Worth reading
63In 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
-7
Year-on-year change in operating profit (%)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales680,215¥ millionYear on year -0.2%Progress 95.5%
Operating profit32,386¥ millionYear on year -7.0%Progress 99.6%
Ordinary income34,508¥ millionYear on year -3.9%Progress 104.6%
Net income attributable to owners of the parent29,950¥ millionYear on year -14.0%
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¥254.39
Operating Margin4.8%
Financial position at period-end
Total assets714,709¥ million
of which net assets 325,440 ¥ millionEquity ratio 43.4%vs. prior year-end +2.4pt
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+48,333
Investment-4,724
Financials-41,444
Net change+2,165
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).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 period¥57,812 million
Segment revenueDepartment Store Business ¥185,346 million (YoY -3.6%), Food Business ¥415,883 million (YoY +0.8%), Commercial facilities business ¥28,458 million (YoY -5.5%), Other Businesses ¥46,494 million (YoY +8.3%)
Segment profitDepartment Store Business ¥23,783 million (YoY -15.8%), Food Business ¥10,021 million (YoY +12.0%), Commercial facilities business ¥3,833 million (YoY -2.2%), Other Businesses ¥7,535 million (YoY +242.8%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥712,000 million (YoY +4.7%)
Operating profit¥32,500 million (YoY +0.4%)
Ordinary income¥33,000 million (YoY -4.4%)
Profit attributable to owners of the parent¥23,000 million (YoY -23.2%)
Annual Dividend Forecast¥46 → ¥48
Payout ratioFiscal year ending March 2026 18.1% / Forecast for the fiscal year ending March 2027 24.0%
Shareholder Return PolicyThe Company plans to repurchase approximately ¥30 billion of its own shares over the three-year period from fiscal 2024. Its basic policy is to provide stable profit returns and flexible shareholder returns in line with business performance.
Factors Behind Changes in Business Performance
The main factors were lower inbound sales due to the sharp drop in visitors to Japan from China, the closure of sales areas in connection with remodeling work at the Hankyu Umeda Main Store, rising prices, and one-time costs associated with the replacement of POS registers. In the food business, higher average selling prices, the introduction of new store formats, and efficiency gains from integrated operations contributed to higher revenue and income. In other businesses, full-year contributions from Ningbo Hankyu Commercial Co., Ltd. and solid performance by group companies contributed to results.
Disclosure regarding the going concern assumption
Not applicable.
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 1 company: H2O まち元気パートナーズ株式会社 / Excluded 5 companies: 株式会社神高管理 and 4 other companies / Material changes No
Material subsequent eventsOn 1 April 2026, an absorption-type merger was completed in which イズミヤ・阪急オアシス株式会社 was the surviving company and 株式会社関西スーパーマーケット was the absorbed company, and the surviving company's corporate name was changed to 株式会社関西フードマーケット. In addition, 3,656,300 common shares of TOHO CO.,LTD were transferred on 15 April 2026, and a gain on the sale of investment securities of ¥5,122 million is scheduled to be recorded in the first quarter of the fiscal year ending March 2027. Furthermore, on 12 May 2026, a resolution was passed to acquire up to 6 million treasury shares for a total acquisition price of up to ¥10.7 billion.
Impairment loss¥11,525 million. The assets covered included asset groups at Hankyu Hanshin Department Stores, including Kobe Hankyu; Izumiya and Hankyu Oasis, including the Tonomiki store; Kansai Super Market, including the HAT Kobe store; and H2O Commercial Development, among others. Of this amount, ¥883 million is included in losses related to the closure of stores and other facilities.
