Worth reading
72In focus
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
100
Growth rate of the operating profit target (compared with the plan for the fiscal year ending September 2026)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,026Target2,031Hundreds of millions of yen
Operating profit+0.2%
基準 2,026Target2,031Hundreds of millions of yen
Operating profit margin+5.0pt
基準 2,026Target2,031％
ROE+5.0pt
基準 2,026Target2,031％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planNet sales of at least ¥100.0 billion, operating profit of at least ¥3.0 billion and an operating margin of at least 3.00% (fiscal year ending September 2026) → Net sales of ¥95.5 billion, operating profit of ¥1.5 billion and an operating margin of 1.57% (plan for the fiscal year ending September 2026)0.0%Calculated from the two disclosed figures
Investment amount by sectorField Store Investment / Amount ¥2.5 billion, Field DX, existing-store investments and financial capacity for expanding store openings / Amount ¥7.5 billion
Statements about the use of capital
Payout ratio / DOE policyThrough dividends, share repurchases and other measures, the Company will return at least 30% of net income to shareholders, using a DOE of approximately 4.0% as a guideline.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyPolicy Through dividends, share repurchases and other measures, the Company will return at least 30% of net income to shareholders, using a DOE of approximately 4.0% as a guideline. / Repurchase limit, timing and conditions Not disclosed
Cost of capitalCost of equity: 7.3% (calculated by the Company as of the end of the fiscal year ended September 2025)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceRating PBR, ROE and PER are all trending upward / PBR 0.78x (fiscal year ended September 2025)PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Creating thriving stores: revitalizing existing stores
02Reforming the profit structure: strengthening the foundation
03Creating sustainable value: enhancing corporate value
04Strengthening sales capabilities
05Strengthening product capabilities
06Policy for improving the profitability of stores of approximately 2,000 tsubo
07Establishing new store formats
08ESG Initiatives
09Human capital management initiatives
10Shareholder Returns
Plan assumptionsQualitative assumptions Declining Birthrate, Aging Population and Population Decline, Diversification of lifestyles and changing values, Stagnation in real disposable income, Rising energy and other costs, Growing preference for savings and increased price sensitivity, Labor Shortages and Rising Labor Costs, Intensifying competition across business formats, Entrenched price competition, Widespread adoption of e-commerce / Numerical assumptions Not disclosed
Non-financial targetsIndicator Percentage of Female Managers / Target value At least 20% / Timing Not disclosed, Indicator Paid leave utilization rate / Target value At least 70% / Timing Not disclosed, Indicator Male parental leave uptake rate / Target value 100％ / Timing Not disclosed, Indicator Employment Rate of People with Disabilities / Target value Maintain at or above the statutory employment rate / Timing Not disclosed
Risks identified by the company
Declining Birthrate, Aging Population and Population Decline
Diversification of lifestyles and changing values
Stagnation in real disposable income
Rising energy and other costs
Growing preference for savings and increased price sensitivity
Labor Shortages and Rising Labor Costs
Intensifying competition across business formats
Entrenched price competition
Widespread adoption of e-commerce
Performance fluctuations resulting from changes in the business environment, force majeure and other factors
Reason for revision or withdrawal
The numerical targets for the fiscal year ending September 2026, the final year of the plan, are expected to be missed due to factors including intensifying competition and rising labor costs. Net sales were affected by the closure of the Zentsuji store (Kagawa Prefecture), gross profit margin by consumers' increased preference for savings amid higher prices and by price competition, and operating margin by changes in the external environment, including higher personnel expenses resulting from minimum wage revisions and base-pay increases, as well as higher utility costs.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | Five years from the fiscal year ending September 2027 through the fiscal year ending September 2031 |
| Progress against the plan | Formulated |
| Sales Target | ¥95.5 billion (plan for the fiscal year ending September 2026) → ¥110.0 billion (target for the fiscal year ending September 2031)（+15.2％） |
| Operating profit target | ¥1.5 billion (plan for the fiscal year ending September 2026) → ¥3.0 billion (target for the fiscal year ending September 2031)（+100.0％） |
