Revenue and profit remain down, and a recovery in Q4 profit is needed to meet the full-year forecast

For the nine months ended FY2026年9月期, revenue was ¥71,325 million, operating profit was ¥1,227 million, ordinary profit was ¥1,300 million and cumulative net profit since the interim period was ¥867 million. Year on year, revenue fell 1.4%, operating profit 21.2%, ordinary profit 21.5% and net profit 26.0%, with profit declining more sharply than revenue. Operating profit, ordinary profit and net profit all remained positive, but the continued downside in profit is the starting point for the next results.

The full-year forecasts were revenue of ¥95,500 million, operating profit of ¥1,500 million, ordinary profit of ¥1,600 million and net profit of ¥1,100 million, and had not been revised as of the third-quarter results in July 2026. Progress against the full-year forecasts was approximately 74.7% for revenue, 81.8% for operating profit, 81.3% for ordinary profit and 78.8% for net profit. Operating profit alone had already covered most of the forecast, but given the substantial year-on-year decline, the high progress rate alone does not make achievement highly certain.

A simple calculation indicates that Q4 requires revenue of ¥24,175 million, operating profit of ¥273 million, ordinary profit of ¥300 million and net profit of ¥233 million. The results provided did not quantify Q4 seasonality, monthly same-store trends, or changes in average spend and customer numbers resulting from price increases. Accordingly, the next results should be assessed directly on whether Q4 revenue recovered year on year and whether the operating margin improved from the nine-month level.

The company cited customers holding back purchases and adopting a more cost-conscious approach as prices rose, higher personnel and other costs, and competition among companies across traditional business boundaries as factors behind the profit decline. However, it did not disclose a quantitative bridge showing how many millions of yen each factor reduced operating profit. The next results should be checked for additional explanations of customer numbers, gross profit, selling, general and administrative expenses and seasonal factors in the second half, in addition to whether the full-year forecast is maintained or revised.