Worth reading
59In focus
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
-3.9
%Wording
Conditional
How definitive the wording is.Results for this period
Interim period (second quarter)1 April 2026 to 30 September 2026ConsolidatedJapanese GAAPNet Sales9,515¥ millionYear on year -3.9%Progress 50.6%
Operating profit-948¥ million
Ordinary income-770¥ million
Net income attributable to owners of the parent-258¥ million
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share-¥87.73
Financial position at period-end
Total assets24,922¥ million
of which net assets 12,734 ¥ millionEquity ratio 51.1%vs. prior year-end +1.6pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating-542
Investment+1,121
Financials-1,754
Net change-1,175
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥2,312 million
Segment revenueShoe retail business ¥6,216 million (YoY -2.3%), Shoe wholesale business ¥3,294 million (YoY -6.8%), Other (non-reportable segments) ¥61 million (YoY -17.7%)
Segment profitShoe retail business ¥-651 million, Shoe wholesale business ¥-302 million, Other (non-reportable segments) ¥2 million (YoY -50.4%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥18,800 million
Operating profit¥-840 million
Ordinary income¥-720 million
Net income¥170 million
Revision to Earnings ForecastNot disclosed → Net Sales 18,800 / Operating profit -840 / Ordinary income -720 / Net income 170
Annual Dividend Forecast¥75 → ¥30（-60.0%）
Factors Behind Changes in Business Performance
Revenue declined due to consumers' increased tendency to save amid rising consumer prices, higher raw material prices and product procurement costs, weak sales of Regal, the company's main women's footwear brand, and unfavorable weather conditions. Operating and ordinary losses widened due to the decrease in gross profit resulting from lower revenue, among other factors, while extraordinary income was recognized on the sale of fixed assets and investment securities.
Disclosure regarding the going concern assumption
No applicable matters
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidation0 companies added and 0 companies removed. No material change in the scope of consolidation during the period.
Material subsequent eventsThe company resolved to sell part of its investment securities and expects to recognize a gain on sale of approximately ¥260 million as extraordinary income in the fiscal year ending February 2027. It also resolved to dissolve and liquidate Suzhou 麗格皮革制品有限公司, an equity-method affiliate that is not consolidated. Total extraordinary losses, including business-restructuring expenses, are expected to be approximately ¥300 million.
Impairment lossNone applicable (no impairment loss on fixed assets applicable to any reporting segment)
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥252 million, Gain on sale of investment securities ¥434 million / Extraordinary loss Valuation loss on investments in affiliates ¥174 million, Loss on disposal of fixed assets ¥18 million
Depreciation and amortization¥241 million
Availability of Supplementary Financial Results MaterialsNo
Availability of Financial Results BriefingNone (対象者: none)
Issued Shares at Period-End3,250,000
Treasury Shares at Period-End369,944
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2026 to 30 September 2026 |
| Net Sales | ¥9,515 million (YoY -3.9%) |
| Operating profit | ¥-948 million |
| Ordinary income | ¥-770 million |
| Profit attributable to owners of the parent | ¥-258 million |
| Net income per share | -¥87.73 |
| Equity ratio | End of the current fiscal period 51.1 / End of previous period 49.5 |
| Total assets | ¥24,922 million |
| Net assets | ¥12,734 million |
| Cash flows from operating activities | ¥-542 million |
| Cash flows from investing activities | ¥1,121 million |
| Cash flows from financing activities | ¥-1,754 million |
| Cash and cash equivalents at end of period | ¥2,312 million |
| Full-year earnings forecast | Net Sales ¥18,800 million / Operating profit ¥-840 million / Ordinary income ¥-720 million / Net income ¥170 million |
| Revision to Earnings Forecast | Not disclosed → Net Sales 18,800 / Operating profit -840 / Ordinary income -720 / Net income 170 |
| Annual Dividend Forecast | ¥75 → ¥30（-60.0%） |
| Segment revenue | Shoe retail business ¥6,216 million (YoY -2.3%), Shoe wholesale business ¥3,294 million (YoY -6.8%), Other (non-reportable segments) ¥61 million (YoY -17.7%) |
| Segment profit | Shoe retail business ¥-651 million, Shoe wholesale business ¥-302 million, Other (non-reportable segments) ¥2 million (YoY -50.4%) |
| Depreciation and amortization | ¥241 million |
| Impairment loss | None applicable (no impairment loss on fixed assets applicable to any reporting segment) |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥252 million, Gain on sale of investment securities ¥434 million / Extraordinary loss Valuation loss on investments in affiliates ¥174 million, Loss on disposal of fixed assets ¥18 million |
| Disclosure regarding the going concern assumption | No applicable matters |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | 0 companies added and 0 companies removed. No material change in the scope of consolidation during the period. |
| Material subsequent events | The company resolved to sell part of its investment securities and expects to recognize a gain on sale of approximately ¥260 million as extraordinary income in the fiscal year ending February 2027. It also resolved to dissolve and liquidate Suzhou 麗格皮革制品有限公司, an equity-method affiliate that is not consolidated. Total extraordinary losses, including business-restructuring expenses, are expected to be approximately ¥300 million. |
| Availability of Supplementary Financial Results Materials | No |
| Availability of Financial Results Briefing | None (対象者: none) |
| Issued Shares at Period-End | 3,250,000 |
| Treasury Shares at Period-End | 369,944 |
| Factors Behind Changes in Business Performance | Revenue declined due to consumers' increased tendency to save amid rising consumer prices, higher raw material prices and product procurement costs, weak sales of Regal, the company's main women's footwear brand, and unfavorable weather conditions. Operating and ordinary losses widened due to the decrease in gross profit resulting from lower revenue, among other factors, while extraordinary income was recognized on the sale of fixed assets and investment securities. |
Items this document does not state (5)
Operating MarginPayout ratioShareholder Return PolicyRegional salesOrders received and order backlog
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.Revenue declined due to consumers' increased tendency to save amid rising consumer prices, higher raw material prices and product procurement costs, and weak sales of Regal, the company's main women's footwear brand. Operating and ordinary losses widened due to the decrease in gross profit resulting from lower revenue, among other factors.
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