Worth reading
39Recurring
Scored from 5 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
8.7
% (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Results for this period
First quarter1 January 2026–31 March 2026ConsolidatedJapanese GAAPNet Sales108,099million yenYear on year +8.7%Progress 27.7%
Operating profit13,848million yenYear on year +2.7%Progress 51.3%
Ordinary income14,517million yenYear on year +11.4%Progress 54.2%
Net income attributable to owners of the parent10,091million yenYear on year +0.8%
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¥23.46
Financial position at period-end
Total assets352,123million yen
of which net assets 261,053 million yenEquity ratio 73.1%vs. prior year-end +2.2pt
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-9,955
Investment-4,420
Financials-5,448
Net change-19,823
Stacked from zero: upward is an increase in cash, downward a decrease (in million yen).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 period90,983 million yen
Segment revenueFurniture business 57,257 million yen (YoY +6.4%), Business Supplies Distribution business 29,912 million yen (YoY +12.7%), Stationery business 23,727 million yen (YoY +8.8%), Interior Retail business 5,533 million yen (YoY +2.7%)
Segment profitFurniture business 12,721 million yen (YoY +1.4%), Business Supplies Distribution business 1,306 million yen (YoY -3.0%), Stationery business 2,509 million yen (YoY +18.1%), Interior Retail business 138 million yen (YoY -9.6%)
Regional sales97,564 million yen, 10,523 million yen
Outlook and shareholder returns
Full-year earnings forecast
Net Sales390,000 million yen (YoY +8.4%)
Operating profit27,000 million yen (YoY +2.9%)
Ordinary income26,800 million yen (YoY -1.6%)
Profit attributable to owners of the parent20,300 million yen (YoY -5.5%)
Revision to Earnings ForecastNo
Annual Dividend Forecast24.5 Yen per share (after taking the stock split into account) → 24.5 Yen per share (after taking the stock split into account)（0.0%）
Factors Behind Changes in Business Performance
Revenue increased due to progress in acquiring projects in Japan for the Furniture business, expansion of Benrinet in the Business Supplies Distribution business, and growth in the overseas business of the Stationery business, among other factors. While higher revenue had a positive impact on operating profit, it was affected by temporarily lower profitability due to large-scale sales, strategic expenditure, and measures to strengthen the organizational structure.
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 consolidationNew Number of companies 0 / Company name Not disclosed / Excluded Number of companies 0 / Company name Not disclosed
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets 21 million yen, Gain on sale of investment securities 219 million yen, Reversal of allowance for doubtful accounts 8 million yen, Reversal of provision for loss on business of an affiliated company 23 million yen / Extraordinary loss Impairment Losses on Shares of Affiliates 66 million yen, Provision for loss on guarantees of debt 15 million yen, Costs of the 120th anniversary commemorative project 5 million yen
Depreciation and amortization2,154 million yen
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for institutional investors and securities analysts)
Issued Shares at Period-End440,969,852 Shares
Treasury Shares at Period-End10,729,535 Shares
| Item | Details |
|---|---|
| Fiscal Period Classification | First quarter |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 January 2026–31 March 2026 |
| Net Sales | 108,099 million yen (YoY +8.7%) |
| Operating profit | 13,848 million yen (YoY +2.7%) |
| Ordinary income | 14,517 million yen (YoY +11.4%) |
| Profit attributable to owners of the parent | 10,091 million yen (YoY +0.8%) |
| Net income per share | ¥23.46 |
| Equity ratio | End of the current fiscal period 73.1 / End of previous period 70.9 |
| Total assets | 352,123 million yen |
| Net assets | 261,053 million yen |
| Cash flows from operating activities | -9,955 million yen |
| Cash flows from investing activities | -4,420 million yen |
| Cash flows from financing activities | -5,448 million yen |
| Cash and cash equivalents at end of period | 90,983 million yen |
| Full-year earnings forecast | Net Sales 390,000 million yen (YoY +8.4%) / Operating profit 27,000 million yen (YoY +2.9%) / Ordinary income 26,800 million yen (YoY -1.6%) / Profit attributable to owners of the parent 20,300 million yen (YoY -5.5%) |
| Revision to Earnings Forecast | No |
| Annual Dividend Forecast | 24.5 Yen per share (after taking the stock split into account) → 24.5 Yen per share (after taking the stock split into account)（0.0%） |
| Segment revenue | Furniture business 57,257 million yen (YoY +6.4%), Business Supplies Distribution business 29,912 million yen (YoY +12.7%), Stationery business 23,727 million yen (YoY +8.8%), Interior Retail business 5,533 million yen (YoY +2.7%) |
| Segment profit | Furniture business 12,721 million yen (YoY +1.4%), Business Supplies Distribution business 1,306 million yen (YoY -3.0%), Stationery business 2,509 million yen (YoY +18.1%), Interior Retail business 138 million yen (YoY -9.6%) |
| Regional sales | 97,564 million yen, 10,523 million yen |
| Depreciation and amortization | 2,154 million yen |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets 21 million yen, Gain on sale of investment securities 219 million yen, Reversal of allowance for doubtful accounts 8 million yen, Reversal of provision for loss on business of an affiliated company 23 million yen / Extraordinary loss Impairment Losses on Shares of Affiliates 66 million yen, Provision for loss on guarantees of debt 15 million yen, Costs of the 120th anniversary commemorative project 5 million yen |
| 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 | New Number of companies 0 / Company name Not disclosed / Excluded Number of companies 0 / Company name Not disclosed |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for institutional investors and securities analysts) |
| Issued Shares at Period-End | 440,969,852 Shares |
| Treasury Shares at Period-End | 10,729,535 Shares |
| Factors Behind Changes in Business Performance | Revenue increased due to progress in acquiring projects in Japan for the Furniture business, expansion of Benrinet in the Business Supplies Distribution business, and growth in the overseas business of the Stationery business, among other factors. While higher revenue had a positive impact on operating profit, it was affected by temporarily lower profitability due to large-scale sales, strategic expenditure, and measures to strengthen the organizational structure. |
Items this document does not state (6)
Operating MarginPayout ratioShareholder Return PolicyOrders received and order backlogImpairment lossMaterial subsequent events
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 increased due to the acquisition of projects in Japan by the Furniture business, the expansion of Benrinet in the Business Supplies Distribution business, and overseas growth in the Stationery business. While higher revenue had a positive impact on operating profit, profitability was temporarily reduced by large-scale sales, and operating profit was affected by strategic expenditure and measures to strengthen the organizational structure.
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