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of investment securities ¥13,399 million, Gain on sale of non-current assets ¥2,076 million, Subsidy Income ¥1,433 million / Total extraordinary income ¥16,909 million / Extraordinary loss Impairment Losses ¥10,641 million, Loss on Disposal of Fixed Assets ¥3,428 million, Losses on closure of stores and other facilities ¥1,115 million, Career planning support expenses ¥435 million, One-time costs associated with the restructuring of the personnel system ¥206 million, Building demolition costs ¥115 million / Total extraordinary loss ¥15,942 million
Depreciation and amortization¥24,785 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingAvailable (for institutional investors and analysts)
Issued Shares at Period-End125,201,396 shares
Treasury Shares at Period-End10,197,971 shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥680,215 million (YoY -0.2%) |
| Operating profit | ¥32,386 million (YoY -7.0%) |
| Ordinary income | ¥34,508 million (YoY -3.9%) |
| Profit attributable to owners of the parent | ¥29,950 million (YoY -14.0%) |
| Net income per share | ¥254.39 |
| Operating Margin | 4.8% |
| Equity ratio | End of the current fiscal period 43.4% / End of previous period 41.0% |
| Total assets | ¥714,709 million |
| Net assets | ¥325,440 million |
| Cash flows from operating activities | ¥48,333 million |
| Cash flows from investing activities | ¥-4,724 million |
| Cash flows from financing activities | ¥-41,444 million |
| Cash and cash equivalents at end of period | ¥57,812 million |
| Full-year earnings forecast | Net Sales ¥712,000 million (YoY +4.7%) / Operating profit ¥32,500 million (YoY +0.4%) / Ordinary income ¥33,000 million (YoY -4.4%) / Profit attributable to owners of the parent ¥23,000 million (YoY -23.2%) |
| Annual Dividend Forecast | ¥46 → ¥48 |
| Payout ratio | Fiscal year ending March 2026 18.1% / Forecast for the fiscal year ending March 2027 24.0% |
| Shareholder Return Policy | The Company plans to repurchase approximately ¥30 billion of its own shares over the three-year period from fiscal 2024. Its basic policy is to provide stable profit returns and flexible shareholder returns in line with business performance. |
| Segment revenue | Department Store Business ¥185,346 million (YoY -3.6%), Food Business ¥415,883 million (YoY +0.8%), Commercial facilities business ¥28,458 million (YoY -5.5%), Other Businesses ¥46,494 million (YoY +8.3%) |
| Segment profit | Department Store Business ¥23,783 million (YoY -15.8%), Food Business ¥10,021 million (YoY +12.0%), Commercial facilities business ¥3,833 million (YoY -2.2%), Other Businesses ¥7,535 million (YoY +242.8%) |
| Depreciation and amortization | ¥24,785 million |
| Impairment loss | ¥11,525 million. The assets covered included asset groups at Hankyu Hanshin Department Stores, including Kobe Hankyu; Izumiya and Hankyu Oasis, including the Tonomiki store; Kansai Super Market, including the HAT Kobe store; and H2O Commercial Development, among others. Of this amount, ¥883 million is included in losses related to the closure of stores and other facilities. |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of investment securities ¥13,399 million, Gain on sale of non-current assets ¥2,076 million, Subsidy Income ¥1,433 million / Total extraordinary income ¥16,909 million / Extraordinary loss Impairment Losses ¥10,641 million, Loss on Disposal of Fixed Assets ¥3,428 million, Losses on closure of stores and other facilities ¥1,115 million, Career planning support expenses ¥435 million, One-time costs associated with the restructuring of the personnel system ¥206 million, Building demolition costs ¥115 million / Total extraordinary loss ¥15,942 million |
| Disclosure regarding the going concern assumption | Not applicable. |
| 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 1 company: H2O まち元気パートナーズ株式会社 / Excluded 5 companies: 株式会社神高管理 and 4 other companies / Material changes No |
| Material subsequent events | On 1 April 2026, an absorption-type merger was completed in which イズミヤ・阪急オアシス株式会社 was the surviving company and 株式会社関西スーパーマーケット was the absorbed company, and the surviving company's corporate name was changed to 株式会社関西フードマーケット. In addition, 3,656,300 common shares of TOHO CO.,LTD were transferred on 15 April 2026, and a gain on the sale of investment securities of ¥5,122 million is scheduled to be recorded in the first quarter of the fiscal year ending March 2027. Furthermore, on 12 May 2026, a resolution was passed to acquire up to 6 million treasury shares for a total acquisition price of up to ¥10.7 billion. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Available (for institutional investors and analysts) |
| Issued Shares at Period-End | 125,201,396 shares |
| Treasury Shares at Period-End | 10,197,971 shares |
| Factors Behind Changes in Business Performance | The main factors were lower inbound sales due to the sharp drop in visitors to Japan from China, the closure of sales areas in connection with remodeling work at the Hankyu Umeda Main Store, rising prices, and one-time costs associated with the replacement of POS registers. In the food business, higher average selling prices, the introduction of new store formats, and efficiency gains from integrated operations contributed to higher revenue and income. In other businesses, full-year contributions from Ningbo Hankyu Commercial Co., Ltd. and solid performance by group companies contributed to results. |
Items this document does not state (3)
Revision to Earnings ForecastRegional salesOrders received and order backlog
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.Sales were affected by the decline in inbound sales due to the sharp drop in visitors to Japan from China, the closure of sales areas in connection with remodeling work at the Hankyu Umeda Main Store, and rising prices. Operating income decreased due to lower gross profit resulting from the decline in revenue and higher one-time costs associated with the replacement of POS registers. Although gains on the sale of investment securities and other extraordinary gains were recorded, net income decreased because impairment losses and losses on disposal of fixed assets, among other extraordinary losses, were recorded.
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