Worth reading
59In focus
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Direction inferred from the company’s description.Scale
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Displayed only when the document provides numerical figures.Wording
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How definitive the wording is.Items stated in the management plan
Partially revisedROENot disclosed → 4.1% for fiscal 2026, 5.8% for fiscal 2030
ROICNot disclosed → 3.7% for fiscal 2026, 6.6% for fiscal 2030
Only the target level is shown because the current level for comparison was not provided.Total investment plan860 Hundreds of millions of yen
Investment amount by sectorField Stores and non-store operations / Amount ¥72.0 billion, Field Supply chain and digital investment / Amount ¥8 billion, Field Environmental and green investment / Amount ¥6 billion
Statements about the use of capital
Payout ratio / DOE policyOur basic policy is to provide stable and sustainable returns to shareholders, and to enhance shareholder returns through medium- to long-term profit growth. Numerical targets for the payout ratio and DOE: not disclosed. Target period: medium to long term.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of equity: approximately 4.4% (estimated using CAPM)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR is currently below 1x, standing at 0.80x at the end of the fiscal year ending February 2026. We recognize that improving capital profitability and securing ROE above the cost of capital are important to improving PBR.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Establishment of a corporate culture
02Reform of existing businesses
03Integration of business infrastructure and creation of synergies
04Advancing ESG Management
05Strengthening IR and SR activities
Reason for revision or withdrawal
PBR is currently below 1x, and we recognize that it is important to further increase corporate value. Improving PBR requires enhancing capital profitability and securing ROE above the cost of capital. In addition, we revisited our analysis of the current situation and recognition of issues relating to the content disclosed on 23 July 2025, and updated the details of our initiatives for future improvement.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan for the Fiscal Years 2024-2026 |
| Plan period | Fiscal years 2024-2026 (including targets for fiscal 2030) |
| Progress against the plan | Partially revised |
| ROE target | Not disclosed → 4.1% for fiscal 2026, 5.8% for fiscal 2030 |
| ROIC target | Not disclosed → 3.7% for fiscal 2026, 6.6% for fiscal 2030 |
| Payout ratio / DOE policy | Our basic policy is to provide stable and sustainable returns to shareholders, and to enhance shareholder returns through medium- to long-term profit growth. Numerical targets for the payout ratio and DOE: not disclosed. Target period: medium to long term. |
| Cost of capital | Cost of equity: approximately 4.4% (estimated using CAPM) |
| Self-assessment of PBR and share price | PBR is currently below 1x, standing at 0.80x at the end of the fiscal year ending February 2026. We recognize that improving capital profitability and securing ROE above the cost of capital are important to improving PBR. |
| Total investment plan | 860 Hundreds of millions of yen |
| Investment amount by sector | Field Stores and non-store operations / Amount ¥72.0 billion, Field Supply chain and digital investment / Amount ¥8 billion, Field Environmental and green investment / Amount ¥6 billion |
| Key initiatives | Establishment of a corporate culture, Reform of existing businesses, Integration of business infrastructure and creation of synergies, Advancing ESG Management, Strengthening IR and SR activities |
| Reason for revision or withdrawal | PBR is currently below 1x, and we recognize that it is important to further increase corporate value. Improving PBR requires enhancing capital profitability and securing ROE above the cost of capital. In addition, we revisited our analysis of the current situation and recognition of issues relating to the content disclosed on 23 July 2025, and updated the details of our initiatives for future improvement. |
| Publication date | 23 June 2026 |
Items this document does not state (12)
Sales TargetOperating profit targetOperating profit margin targetNet income targetTreasury share acquisition policySegment targetNon-financial targetsPlan assumptionsResults under the previous planSize of the Target MarketRisks identifiedDate of board resolution
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.PBR is currently below 1x, and we recognize that improving capital profitability and securing ROE above the cost of capital are important to increasing corporate value. In addition, we revisited our analysis of the current situation and recognition of issues relating to the content disclosed on 23 July 2025, and updated our initiatives for future improvement.
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