Worth reading
70In 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
-80
¥100 million (amount of the revision to the sales target for the fiscal year ending February 2028)Wording
Conditional
How definitive the wording is.Contents of this document
Medium-Term Management Plan PresentationActual results for the fiscal year ended February 2026 and plans for the fiscal years ending February 2027 and February 20289 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales584.5 (actual results for the fiscal year ended February 2026), 600.0 (plan for the fiscal year ending February 2027), 620.0 (plan for the fiscal year ending February 2028)
Operating profit13.0 (actual results for the fiscal year ended February 2026), 21.0 (plan for the fiscal year ending February 2027), 13.0 (plan for the fiscal year ending February 2028)
Ordinary income14.4 (actual results for the fiscal year ended February 2026), 20.0 (plan for the fiscal year ending February 2027), 12.0 (plan for the fiscal year ending February 2028)
Net income41.1 (actual results for the fiscal year ended February 2026), 40.2 (plan for the fiscal year ending February 2027), 40.8 (plan for the fiscal year ending February 2028)
Gross Profit Margin60.9% (actual results for the fiscal year ended February 2026), 62.0% (plan for the fiscal year ending February 2027), 62.3% (plan for the fiscal year ending February 2028)
Operating profit margin2.2% (actual results for the fiscal year ended February 2026), 3.5% (plan for the fiscal year ending February 2027), 2.1% (plan for the fiscal year ending February 2028)
Selling, general and administrative expenses343.0 (actual results for the fiscal year ended February 2026), 351.0 (plan for the fiscal year ending February 2027), 373.0 (plan for the fiscal year ending February 2028)
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The target was not achieved for the fiscal year ended February 2026; results for the previous fiscal year fell significantly short of the original planNew initiatives
- Strengthening the EC-exclusive BIANCA brand
- Launching the new AUREME brand for fall/winter 2026
- Preparing for the 2027 launch of HANAE MORI
- Trial rollout of Paul Stuart Golf
- Overseas wholesale, cross-border EC and participation in overseas trade shows
- Investment in brand growth and renovation of the SS Aomori Plant
- Continued consideration of M&A opportunities
- Stock split scheduled for 1 September 2026
- Expansion of the shareholder benefits program
Key KPIsA metric the company considers important as a management benchmark.
- Full-price sales ratio64% (actual results for the fiscal year ended February 2025), 70% target (fiscal year ending February 2028)
- ROE10.3% (actual results for the fiscal year ended February 2026), 10.0% (plan for the fiscal year ending February 2027), 10.2% (plan for the fiscal year ending February 2028)
- PBR1.08x (fiscal year ended February 2026)Year on year against the same period last yearUp from 0.75x in the fiscal year ended February 2025
- Garment collection rate3.6% and 92,000 items (fiscal year ended February 2026)
- CDP Climate Change scoreA-Year on year against the same period last yearUp 1 point year on year
Medium-term management plan targets
Long-term targets are sales of ¥100.0 billion, an operating margin of 10% and ROE of 10% in 2035. For the fiscal year ending February 2028, the final year of the revised medium-term plan, the targets are sales of ¥62.0 billion, core operating profit of ¥2.5 billion and net income of ¥4.08 billionFinancial targets
ROE of 10.2% (plan for the fiscal year ending February 2028), with a target of achieving a PBR above 1x. PBR was 1.08x in the fiscal year ended February 2026Market Size / Share
Upper-middle market: 9.1 million households with annual incomes of ¥8 million to ¥15 million, representing 17%; middle market: 11.2 million households with annual incomes of ¥5 million to ¥8 million, representing 21%; among othersAnnual Dividend
Forecast annual dividend of ¥147 for the fiscal year ending February 2027 (interim dividend of ¥72 and year-end dividend of ¥75), and planned annual dividend of ¥158 for the fiscal year ending February 2028Payout ratio
not disclosed. A DOE policy of 4% was disclosedAcquisition of treasury shares
Up to 500,000 shares and ¥2.0 billion, through 31 August 2026. 500,000 shares were acquired in October 2025| Item | Details |
|---|---|
| Document type | Medium-Term Management Plan Presentation |
| Fiscal Period Covered | Actual results for the fiscal year ended February 2026 and plans for the fiscal years ending February 2027 and February 2028 |
| Net Sales | 584.5 (actual results for the fiscal year ended February 2026), 600.0 (plan for the fiscal year ending February 2027), 620.0 (plan for the fiscal year ending February 2028) |
| Operating profit | 13.0 (actual results for the fiscal year ended February 2026), 21.0 (plan for the fiscal year ending February 2027), 13.0 (plan for the fiscal year ending February 2028) |
