FY2027 H1: Can Q1 earnings growth carry through to the full-year earnings decline plan?

The next results announcement is scheduled for 13 November 2026. In Q1 of the fiscal year ending March 2027, 魚力 reported revenue of ¥10,577 million, operating profit of ¥277 million, ordinary profit of ¥574 million, and net income attributable to owners of the parent of ¥377 million, representing year-on-year increases of 4.0%, 18.1%, 32.5% and 27.3%, respectively. Meanwhile, the full-year forecast revised in August calls for revenue of ¥44,700 million, operating profit of ¥1,210 million, ordinary profit of ¥1,670 million and net income of ¥1,080 million. Although revenue is expected to increase, operating profit is forecast to decline 22.1% from the previous fiscal year.

Q1 results represented 23.7% of the full-year revenue forecast, 22.9% of the operating profit forecast, 34.4% of the ordinary profit forecast and 34.9% of the net income forecast. Revenue and operating profit were broadly in line with the 25% elapsed-quarter benchmark, indicating that, at least on a standalone Q1 basis, performance was not significantly behind plan. However, the high progress rates for ordinary profit and net income include the effects of non-operating income and expenses, taxes and other factors, and therefore do not establish that operating performance is progressing smoothly. The company has not disclosed quarterly seasonality or specific H1 targets.

Using half of the full-year forecast as a simple H1 benchmark gives revenue of ¥22,350 million, operating profit of ¥605 million, ordinary profit of ¥835 million and net income of ¥540 million. This is not an H1 plan provided by the company, but a mechanical benchmark that does not account for seasonality. Next time, in addition to Q2 standalone revenue and operating profit, it will be necessary to examine the growth in same-store sales, the continuing effects of price revisions, and the extent to which increases in personnel and logistics costs were absorbed, and to verify whether Q1 earnings growth was reproduced across H1 as a whole.