Worth reading
60In 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
436650
¥ millionWording
Definitive
How definitive the wording is.Contents of this document
Earnings presentationFourth quarter of the fiscal year ended March 2025 (full-year FY2025, fiscal year ending March 2026)10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥436,650 million+8.3%
Operating profit¥5,422 million+47.0%
Ordinary income¥5,113 million+46.5%
Net income¥3,280 million-3.7%
Selling, general and administrative expenses102,365 million yen; SG&A expense-to-revenue ratio of 23.4%
Operating profit margin1.2%, up 0.3 percentage points year on year
Results for the three months of the current quarter4Q FY2025 (January–March): revenue of ¥111,617 million, operating profit of ¥2,340 million, ordinary income of ¥2,244 million, and net income of ¥478 million
Full-year earnings forecastFY2026 (fiscal year ending March 2027): revenue of ¥438,000 million, gross profit of ¥114,500 million, SG&A expenses of ¥108,500 million, operating profit of ¥6,000 million, ordinary income of ¥5,500 million, and net income of ¥3,500 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue exceeded the plan, but operating profit and operating margin, as well as capital efficiency indicators including ROE, all fell short of targetBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Year-on-year change in operating profit: gross profit +¥8.4 billion, personnel expenses −¥2.9 billion, rent and land rents −¥0.6 billion, logistics costs −¥0.6 billion, advertising and promotional expenses +¥0.3 billion, and other expenses −¥0.2 billion
New initiatives
Consolidation of up to approximately 15 unprofitable stores, establishment of a private-label product development office and launch of private-label products, development of an OMO strategy, enhancement of the outlet strategy, and entry into the made-to-order renovation business in cooperation with ジョーシンリフォーム近畿Key KPIsA metric the company considers important as a management benchmark.
Free cash flow of ¥9,579 million (positive for the second consecutive period), net debt-to-equity ratio of 0.32x, and PBR of 0.72xMedium-term management plan targets
JT-2028 Management Plan: operating profit of at least ¥10 billion in FY2028, ROE of at least 7.0%, a payout ratio of at least 40%, and DOE of at least 2.5%. Private-label products to account for 10% of sales; private-label gross margin to improve by 5% from FY2024; and more than 500 SKUsFinancial targets
ROE of at least 7.0% under the JT-2028 Management Plan. Actual ROE in FY2025 was 3.1%. The net debt-to-equity ratio was 0.32x as of the end of March 2026Number of stores and locations
220 stores as of the end of March 2026 (217 directly operated stores and 3 franchise stores). In FY2025, 4 stores were opened and 2 were closedAnnual Dividend
Annual dividend of ¥100 per share (interim/final breakdown: Not disclosed)Payout ratio
Actual payout ratio for FY2025 was 78.9%. The JT-2028 Plan targets a payout ratio of at least 40% and DOE of at least 2.5%Gross profit
¥107,787 million; gross profit margin of 24.7%, down 0.6 percentage points year on year| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fourth quarter of the fiscal year ended March 2025 (full-year FY2025, fiscal year ending March 2026) |
| Net Sales | ¥436,650 million (YoY +8.3%) |
| Operating profit | ¥5,422 million (YoY +47.0%) |
| Ordinary income | ¥5,113 million (YoY +46.5%) |
| Net income | ¥3,280 million (YoY -3.7%) |
| Gross profit | ¥107,787 million; gross profit margin of 24.7%, down 0.6 percentage points year on year |
| Operating profit margin | 1.2%, up 0.3 percentage points year on year |
| Selling, general and administrative expenses | 102,365 million yen; SG&A expense-to-revenue ratio of 23.4% |
| Results for the three months of the current quarter | 4Q FY2025 (January–March): revenue of ¥111,617 million, operating profit of ¥2,340 million, ordinary income of ¥2,244 million, and net income of ¥478 million |
| Full-year earnings forecast | FY2026 (fiscal year ending March 2027): revenue of ¥438,000 million, gross profit of ¥114,500 million, SG&A expenses of ¥108,500 million, operating profit of ¥6,000 million, ordinary income of ¥5,500 million, and net income of ¥3,500 million |
| Self-assessment against the plan | Revenue exceeded the plan, but operating profit and operating margin, as well as capital efficiency indicators including ROE, all fell short of target |
| Breakdown of Factors Affecting the Change | Year-on-year change in operating profit: gross profit +¥8.4 billion, personnel expenses −¥2.9 billion, rent and land rents −¥0.6 billion, logistics costs −¥0.6 billion, advertising and promotional expenses +¥0.3 billion, and other expenses −¥0.2 billion |
| Key KPIs | Free cash flow of ¥9,579 million (positive for the second consecutive period), net debt-to-equity ratio of 0.32x, and PBR of 0.72x |
| Number of stores and locations | 220 stores as of the end of March 2026 (217 directly operated stores and 3 franchise stores). In FY2025, 4 stores were opened and 2 were closed |
| Medium-term management plan targets | JT-2028 Management Plan: operating profit of at least ¥10 billion in FY2028, ROE of at least 7.0%, a payout ratio of at least 40%, and DOE of at least 2.5%. Private-label products to account for 10% of sales; private-label gross margin to improve by 5% from FY2024; and more than 500 SKUs |
| Financial targets | ROE of at least 7.0% under the JT-2028 Management Plan. Actual ROE in FY2025 was 3.1%. The net debt-to-equity ratio was 0.32x as of the end of March 2026 |
| Annual Dividend | Annual dividend of ¥100 per share (interim/final breakdown: Not disclosed) |
| Payout ratio | Actual payout ratio for FY2025 was 78.9%. The JT-2028 Plan targets a payout ratio of at least 40% and DOE of at least 2.5% |
| New initiatives | Consolidation of up to approximately 15 unprofitable stores, establishment of a private-label product development office and launch of private-label products, development of an OMO strategy, enhancement of the outlet strategy, and entry into the made-to-order renovation business in cooperation with ジョーシンリフォーム近畿 |
Items this document does not state (11)
Progress against full-year forecastSegment resultsUnit price and quantity metricsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey 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.The increase in gross profit supported operating profit, while higher personnel expenses, rent and land rents, logistics costs and other expenses weighed on it. On the revenue side, increases in internet sales, entertainment and mobile phone sales were reported.
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