Worth reading
79Important
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
2604
¥ million (year-on-year decrease in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ended February 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales502,059 million yen+3.7%
Operating profit22,397 million yen-10.4%
Ordinary income20,754 million yen-11.0%
Net income12,263 million yen-13.7%
Selling, general and administrative expenses180,854 million yen
Operating profit margin4.5%, down 0.7 percentage points year on year
Results for the three months of the current quarterFourth quarter: sales of ¥124,127 million (104.9% year on year), gross profit of ¥46,200 million (105.2%), operating income of ¥3,895 million (92.4%), ordinary income of ¥3,708 million (95.2%), and net income attributable to owners of the parent of ¥1,355 million (53.8%)
Full-year earnings forecastFiscal year ending February 2027: operating revenue of ¥543,500 million, sales of ¥525,000 million, gross profit of ¥196,000 million, operating revenue of ¥18,500 million, selling, general and administrative expenses of ¥191,500 million, operating income of ¥23,000 million, ordinary income of ¥21,000 million, and net income attributable to owners of the parent of ¥12,500 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Exceeded the revised planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Year-on-year decrease in operating income: ¥2,604 million. Impact on gross margin: foreign exchange +0.20%, selling-price changes -0.35%, improved initial margins +0.10%, improved subsidiary gross margins +0.13%, other -0.19%, total -0.11%. Increase in selling, general and administrative expenses: personnel expenses +¥3,903 million, rent and other expenses +¥3,462 million, freight paid +¥979 million, commission fees paid +¥739 million, other +¥203 million, total +¥9,286 million
New initiatives
Investment in アレンザホールディングス and a capital and business alliance; a basic agreement on a capital and business alliance with バローホールディングス; making ボーダレス株式会社 a subsidiary; bringing ホームセンターみつわ and I’nTホールディングス into the group; trial operation of autonomous trucks; introduction of a demand-forecasting ordering system; and launch of the company-wide ヒトみらい会議Key KPIsA metric the company considers important as a management benchmark.
Same-store sales: -0.4% year on year. Same-store customer count: -1.7%. Same-store average spend per customer: +1.3%. コーナンプラス membership exceeded 1 million. PB products developed: approximately 4,200 SKUs. PRO-format sales: ¥147,712 million. Sales generated by directing customers from e-commerce to stores: approximately 120% year on year. Increase in sales driven from stores to e-commerce: approximately +2.5%Unit price and quantity metricsThese figures show sales broken down by price and volume.
Same-store customer count: -1.7% year on year; same-store average spend per customer: +1.3%. コーナンプラス members spent ¥895 more per customer than 楽天 members, while a trial initiative in certain areas of Kansai increased monthly spending per person by 7%Segment results
Consolidated HC: sales of ¥337,781 million (102.0% year on year), gross margin of 38.44%, operating margin of 5.3%. Consolidated PRO: sales of ¥147,712 million (106.2%), gross margin of 34.01%, operating margin of 6.4%. 建デポ: sales of ¥52,247 million (103.4%), gross margin of 31.91%. ホームセンターみつわ group total: sales of ¥24,273 million (103.3%), gross margin of 29.80%. ホームセンターみつわ: sales of ¥1,219 million. I’nTホールディングス: sales of ¥1,874 million. コーナンベトナム: sales of ¥4,358 million (105.5%), gross margin of 35.47%Medium-term management plan targets
Target for the final year of the Fourth Medium-Term Management Plan: PRO-format sales of ¥190,000 million. PRO-format sales in the fiscal year ended February 2026 were ¥147,712 million. The final-year target for コーナンプラス membership is shown graphically, but the figure is not disclosed in a readable formFinancial targets
Debt-to-equity ratio of 1.26x (1.25x at the end of the previous fiscal year) and equity ratio of 34.4%. Target value: Not disclosedMarket Size / Share
Average same-store sales growth among 9 listed home-improvement retailers: -1.7% year on year. The company's same-store sales: -0.4%Number of stores and locations
As of the end of February 2026, 671 stores (652 in Japan and 19 overseas), with 34 openings and 4 closures. Planned openings for the fiscal year ending February 2027: 32 stores; projected store count at the end of February 2027: 701Capital expenditures
¥254 hundred million actual for the fiscal year ended February 2026
Acquisition of treasury shares
The materials state that ¥5,382 million was spent on share buybacks and dividends, but the buyback limit, number of shares and period are not disclosedGross profit
¥185,532 million, gross margin 36.95%, down 0.11 percentage points year on year| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ended February 2026 |
| Net Sales | 502,059 million yen (YoY +3.7%) |
| Operating profit | 22,397 million yen (YoY -10.4%) |
| Ordinary income | 20,754 million yen (YoY -11.0%) |
| Net income | 12,263 million yen (YoY -13.7%) |
