First-quarter revenue growth was concentrated in logistics equipment, while household-related products stagnated

Revenue for the first quarter of FY2027 was ¥2,368.547 million. Household-related products accounted for ¥1,450.651 million, or 61.2% of the total, while logistics equipment accounted for ¥917.896 million, or 38.8%. Year on year, household-related products declined 0.1% and logistics equipment increased 10.2%, meaning the company-wide 3.6% revenue growth depended on the expansion of logistics equipment.

Segment profit was ¥48.381 million for household-related products and ¥170.698 million for logistics equipment. The corresponding figures a year earlier were ¥52.368 million and ¥108.127 million, representing an approximately 57.9% increase for logistics equipment and an approximately 7.6% decline for household-related products. Segment profit margins also differed substantially, at approximately 18.6% for logistics equipment and 3.3% for household-related products, confirming that logistics equipment has become the main driver of profit growth.

The company attributed the increase in logistics equipment revenue to the overlapping recognition of revenue from several large projects ordered by the end of the previous fiscal year. The key issue for the six months ended September will therefore be whether the ¥170.698 million in first-quarter logistics equipment profit reflects sustained demand growth or a temporary boost from project timing. For household-related products, the company cited reduced consumer spending due to rising prices and a pullback from the strong performance at the end of the previous fiscal year. The focus will be on whether the segment can restore its profit margin while maintaining revenue of ¥1,450.651 million.

As of the first quarter, the company had provided qualitative guidance that order-taking activity was progressing smoothly, but it had not disclosed the amounts of orders received or the order backlog. In the next earnings release, the focus will be on whether the company discloses logistics equipment orders received, order backlog, the backlog of large projects, as well as sales volumes and the effects of price revisions for household-related products. Without this information, it will be difficult to determine from financial figures alone whether the first quarter's concentration in logistics equipment will continue beyond the second quarter.