Worth reading
79Important
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
300
¥100 million (operating income target for the fiscal year ending March 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedOperating profit+0.1%
基準 2,026Target2,029million
Operating profit margin-2,015.0pt
基準 2,025Target10％
ROE-2,013.0pt
基準 2,025Target12％
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 ¥300 billion, operating income of ¥24 billion, operating margin of 8.0%, and ROE of 10.0% (initial targets) → Net sales of ¥330 billion, operating income of ¥27 billion, operating margin of 8.2%, and ROE of 10.0% (revised targets at the beginning of FY2024)+574.7%Calculated from the two disclosed figures
Total investment plan¥120–140 billion (funds generated during the plan period)
Investment amount by sectorField Growth Investment / Amount ¥60–80 billion, Field Shareholder Returns / Amount ¥30–60 billion, Field Maintenance and renewal / Amount ¥20–30 billion
Statements about the use of capital
Payout ratio / DOE policyDuring the period of Medium-Term Management Plan 2028, the company will maintain progressive dividends and a dividend payout ratio of at least 40%. DOE: not disclosed.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 policyThe company will acquire treasury shares flexibly, taking into account the progress of growth investments, the optimization of financial leverage, and external conditions.
Cost of capitalCost of equity: 7% (as of the end of March 2026)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Strengthen human-capital development and transform the organizational structure
02Promote DX leading to management transformation (CX)
03Optimize production functions and strengthen technological capabilities
04Deepen the Workplace Business
05Strengthen and expand the Life Place Business
06Strengthen and expand the overseas Workplace Business
07Develop solution-based businesses
08Expansion of Customer Segments
09Business Structure Reform
10Transition to a logistics systems integrator
11Select and specialize in markets and customer segments
12Accelerate the growth of the 2 acquired companies
13Expand the product lineup in line with market characteristics
Plan assumptionsDigital investment in retail stores is expected to grow at an annual rate of 13.6% from 2022 to 2030. The number of new supermarkets is expected to decline by 2.5% annually and the number of remodeled stores to increase by 0.8% annually from 2026 to 2030. Sources: various market trend reports. Exchange rates and other assumptions: not disclosed.
Segment targetSegment Work & Life Creation Business / FY2025 Results ¥22.6 billion / Fiscal 2026 Plan ¥24.5 billion / Fiscal 2028 target ¥27.0 billion, Segment Commerce Solutions Business / FY2025 Results ¥2.8 billion / Fiscal 2026 Plan ¥3.5 billion / Fiscal 2028 target ¥6 billion, Segment Smart Logitec Business / FY2025 Results -¥900 million / Fiscal 2026 Plan ¥0 / Fiscal 2028 target ¥500 million, Segment Other (powertrain and real estate) / FY2025 Results ¥200 million / Fiscal 2026 Plan ¥200 million / Fiscal 2028 target ¥500 million, Segment Overseas Workplace Business (within the Work & Life Creation Business) / FY2025 ¥600 million / Fiscal 2026 ¥1.2bn / FY2028 ¥1.8 billion
Non-financial targetsIndicator Logistics costs as a percentage of net sales / FY2025 Results 13％ / FY2035 target 8％, Indicator Months of inventory held / FY2025 Results 1.2 months / FY2035 target 0.6 months, Indicator Operating income per employee / Target +25% versus FY2025 / Timing Medium-Term Management Plan 2028, Indicator Greenhouse Gas Emissions / Target Net zero emissions / Timing FY2050
Size of the Target MarketDigital investment in retail stores: 13.6% annual growth (2022–2030). New supermarkets: down 2.5% annually; remodeled supermarkets: up 0.8% annually (2026–2030). Source: calculated from various market trend reports. Market size in monetary terms: not disclosed.
Reason for revision or withdrawal
The business environment has changed significantly due to the worsening labor shortage, rapid advances in digital technology, and increasingly diverse customer needs. Under Medium-Term Management Plan 2025, operating income remained flat for 3 years because management costs continued to rise beyond initial assumptions, including higher prices for steel and other key materials and soaring labor costs resulting from entrenched inflation, while profitability in certain businesses remained unstable.