| Gross profit | ¥185,532 million, gross margin 36.95%, down 0.11 percentage points year on year |
| Operating profit margin | 4.5%, down 0.7 percentage points year on year |
| Selling, general and administrative expenses | 180,854 million yen |
| Results for the three months of the current quarter | Fourth quarter: sales of ¥124,127 million (104.9% year on year), gross profit of ¥46,200 million (105.2%), operating income of ¥3,895 million (92.4%), ordinary income of ¥3,708 million (95.2%), and net income attributable to owners of the parent of ¥1,355 million (53.8%) |
| Full-year earnings forecast | Fiscal year ending February 2027: operating revenue of ¥543,500 million, sales of ¥525,000 million, gross profit of ¥196,000 million, operating revenue of ¥18,500 million, selling, general and administrative expenses of ¥191,500 million, operating income of ¥23,000 million, ordinary income of ¥21,000 million, and net income attributable to owners of the parent of ¥12,500 million |
| Self-assessment against the plan | Exceeded the revised plan |
| Segment results | Consolidated HC: sales of ¥337,781 million (102.0% year on year), gross margin of 38.44%, operating margin of 5.3%. Consolidated PRO: sales of ¥147,712 million (106.2%), gross margin of 34.01%, operating margin of 6.4%. 建デポ: sales of ¥52,247 million (103.4%), gross margin of 31.91%. ホームセンターみつわ group total: sales of ¥24,273 million (103.3%), gross margin of 29.80%. ホームセンターみつわ: sales of ¥1,219 million. I’nTホールディングス: sales of ¥1,874 million. コーナンベトナム: sales of ¥4,358 million (105.5%), gross margin of 35.47% |
| Breakdown of Factors Affecting the Change | Year-on-year decrease in operating income: ¥2,604 million. Impact on gross margin: foreign exchange +0.20%, selling-price changes -0.35%, improved initial margins +0.10%, improved subsidiary gross margins +0.13%, other -0.19%, total -0.11%. Increase in selling, general and administrative expenses: personnel expenses +¥3,903 million, rent and other expenses +¥3,462 million, freight paid +¥979 million, commission fees paid +¥739 million, other +¥203 million, total +¥9,286 million |
| Key KPIs | Same-store sales: -0.4% year on year. Same-store customer count: -1.7%. Same-store average spend per customer: +1.3%. コーナンプラス membership exceeded 1 million. PB products developed: approximately 4,200 SKUs. PRO-format sales: ¥147,712 million. Sales generated by directing customers from e-commerce to stores: approximately 120% year on year. Increase in sales driven from stores to e-commerce: approximately +2.5% |
| Unit price and quantity metrics | Same-store customer count: -1.7% year on year; same-store average spend per customer: +1.3%. コーナンプラス members spent ¥895 more per customer than 楽天 members, while a trial initiative in certain areas of Kansai increased monthly spending per person by 7% |
| Number of stores and locations | As of the end of February 2026, 671 stores (652 in Japan and 19 overseas), with 34 openings and 4 closures. Planned openings for the fiscal year ending February 2027: 32 stores; projected store count at the end of February 2027: 701 |
| Medium-term management plan targets | Target for the final year of the Fourth Medium-Term Management Plan: PRO-format sales of ¥190,000 million. PRO-format sales in the fiscal year ended February 2026 were ¥147,712 million. The final-year target for コーナンプラス membership is shown graphically, but the figure is not disclosed in a readable form |
| Financial targets | Debt-to-equity ratio of 1.26x (1.25x at the end of the previous fiscal year) and equity ratio of 34.4%. Target value: Not disclosed |
| Acquisition of treasury shares | The materials state that ¥5,382 million was spent on share buybacks and dividends, but the buyback limit, number of shares and period are not disclosed |
| Capital expenditures | ¥254 hundred million (actual for the fiscal year ended February 2026) |
| Market Size / Share | Average same-store sales growth among 9 listed home-improvement retailers: -1.7% year on year. The company's same-store sales: -0.4% |
| New initiatives | Investment in アレンザホールディングス and a capital and business alliance; a basic agreement on a capital and business alliance with バローホールディングス; making ボーダレス株式会社 a subsidiary; bringing ホームセンターみつわ and I’nTホールディングス into the group; trial operation of autonomous trucks; introduction of a demand-forecasting ordering system; and launch of the company-wide ヒトみらい会議 |
Items this document does not state (8)
Progress against full-year forecastNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAnnual DividendPayout ratioOrders 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.Sales increased as new stores added to revenue and PRO products, daily consumables and food posted growth, while the increase in gross profit fell short of the increase in selling, general and administrative expenses. The gross margin declined by 0.11 percentage points due mainly to the impact of selling-price changes, while selling, general and administrative expenses increased by ¥9,286 million, primarily reflecting higher personnel expenses and rent.
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