FY2026 full-year plan is weighted toward revenue growth, with achievement of fourth-quarter profit the key focus.

Revenue for the first 3 quarters of the fiscal year ending August 2026 was ¥24,566 million, operating profit was ¥2,691 million, ordinary profit was ¥2,689 million, and net profit was ¥1,877 million. The full-year forecasts are revenue of ¥33,081 million, operating profit of ¥3,804 million, ordinary profit of ¥3,791 million, and net profit of ¥2,551 million. Progress for the first 3 quarters was 74.3% for revenue and 70.8% for operating profit. The company says that third-quarter operating profit and progress against the full-year plan were broadly in line with plan.

Based on a simple balance calculation, achieving full-year revenue requires ¥8,515 million in the fourth quarter, while achieving the operating profit target requires ¥1,113 million. Standalone third-quarter revenue was ¥8,094 million and operating profit was ¥502 million, meaning that fourth-quarter revenue must exceed standalone third-quarter revenue by approximately ¥421 million, while operating profit must be approximately 2.2 times the standalone third-quarter figure. The remaining operating profit burden is large relative to revenue, and control of fourth-quarter gross margin, advertising expenses, logistics costs, and personnel expenses will determine whether the plan is achieved.

The company says that, in line with normal seasonality, the fourth quarter is expected to account for a slightly larger share of second-half revenue than the third quarter, while the profit contribution from strategic investments is expected to emerge mainly in the fourth quarter. Accordingly, it will be necessary to assess not only whether fourth-quarter revenue increases, but also the extent to which expenses for the WBC tournament sponsorship, related marketing, and TV commercials for Mother’s Day and Father’s Day carried out in the third quarter translated into fourth-quarter purchase volumes, average purchase value, existing-customer revenue, and gross profit.

Because quarterly financial statements for the same period of the previous year were not prepared following the change in the fiscal year-end, the earnings summary does not present the usual year-on-year comparison. However, the earnings presentation states that standalone third-quarter revenue increased 89.0% year on year, revenue for the first 3 quarters increased 82.9%, and operating profit for the first 3 quarters increased 50.5%. In the next full-year disclosure, it will also be necessary to confirm the method of comparison with FY2025, which covered 7 months, the assumptions underlying the fourth-quarter plan, and the bridge by expense item to operating profit of ¥3,804 million.