Worth reading
90Important
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
5
¥100 million (difference from the initial consolidated operating income plan)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFirst quarter of the fiscal year ending March 202711 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Operating profit154 Hundred millions of yen+10.0%
Ordinary income128 Hundred millions of yen+3.0%
Net income90 Hundred millions of yen+14.0%
Results for the three months of the current quarterOperating income ¥15.4 billion, ordinary income ¥12.8 billion and net income ¥9.0 billion. Gross transaction volume was ¥1.406 trillion.
Full-year earnings forecast
Group gross transaction volume¥5.905 trillion
Revenue¥296.5 billion
Gross profit¥260.5 billion
Selling, general and administrative expenses¥205.0 billion
Operating profit¥55.5 billion
Ordinary income¥44.0 billion
Profit for the period¥29.5 billion
EPS¥164.0
ROE11.8%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Retail operating income is expected to exceed the initial plan by ¥500 million, fintech operating income is expected to be in line with the initial plan, and ordinary income is in line with the plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Consolidated operating profitRetail +¥900 million, fintech +¥2.3 billion, corporate eliminations +¥100 million, receivables securitization -¥1.8 billion
Retail operating incomeTenant revenue +¥800 million, events +¥300 million, e-commerce +¥100 million, expenses and other items -¥300 million, related businesses +¥100 million, special factors -¥100 million
Fintech operating incomeMerchant fees +¥1.7 billion, installment fees +¥3.8 billion, service revenue +¥700 million, points expense -¥1.1 billion, financial expenses -¥400 million, credit costs -¥1.0 billion, and other items
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Number of policy rate hikes1 hike at the beginning of the year → 2 hikes
Impact of higher interest rates on receivables securitization-¥4.0 billion annually
New initiatives
- Establishment of a share buyback program of up to ¥20.0 billion
- Specialized reopening of the unit supporting people’s “likes” on the 8th floor of Yokohama Sky Building
Key KPIsA metric the company considers important as a management benchmark.
- Group gross transaction volume¥1.406 trillionYear on year against the same period last year110%
- Card credit transaction volume¥1.2994 trillionYear on year against the same period last year110%
- Merchant fee rate1.20%Year on year against the same period last yearUp 0.02% year on year
- Installment and revolving payment fee revenue¥19.3 billionYear on year against the same period last year124%
- New memberships220,000 10,000 people
- Cardholders8.41 millionYear on year against the same period last yearUp 410,000 year on year
- Existing-store transaction volume113% of the prior yearYear on year against the same period last yearExceeded the prior-year level for 47 consecutive months
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Monthly rent per tsubo under fixed-term leasesMonthly rent per tsubo under fixed-term leases: ¥52,000 (up ¥1,000 year on year)
Unutilized space4,000 tsubo (down from 5,300 tsubo in the prior year)
Variable revenue as a percentage of total revenue23% (up 2% year on year)
Year-on-year change in installment and revolving transaction volume109%
Segment results
Retail
RevenueRetail revenue: ¥20.9 billion (up ¥600 million year on year)
Operating profitRetail operating income: ¥3.4 billion (up ¥900 million year on year)
Fintech
RevenueFintech revenue: ¥54.8 billion (up ¥5.6 billion year on year)
Operating profitFintech operating income: ¥14.0 billion (up ¥500 million year on year)
Financial targets
ROE
Full-year outlook11.8%
Year-earlier period11.6%
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Impact of higher interest rates: -¥4.0 billion (impact of receivables securitization)Capital expenditures
¥24 100 million existing investments
Acquisition of treasury shares
Buyback limitUp to ¥20.0 billion
Period10 August 2026–15 May 2027
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Operating profit | 154 Hundred millions of yen (YoY +10.0%) |
| Ordinary income | 128 Hundred millions of yen (YoY +3.0%) |
| Net income | 90 Hundred millions of yen (YoY +14.0%) |
| Results for the three months of the current quarter | Operating income ¥15.4 billion, ordinary income ¥12.8 billion and net income ¥9.0 billion. Gross transaction volume was ¥1.406 trillion. |