| Ordinary income | 14.4 (actual results for the fiscal year ended February 2026), 20.0 (plan for the fiscal year ending February 2027), 12.0 (plan for the fiscal year ending February 2028) |
| Net income | 41.1 (actual results for the fiscal year ended February 2026), 40.2 (plan for the fiscal year ending February 2027), 40.8 (plan for the fiscal year ending February 2028) |
| Gross Profit Margin | 60.9% (actual results for the fiscal year ended February 2026), 62.0% (plan for the fiscal year ending February 2027), 62.3% (plan for the fiscal year ending February 2028) |
| Operating profit margin | 2.2% (actual results for the fiscal year ended February 2026), 3.5% (plan for the fiscal year ending February 2027), 2.1% (plan for the fiscal year ending February 2028) |
| Selling, general and administrative expenses | 343.0 (actual results for the fiscal year ended February 2026), 351.0 (plan for the fiscal year ending February 2027), 373.0 (plan for the fiscal year ending February 2028) |
| Self-assessment against the plan | The target was not achieved for the fiscal year ended February 2026; results for the previous fiscal year fell significantly short of the original plan |
| Key KPIs | Indicator name Full-price sales ratio / Value 64% (actual results for the fiscal year ended February 2025), 70% target (fiscal year ending February 2028) / Year on year against the same period last year Not disclosed, Indicator name ROE / Value 10.3% (actual results for the fiscal year ended February 2026), 10.0% (plan for the fiscal year ending February 2027), 10.2% (plan for the fiscal year ending February 2028) / Year on year against the same period last year Not disclosed, Indicator name PBR / Value 1.08x (fiscal year ended February 2026) / Year on year against the same period last year Up from 0.75x in the fiscal year ended February 2025, Indicator name Garment collection rate / Value 3.6% and 92,000 items (fiscal year ended February 2026) / Year on year against the same period last year Not disclosed, Indicator name CDP Climate Change score / Value A- / Year on year against the same period last year Up 1 point year on year |
| Medium-term management plan targets | Long-term targets are sales of ¥100.0 billion, an operating margin of 10% and ROE of 10% in 2035. For the fiscal year ending February 2028, the final year of the revised medium-term plan, the targets are sales of ¥62.0 billion, core operating profit of ¥2.5 billion and net income of ¥4.08 billion |
| Financial targets | ROE of 10.2% (plan for the fiscal year ending February 2028), with a target of achieving a PBR above 1x. PBR was 1.08x in the fiscal year ended February 2026 |
| Annual Dividend | Forecast annual dividend of ¥147 for the fiscal year ending February 2027 (interim dividend of ¥72 and year-end dividend of ¥75), and planned annual dividend of ¥158 for the fiscal year ending February 2028 |
| Payout ratio | not disclosed. A DOE policy of 4% was disclosed |
| Acquisition of treasury shares | Up to 500,000 shares and ¥2.0 billion, through 31 August 2026. 500,000 shares were acquired in October 2025 |
| Market Size / Share | Upper-middle market: 9.1 million households with annual incomes of ¥8 million to ¥15 million, representing 17%; middle market: 11.2 million households with annual incomes of ¥5 million to ¥8 million, representing 21%; among others |
| New initiatives | Strengthening the EC-exclusive BIANCA brand, Launching the new AUREME brand for fall/winter 2026, Preparing for the 2027 launch of HANAE MORI, Trial rollout of Paul Stuart Golf, Overseas wholesale, cross-border EC and participation in overseas trade shows, Investment in brand growth and renovation of the SS Aomori Plant, Continued consideration of M&A opportunities, Stock split scheduled for 1 September 2026, Expansion of the shareholder benefits program |
Items this document does not state (13)
Results for the three months of the current quarterFull-year earnings forecastProgress against full-year forecastSegment resultsBreakdown of Factors Affecting the ChangeUnit price and quantity metricsNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookCapital expendituresOrders 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.Results for the fiscal year ended February 2026 fell significantly short of the original plan, and the gap between the assumptions underlying the plan and current conditions widened considerably due to insufficient strengthening of product appeal and sales capabilities, changes in the sales cycle resulting from longer summers, a review of the product strategy's bias toward heavy apparel, stronger consumer concerns about protecting household finances amid geopolitical risks and rising prices, and concerns about deterioration in the upper-middle and premium goods markets.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.