the displayed figure) |
| Operating profit margin | Rate 5.9% / Year-on-year change (points) +1.6 percentage points |
| Selling, general and administrative expenses | ¥2,800 million |
| Results for the three months of the current quarter | Revenue of ¥4,083 million and operating profit of ¥263 million (as shown in the graph) |
| Full-year earnings forecast | Net Sales ¥17,000 million / Operating profit ¥1,400 million / Ordinary income ¥1,420 million / Net income for the current fiscal year ¥910 million / ROE 16.7 % / ROIC 15 % |
| Progress against full-year forecast | Net Sales 47.4% / Operating profit 33.7% |
| Self-assessment against the plan | Revenue and operating profit both exceeded plan in the first half. |
| Segment results | Formal segment profit: not disclosed. Sales by business format were ¥5,001 million for the reuse business format (121.0% year on year) and ¥3,051 million for the distribution and wholesale business format (119.4%). Breakdown: store sales ¥3,538 million (123.4%), franchise-related ¥759 million (114.1%), EC commissions and web advertising ¥125 million (114.5%), overseas EC ¥73 million (106.7%), USA ¥156 million (196.6%), head office and other ¥346 million (102.3%), Tire Distribution Center ¥991 million (111.5%), Nexlink ¥2,059 million (123.6%), and recruitment services ¥0 million (8.8%). |
| Breakdown of Factors Affecting the Change | Company-operated stores 400 / FC 107 / Distribution and wholesale 16 / Other 49 / Selling, general and administrative expenses -388 |
| Key KPIs | Indicator Same-store sales at company-operated stores / Value 109.8%, Indicator Franchise all-store sales / Value 110.6%, Indicator Franchise same-store sales / Value 107.2%, Indicator Corporate purchasing amount / Value 136%, Indicator Used studless tire inventory / Value 120%, Indicator App members / Value 85 10,000 people, Indicator Number of installation reservations made through the EC channel / Value 201% |
| Unit price and quantity metrics | Average spend per customer at company-operated stores: ¥13,520 (109.2% year on year); company-operated same-store sales: 109.8%; total chain purchasing amount: 110.2% year on year in the first half. Customer numbers: not disclosed. |
| Number of stores and locations | As of the end of September 2026, the store count was 162 Main Brand stores, 99 Riders stores, 11 Wheel stores, 2 Tool stores, 10 Cycles stores, 4 Custom Car stores, and 217 Tire Distribution Center stores. The number of locations was 200 (46 company-operated, 152 franchise, and 2 overseas). New openings during the period comprised 1 company-operated store, 3 franchise stores, and 2 Tire Distribution Center locations. 6 company-operated stores are planned for the second half. |
| Number of employees | Total employee count: not disclosed. The company reported 41 new graduate hires and 24 mid-career hires for fiscal 2025. |
| Assumptions Underlying the Business Outlook | The plan calls for 7 new company-operated stores, 10 franchise stores, 30 new Tire Distribution Center members, 3 new Cycles stores, and 1 new USA store. Planned year-on-year sales are 116.5% for company-operated all-store sales, 103.0% for company-operated same-store sales, 107.5% for franchise all-store sales, and 104.5% for franchise same-store sales. |
| Medium-term management plan targets | The company aims for ROE of 20.0% and a dividend payout ratio of 40.0% in the fiscal year ending March 2029. It will promote domestic store expansion, the opening of its third US store, new businesses and M&A, and digital transformation. |
| Financial targets | ROE: 16.7% planned for the fiscal year ending March 2027 and a target of 20.0% for the fiscal year ending March 2029. ROIC: 15.0% planned for the fiscal year ending March 2027. |
| Annual Dividend | Forecast for the fiscal year ending March 2027: ¥42.5. The interim and year-end breakdowns are not disclosed. |
| Payout ratio | Forecast for the fiscal year ending March 2027: 40.0%. The company aims for 40% in the fiscal year ending March 2029. |
| Acquisition of treasury shares | Maximum shares to be acquired: 880,100; maximum acquisition value: ¥1,053,479,700; acquisition period: 9 November 2026 to 31 January 2027. Planned shares in the tender offer: 880,000; tender offer period: 9 November 2026 to 7 December 2026; tender offer price: ¥1,197. |
| New initiatives | Introduce an AI-powered purchasing appraisal function at all company-operated stores, with plans to roll it out to all franchise stores., Roll out PayPay receipt of payment for purchases to all company-operated stores., Display total EC site prices including installation fees and expand installation reservations., Negotiations are underway to open a third store in California, USA., Conduct a tender offer for the acquisition of treasury shares. |
Items this document does not state (5)
Risk amount incorporated into the outlookCapital 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.Expanding demand for reused products, sales contributions from stores opened in the previous fiscal year, higher revenue from company-operated stores, increased franchise royalties, and expanded wholesale sales to Nexlink were factors behind the increases in revenue and profit. The company also explained that the deferral of store-opening expenses planned for the first half into the second half contributed to the upside in operating profit.
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.