Worth reading
62In 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
20.8
¥100 million (year-on-year decrease in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ended February 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales584.5 Hundreds of millions of yen-3.4%
Operating profit13 Hundreds of millions of yen-52.2%
Ordinary income14.4 Hundreds of millions of yen-49.1%
Net income41.1 Hundreds of millions of yen+2.7%
Gross Profit Margin60.9 %
Operating profit margin2.2 %
Selling, general and administrative expenses343 Hundreds of millions of yen
Results for the three months of the current quarter
Fourth quarter of the fiscal year ended February 2026
Net Sales
158.49 Hundreds of millions of yen
Year-on-year change in revenue93
Full-year earnings forecast
Net Sales
600 Hundreds of millions of yen
Gross profit
372 Hundreds of millions of yen
Selling, general and administrative expenses
351 Hundreds of millions of yen
Core operating profit
23 Hundreds of millions of yen
Operating profit
21 Hundreds of millions of yen
Ordinary income
20 Hundreds of millions of yen
Net income
40.2 Hundreds of millions of yen
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Operating profit met the plan, while ordinary profit and net income exceeded the plan. Revenue exceeded the plan by ¥150 million, but the gross margin was 0.2 percentage points below the plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
BLUE LABEL/BLACK LABEL CRESTBRIDGE total
-8.2 Hundreds of millions of yen
DetailsDecline in Revenue
BAKER STREET
-8 Hundreds of millions of yen
DetailsDecline in Revenue
Women's apparel (excluding AMACA)
-4.9 Hundreds of millions of yen
DetailsDecline in Revenue
Department stores
-29.9 Hundreds of millions of yen
DetailsDecline in Revenue
Other channels
9.1 Hundreds of millions of yen
DetailsRevenue growth
Net Sales
-20.8 Hundreds of millions of yen
DetailsYear-on-year decrease
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
New store openings for the fiscal year ending February 2027Department stores: 6 selling spaces in the first half and 3 in the second half; directly operated stores: 1 selling space in the first half and 4 in the second half; outlets: 1 selling space in the first half
Procurement plan for the fiscal year ending February 2027
184.3 Hundreds of millions of yen
Finished goods inventory plan at the end of the fiscal year ending February 2027
73.3 Hundreds of millions of yen
Scheduled handover of head office landAugust 2027
New initiatives
- Appointment of a new director for BLUE LABEL CRESTBRIDGE
- Rebuilding BLACK LABEL CRESTBRIDGE and strengthening its suit business
- Strengthening the rollout of multi-brand concept stores, including SANYO Style STORE and EPOCA THE SHOP
- Launch of new brands, including AUREME
- Expanding sales of BIANCA, an e-commerce-only brand
- Strengthening investment in human capital through the reconstruction of the head office building
Key KPIsA metric the company considers important as a management benchmark.
- Full-price sales ratio59.5 %Year on year against the same period last year-4.9%
- Average selling price¥23,000Year on year against the same period last year-800.0%
- Sales to non-member customers91 Year-on-year %
- Customer sales104 Year-on-year %
- Member sales (Royal)112 Year-on-year %
- Member sales (Silver)102 Year-on-year %
- Member sales (Standard)102 Year-on-year %
- Equity ratio68.3 %Year on year against the same period last year-0.6%
- Debt-to-equity ratio (DER)0.18 times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Average selling price
¥23,000
Year on year against the same period last year-800.0%
Financial targets
ROE
Target value10 %
Equity ratio
Actual value68.3 %
Debt-to-equity ratio (DER)
Actual value0.18 times
Market Size / Share
Department store apparel market97% year on year
Number of stores and locations
Stores closed during the period17 fewer stores than in the same period of the previous year (excluding the impact of converting existing stores into multi-brand shops)
Acquisition of treasury shares
Share repurchases are mentioned, but the amount, number of shares and period for the repurchase program are Not disclosed| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ended February 2026 |
| Net Sales | 584.5 Hundreds of millions of yen (YoY -3.4%) |
| Operating profit | 13 Hundreds of millions of yen (YoY -52.2%) |
| Ordinary income | 14.4 Hundreds of millions of yen (YoY -49.1%) |
| Net income | 41.1 Hundreds of millions of yen (YoY +2.7%) |
| Gross Profit Margin | 60.9 % |
| Operating profit margin | 2.2 % |
| Selling, general and administrative expenses | 343 Hundreds of millions of yen |
| Results for the three months of the current quarter | Net Sales 158.49 Hundreds of millions of yen / Year-on-year change in revenue 93 / Subject Fourth quarter of the fiscal year ended February 2026 |