| Full-year earnings forecast | Group gross transaction volume ¥5.905 trillion / Revenue ¥296.5 billion / Gross profit ¥260.5 billion / Selling, general and administrative expenses ¥205.0 billion / Operating profit ¥55.5 billion / Ordinary income ¥44.0 billion / Profit for the period ¥29.5 billion / EPS ¥164.0 / ROE 11.8% |
| Self-assessment against the plan | Retail operating income is expected to exceed the initial plan by ¥500 million, fintech operating income is expected to be in line with the initial plan, and ordinary income is in line with the plan. |
| Segment results | Retail Revenue Retail revenue: ¥20.9 billion (up ¥600 million year on year) / Operating profit Retail operating income: ¥3.4 billion (up ¥900 million year on year) / Fintech Revenue Fintech revenue: ¥54.8 billion (up ¥5.6 billion year on year) / Operating profit Fintech operating income: ¥14.0 billion (up ¥500 million year on year) |
| Breakdown of Factors Affecting the Change | Consolidated operating profit Retail +¥900 million, fintech +¥2.3 billion, corporate eliminations +¥100 million, receivables securitization -¥1.8 billion / Retail operating income Tenant revenue +¥800 million, events +¥300 million, e-commerce +¥100 million, expenses and other items -¥300 million, related businesses +¥100 million, special factors -¥100 million / Fintech operating income Merchant fees +¥1.7 billion, installment fees +¥3.8 billion, service revenue +¥700 million, points expense -¥1.1 billion, financial expenses -¥400 million, credit costs -¥1.0 billion, and other items |
| Key KPIs | Indicator name Group gross transaction volume / Value ¥1.406 trillion / Year on year against the same period last year 110%, Indicator name Card credit transaction volume / Value ¥1.2994 trillion / Year on year against the same period last year 110%, Indicator name Merchant fee rate / Value 1.20% / Year on year against the same period last year Up 0.02% year on year, Indicator name Installment and revolving payment fee revenue / Value ¥19.3 billion / Year on year against the same period last year 124%, Indicator name New memberships / Value 220,000 10,000 people / Year on year against the same period last year Not disclosed, Indicator name Cardholders / Value 8.41 million / Year on year against the same period last year Up 410,000 year on year, Indicator name Existing-store transaction volume / Value 113% of the prior year / Year on year against the same period last year Exceeded the prior-year level for 47 consecutive months |
| Unit price and quantity metrics | Monthly rent per tsubo under fixed-term leases Monthly rent per tsubo under fixed-term leases: ¥52,000 (up ¥1,000 year on year) / Unutilized space 4,000 tsubo (down from 5,300 tsubo in the prior year) / Variable revenue as a percentage of total revenue 23% (up 2% year on year) / Year-on-year change in installment and revolving transaction volume 109% |
| Assumptions Underlying the Business Outlook | Number of policy rate hikes 1 hike at the beginning of the year → 2 hikes / Impact of higher interest rates on receivables securitization -¥4.0 billion annually |
| Risk amount incorporated into the outlook | Impact of higher interest rates: -¥4.0 billion (impact of receivables securitization) |
| Financial targets | ROE Full-year outlook 11.8% / Year-earlier period 11.6% |
| Acquisition of treasury shares | Buyback limit Up to ¥20.0 billion / Period 10 August 2026–15 May 2027 |
| Capital expenditures | ¥24 100 million (existing investments) |
| New initiatives | Establishment of a share buyback program of up to ¥20.0 billion, Specialized reopening of the unit supporting people’s “likes” on the 8th floor of Yokohama Sky Building |
Items this document does not state (13)
Net SalesGross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesMedium-term management plan targetsAnnual DividendPayout ratioOrders 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.In the first quarter, tenant and event revenue increased in the retail business, while both transaction-volume-linked and non-transaction-volume-linked revenue increased in fintech. For the full-year outlook, the company said that higher tenant and event revenue in retail would drive upside in operating income, while the increase in financial expenses resulting from interest-rate hikes would be absorbed by the upside in the retail business.
How to read this page
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