FY2027 full-year profitability depends on a sharp recovery in the second half

FY2027-Q1 consolidated revenue was ¥3,917.6 million, down 0.8% year on year. The operating loss was ¥466.1 million, the ordinary loss was ¥438.9 million, and the net loss attributable to owners of the parent was ¥334.9 million. The operating loss narrowed by ¥139.2 million, the ordinary loss by ¥189.1 million, and the net loss by ¥123.1 million from the same period of the previous year. Profitability improved despite the decline in revenue, but all three profit levels remained in the red.

The company's FY2027 full-year forecasts are revenue of ¥20,206 million, operating profit of ¥331 million, ordinary profit of ¥302 million, and net income attributable to owners of the parent of ¥177 million. Q1 revenue progress was approximately 19.4%, below the 25% implied by a simple equal quarterly allocation. In addition, with an operating loss of ¥466.1 million at Q1, operating results must improve by a total of ¥797.1 million over the remainder of the year to reach the full-year operating profit forecast of ¥331 million.

一蔵 has historically disclosed that revenue and profit tend to be weighted toward the second half because of the delivery timing of kimono products and the seasonality of wedding ceremonies. It is therefore too early to judge the full-year forecast unattainable based on the Q1 loss alone, but in FY2027-H1 it will be necessary to assess the accumulation of orders and scheduled ceremonies toward the second half, as well as the effects of curbing advertising expenses and fixed store-related costs. In particular, it will be important to distinguish whether losses are narrowing without a recovery in revenue from whether the earnings structure is improving in both the kimono and wedding businesses.

FY2026 full-year revenue was ¥19,446 million, with an operating loss of ¥129.975 million. The FY2027 full-year revenue forecast is up 3.9% year on year, while the operating profit forecast is ¥331 million, implying a plan to increase revenue by ¥760 million and improve operating results by ¥460.975 million. In FY2027-H1, cumulative revenue, segment profit, and company-wide operating results should be monitored, along with whether the full-year forecasts remain unchanged or are revised and the specific changes in promotional expenses, personnel expenses, and store closure-related costs.