FY2027 is planned to deliver higher revenue and profit, but net profit growth is expected to be nearly flat

In FY2026, revenue was ¥497,128 million, operating profit was ¥23,970 million, ordinary profit was ¥25,232 million and net profit attributable to owners of the parent was ¥16,990 million, securing higher revenue and profit across all metrics. By comparison, the company’s FY2027 forecasts are revenue of ¥541,000 million, operating profit of ¥25,300 million, ordinary profit of ¥26,500 million and net profit of ¥17,000 million. Revenue is expected to rise 8.8% year on year, operating profit 5.5% and ordinary profit 5.0%, while net profit is expected to increase just 0.1%.

The next FY2027-Q1 covers the 3 months from 1 June to 31 August 2026. FY2026-Q1 actual results were revenue of ¥121,586 million, operating profit of ¥5,633 million, ordinary profit of ¥5,908 million and quarterly net profit attributable to owners of the parent of ¥3,996 million. The first minimum benchmark for assessing initial progress against the full-year plan will be whether these figures are exceeded. In particular, if only revenue growth is secured while operating profit or net profit falls below the year-earlier quarter, it will be necessary to reassess whether expansion through new store openings and M&A is being converted into profit.

The full-year forecasts currently available are annual figures, and the company has not disclosed a standalone FY2027-Q1 plan or quarterly profit allocation. Accordingly, rather than mechanically judging full-year achievement based only on quarterly results, it will be necessary to review year-on-year revenue, operating profit, ordinary profit and net profit, cumulative progress against the full-year forecasts, and whether the full-year forecasts are maintained or revised. Another point to check is whether there have been fluctuations in non-operating or extraordinary gains and losses, such as impairment losses or M&A-related expenses, that explain the limited net profit growth.