| Operating profit margin target | 1.57% (plan for the fiscal year ending September 2026) → 2.7% (target for the fiscal year ending September 2031; consolidated, including headquarters) |
| ROE target | 7.0% (plan for the fiscal year ending September 2026) → 11.0% (target for the fiscal year ending September 2031) |
| Payout ratio / DOE policy | Through dividends, share repurchases and other measures, the Company will return at least 30% of net income to shareholders, using a DOE of approximately 4.0% as a guideline. |
| Treasury share acquisition policy | Policy Through dividends, share repurchases and other measures, the Company will return at least 30% of net income to shareholders, using a DOE of approximately 4.0% as a guideline. / Repurchase limit, timing and conditions Not disclosed |
| Cost of capital | Cost of equity: 7.3% (calculated by the Company as of the end of the fiscal year ended September 2025) |
| Self-assessment of PBR and share price | Rating PBR, ROE and PER are all trending upward / PBR 0.78x (fiscal year ended September 2025) |
| Investment amount by sector | Field Store Investment / Amount ¥2.5 billion, Field DX, existing-store investments and financial capacity for expanding store openings / Amount ¥7.5 billion |
| Non-financial targets | Indicator Percentage of Female Managers / Target value At least 20% / Timing Not disclosed, Indicator Paid leave utilization rate / Target value At least 70% / Timing Not disclosed, Indicator Male parental leave uptake rate / Target value 100％ / Timing Not disclosed, Indicator Employment Rate of People with Disabilities / Target value Maintain at or above the statutory employment rate / Timing Not disclosed |
| Plan assumptions | Qualitative assumptions Declining Birthrate, Aging Population and Population Decline, Diversification of lifestyles and changing values, Stagnation in real disposable income, Rising energy and other costs, Growing preference for savings and increased price sensitivity, Labor Shortages and Rising Labor Costs, Intensifying competition across business formats, Entrenched price competition, Widespread adoption of e-commerce / Numerical assumptions Not disclosed |
| Key initiatives | Creating thriving stores: revitalizing existing stores, Reforming the profit structure: strengthening the foundation, Creating sustainable value: enhancing corporate value, Strengthening sales capabilities, Strengthening product capabilities, Policy for improving the profitability of stores of approximately 2,000 tsubo, Establishing new store formats, ESG Initiatives, Human capital management initiatives, Shareholder Returns |
| Results under the previous plan | Net sales of at least ¥100.0 billion, operating profit of at least ¥3.0 billion and an operating margin of at least 3.00% (fiscal year ending September 2026) → Net sales of ¥95.5 billion, operating profit of ¥1.5 billion and an operating margin of 1.57% (plan for the fiscal year ending September 2026) |
| Reason for revision or withdrawal | The numerical targets for the fiscal year ending September 2026, the final year of the plan, are expected to be missed due to factors including intensifying competition and rising labor costs. Net sales were affected by the closure of the Zentsuji store (Kagawa Prefecture), gross profit margin by consumers' increased preference for savings amid higher prices and by price competition, and operating margin by changes in the external environment, including higher personnel expenses resulting from minimum wage revisions and base-pay increases, as well as higher utility costs. |
| Risks identified | Declining Birthrate, Aging Population and Population Decline, Diversification of lifestyles and changing values, Stagnation in real disposable income, Rising energy and other costs, Growing preference for savings and increased price sensitivity, Labor Shortages and Rising Labor Costs, Intensifying competition across business formats, Entrenched price competition, Widespread adoption of e-commerce, Performance fluctuations resulting from changes in the business environment, force majeure and other factors |
| Publication date | 28 April 2026 |
Items this document does not state (6)
Net income targetROIC targetTotal investment planSegment targetSize of the Target MarketDate of board resolution
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 previous medium-term management plan was expected to fall short of its numerical targets for the final fiscal year due to factors including intensifying competition and rising labor costs. Under the new plan, the Company will steadily build on the foundation for improvement established under the previous plan and pursue deeper earnings improvement and renewed growth toward the resumption of store openings.
How to read this page
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