| Item | Details |
|---|---|
| Plan name | Long-Term Vision “Beyond Breakthrough 2035” / Medium-Term Management Plan 2028 |
| Plan period | Medium-Term Management Plan 2028: fiscal years ending March 2027 through March 2029 / Long-term targets: fiscal years ending March 2027 through March 2036 |
| Progress against the plan | Formulated |
| Operating profit target | ¥26 billion (FY2026 plan) → More than ¥30 billion (target for the fiscal year ending March 2029) |
| Operating profit margin target | 7.3% (FY2025 actual) → At least 10.0% (long-term target) |
| ROE target | 11.5% (FY2025 actual) / 9.6% (underlying earnings basis excluding extraordinary gains and losses) → At least 12.0% (long-term target) |
| Payout ratio / DOE policy | During the period of Medium-Term Management Plan 2028, the company will maintain progressive dividends and a dividend payout ratio of at least 40%. DOE: not disclosed. |
| Treasury share acquisition policy | The company will acquire treasury shares flexibly, taking into account the progress of growth investments, the optimization of financial leverage, and external conditions. |
| Cost of capital | Cost of equity: 7% (as of the end of March 2026) |
| Total investment plan | ¥120–140 billion (funds generated during the plan period) |
| Investment amount by sector | Field Growth Investment / Amount ¥60–80 billion, Field Shareholder Returns / Amount ¥30–60 billion, Field Maintenance and renewal / Amount ¥20–30 billion |
| Segment target | Segment Work & Life Creation Business / FY2025 Results ¥22.6 billion / Fiscal 2026 Plan ¥24.5 billion / Fiscal 2028 target ¥27.0 billion, Segment Commerce Solutions Business / FY2025 Results ¥2.8 billion / Fiscal 2026 Plan ¥3.5 billion / Fiscal 2028 target ¥6 billion, Segment Smart Logitec Business / FY2025 Results -¥900 million / Fiscal 2026 Plan ¥0 / Fiscal 2028 target ¥500 million, Segment Other (powertrain and real estate) / FY2025 Results ¥200 million / Fiscal 2026 Plan ¥200 million / Fiscal 2028 target ¥500 million, Segment Overseas Workplace Business (within the Work & Life Creation Business) / FY2025 ¥600 million / Fiscal 2026 ¥1.2bn / FY2028 ¥1.8 billion |
| Non-financial targets | Indicator Logistics costs as a percentage of net sales / FY2025 Results 13％ / FY2035 target 8％, Indicator Months of inventory held / FY2025 Results 1.2 months / FY2035 target 0.6 months, Indicator Operating income per employee / Target +25% versus FY2025 / Timing Medium-Term Management Plan 2028, Indicator Greenhouse Gas Emissions / Target Net zero emissions / Timing FY2050 |
| Plan assumptions | Digital investment in retail stores is expected to grow at an annual rate of 13.6% from 2022 to 2030. The number of new supermarkets is expected to decline by 2.5% annually and the number of remodeled stores to increase by 0.8% annually from 2026 to 2030. Sources: various market trend reports. Exchange rates and other assumptions: not disclosed. |
| Key initiatives | Strengthen human-capital development and transform the organizational structure, Promote DX leading to management transformation (CX), Optimize production functions and strengthen technological capabilities, Deepen the Workplace Business, Strengthen and expand the Life Place Business, Strengthen and expand the overseas Workplace Business, Develop solution-based businesses, Expansion of Customer Segments, Business Structure Reform, Transition to a logistics systems integrator, Select and specialize in markets and customer segments, Accelerate the growth of the 2 acquired companies, Expand the product lineup in line with market characteristics |
| Results under the previous plan | Net sales of ¥300 billion, operating income of ¥24 billion, operating margin of 8.0%, and ROE of 10.0% (initial targets) → Net sales of ¥330 billion, operating income of ¥27 billion, operating margin of 8.2%, and ROE of 10.0% (revised targets at the beginning of FY2024) |
| Reason for revision or withdrawal | The business environment has changed significantly due to the worsening labor shortage, rapid advances in digital technology, and increasingly diverse customer needs. Under Medium-Term Management Plan 2025, operating income remained flat for 3 years because management costs continued to rise beyond initial assumptions, including higher prices for steel and other key materials and soaring labor costs resulting from entrenched inflation, while profitability in certain businesses remained unstable. |
| Size of the Target Market | Digital investment in retail stores: 13.6% annual growth (2022–2030). New supermarkets: down 2.5% annually; remodeled supermarkets: up 0.8% annually (2026–2030). Source: calculated from various market trend reports. Market size in monetary terms: not disclosed. |
| Publication date | 29 May 2026 |
Items this document does not state (6)
Sales TargetNet income targetROIC targetSelf-assessment of PBR and share priceRisks identifiedDate 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 business environment has changed significantly due to the worsening labor shortage, rapid advances in digital technology, and increasingly diverse customer needs. The company also cites the stagnation of profit under the previous medium-term management plan, caused by higher prices for steel and other materials, soaring labor costs, and unstable profitability in certain businesses, as a backdrop to its business-structure reforms and productivity improvements.
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