Worth reading
43Recurring
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
-676
¥ million (year-on-year change in consolidated revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsSecond quarter (interim period) of the fiscal year ending March 20277 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥3,141 million-18.0%
Operating profit¥-48 million
Operating profit margin-1.5 %
Selling, general and administrative expenses¥1,082 million
Full-year earnings forecast
Company-wide revenue
¥7,992 million
NB revenue
¥4,863 million
DTC revenue
¥3,027 million
Operating profit
¥153 million
Operating profit margin
1.9 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Decline in NB (Royal Canin veterinary diets) revenue¥-192 million
- Decline in DTC brand revenue¥-56 million
- Improved DTC brand profit structure¥128 million
- Lower variable costs and control of strategic investment¥112 million
- Improved profit structure from the shift to DTC (improvement in gross profit)¥72 million
- Increase in fixed costs and other factors¥-43 million
New initiatives
- Expand the number of subscription-eligible SKUs from approximately 1,700 to approximately 5,700
- Launch the premium food product “VETSOne Premium PURE RICH”
- Begin sales through veterinary hospitals of veterinary diets and flea and tick treatments
- Build a “dog outing ecosystem” through a capital and business alliance with the Seibu Group
- Develop an outing app, with reciprocal customer referrals and points integration
- Continue considering M&A involving companies with high gross profit margins
Key KPIsA metric the company considers important as a management benchmark.
- DTC revenue mix37 %Year on year against the same period last year+3pt
- Subscription commerce revenue¥455 millionYear on year against the same period last year102%
- Subscription commerce revenue as a percentage of DTC revenue46 %Year on year against the same period last year+3pt
- Active purchasers41 10,000 peopleYear on year against the same period last year84%
- Cumulative unique purchasers283 10,000 peopleYear on year against the same period last year106%
- Percentage of SKUs covered by the subscription service95 %
- Equity ratio39.4 %Year on year against the same period last year+7.4 pts (from the end of the previous fiscal year)
Segment results
Pet Commerce Business
Net Sales
¥3,005 million-19.0%
Segment profit
¥129 million+334.0%
Pet Media Business
Net Sales
¥129 million+13.0%
Segment profit
¥21 million-6.0%
Medium-term management plan targets
TargetRoadmap targeting a market capitalization of ¥10 billion, with LTV maximization through the creation of an ecosystem from the fiscal year ending March 2030 onward
Target fiscal yearFiscal year ending March 2027, fiscal years ending March 2028 to March 2029, and fiscal year ending March 2030 onward
Market Size / Share
- Dog-outing market size4,000 Billions of yen
- Global Pawprint Economy5,000 Over $100 million 2030 forecast
Number of employees
Number of EmployeesConsolidated: 56 people (at the end of September 2026); non-consolidated: 51 people (at the end of March 2026)
| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending March 2027 |
| Net Sales | ¥3,141 million (YoY -18.0%) |
| Operating profit | ¥-48 million |
| Operating profit margin | -1.5 % |
| Selling, general and administrative expenses | ¥1,082 million |
| Full-year earnings forecast | Company-wide revenue ¥7,992 million / NB revenue ¥4,863 million / DTC revenue ¥3,027 million / Operating profit ¥153 million / Operating profit margin 1.9 % |
| Segment results | Pet Commerce Business Net Sales ¥3,005 million (YoY -19.0%) / Segment profit ¥129 million (YoY +334.0%) / Pet Media Business Net Sales ¥129 million (YoY +13.0%) / Segment profit ¥21 million (YoY -6.0%) |
| Breakdown of Factors Affecting the Change | Factors Decline in NB (Royal Canin veterinary diets) revenue / Amount ¥-192 million, Factors Decline in DTC brand revenue / Amount ¥-56 million, Factors Improved DTC brand profit structure / Amount ¥128 million, Factors Lower variable costs and control of strategic investment / Amount ¥112 million, Factors Improved profit structure from the shift to DTC (improvement in gross profit) / Amount ¥72 million, Factors Increase in fixed costs and other factors / Amount ¥-43 million |
| Key KPIs | Indicator name DTC revenue mix / Value 37 % / Year on year against the same period last year +3pt, Indicator name Subscription commerce revenue / Value ¥455 million / Year on year against the same period last year 102%, Indicator name Subscription commerce revenue as a percentage of DTC revenue / Value 46 % / Year on year against the same period last year +3pt, Indicator name Active purchasers / Value 41 10,000 people / Year on year against the same period last year 84%, Indicator name Cumulative unique purchasers / Value 283 10,000 people / Year on year against the same period last year 106%, Indicator name Percentage of SKUs covered by the subscription service / Value 95 % / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 39.4 % / Year on year against the same period last year +7.4 pts (from the end of the previous fiscal year) |
| Number of employees | Number of Employees Consolidated: 56 people (at the end of September 2026); non-consolidated: 51 people (at the end of March 2026) / Change during the period Not disclosed / Hiring plan Not disclosed |
| Medium-term management plan targets | Target Roadmap targeting a market capitalization of ¥10 billion, with LTV maximization through the creation of an ecosystem from the fiscal year ending March 2030 onward / Target fiscal year Fiscal year ending March 2027, fiscal years ending March 2028 to March 2029, and fiscal year ending March 2030 onward / Comparison with actual results Not disclosed |
| Market Size / Share | Item Dog-outing market size / Value 4,000 Billions of yen, Item Global Pawprint Economy / Value 5,000 Over $100 million (2030 forecast) |
| New initiatives | Expand the number of subscription-eligible SKUs from approximately 1,700 to approximately 5,700, Launch the premium food product “VETSOne Premium PURE RICH”, Begin sales through veterinary hospitals of veterinary diets and flea and tick treatments, Build a “dog outing ecosystem” through a capital and business alliance with the Seibu Group, Develop an outing app, with reciprocal customer referrals and points integration, Continue considering M&A involving companies with high gross profit margins |
Items this document does not state (17)
Ordinary incomeNet incomeGross Profit MarginResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey 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.NB revenue declined because of the negative rebound from the end of sales in the previous fiscal year of Royal Canin veterinary diets. DTC revenue declined because of selective price increases and control of advertising and promotional investment. Operating profit and loss improved as a result of an improved profit structure from the shift to DTC and lower strategic investment and variable costs.
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.