| Full-year earnings forecast | Net Sales 600 Hundreds of millions of yen / Gross profit 372 Hundreds of millions of yen / Selling, general and administrative expenses 351 Hundreds of millions of yen / Core operating profit 23 Hundreds of millions of yen / Operating profit 21 Hundreds of millions of yen / Ordinary income 20 Hundreds of millions of yen / Net income 40.2 Hundreds of millions of yen |
| Self-assessment against the plan | Operating profit met the plan, while ordinary profit and net income exceeded the plan. Revenue exceeded the plan by ¥150 million, but the gross margin was 0.2 percentage points below the plan. |
| Breakdown of Factors Affecting the Change | BLUE LABEL/BLACK LABEL CRESTBRIDGE total -8.2 Hundreds of millions of yen / BAKER STREET -8 Hundreds of millions of yen / Women's apparel (excluding AMACA) -4.9 Hundreds of millions of yen / Department stores -29.9 Hundreds of millions of yen / Other channels 9.1 Hundreds of millions of yen / Net Sales -20.8 Hundreds of millions of yen |
| Key KPIs | Indicator name Full-price sales ratio / Value 59.5 % / Year on year against the same period last year -4.9 %, Indicator name Average selling price / Value ¥23,000 / Year on year against the same period last year ¥-800, Indicator name Sales to non-member customers / Value 91 Year-on-year % / Year on year against the same period last year Not disclosed, Indicator name Customer sales / Value 104 Year-on-year % / Year on year against the same period last year Not disclosed, Indicator name Member sales (Royal) / Value 112 Year-on-year % / Year on year against the same period last year Not disclosed, Indicator name Member sales (Silver) / Value 102 Year-on-year % / Year on year against the same period last year Not disclosed, Indicator name Member sales (Standard) / Value 102 Year-on-year % / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 68.3 % / Year on year against the same period last year -0.6 %, Indicator name Debt-to-equity ratio (DER) / Value 0.18 times / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Average selling price ¥23,000 / Sales volume Not disclosed / Number of Customers Not disclosed |
| Number of stores and locations | Number at period-end Not disclosed / Stores opened during the period Not disclosed / Stores closed during the period 17 fewer stores than in the same period of the previous year (excluding the impact of converting existing stores into multi-brand shops) |
| Assumptions Underlying the Business Outlook | New store openings for the fiscal year ending February 2027 Department stores: 6 selling spaces in the first half and 3 in the second half; directly operated stores: 1 selling space in the first half and 4 in the second half; outlets: 1 selling space in the first half / Procurement plan for the fiscal year ending February 2027 184.3 Hundreds of millions of yen / Finished goods inventory plan at the end of the fiscal year ending February 2027 73.3 Hundreds of millions of yen / Scheduled handover of head office land August 2027 |
| Financial targets | ROE Target value 10 % / Equity ratio Actual value 68.3 % / Debt-to-equity ratio (DER) Actual value 0.18 times |
| Acquisition of treasury shares | Share repurchases are mentioned, but the amount, number of shares and period for the repurchase program are Not disclosed |
| Market Size / Share | Department store apparel market 97% year on year |
| New initiatives | Appointment of a new director for BLUE LABEL CRESTBRIDGE, Rebuilding BLACK LABEL CRESTBRIDGE and strengthening its suit business, Strengthening the rollout of multi-brand concept stores, including SANYO Style STORE and EPOCA THE SHOP, Launch of new brands, including AUREME, Expanding sales of BIANCA, an e-commerce-only brand, Strengthening investment in human capital through the reconstruction of the head office building |
Items this document does not state (10)
Progress against full-year forecastSegment resultsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioCapital 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.For the fiscal year ended February 2026, the reasons cited for the decline in revenue included unusual weather conditions, uncertainty surrounding domestic and international political and economic conditions, weaker consumer sentiment due to rising prices, sluggish inbound tourism sales, and a decrease in selling space resulting from department store closures and renovations. The decline in the proportion of full-price sales resulting from increased promotional sales was cited as a factor behind the deterioration in the gross margin. For the fiscal year ending February 2027, initiatives to increase revenue and improve earnings include new store openings, brand restructuring, a review of the pricing strategy, shorter MD cycles, and stronger inventory management.
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