The focus for the FY2026 full-year forecast is fourth-quarter revenue of ¥2,138 million and operating profit of ¥381 million

For the nine months ended FY2026 September, revenue was ¥6,861.718 million and operating profit was ¥1,718.895 million. The full-year forecast is revenue of ¥9,000 million and operating profit of ¥2,100 million, putting simple progress rates at 76.2% for revenue and 81.9% for operating profit. Since operating profit is further along than revenue, profit is leading at this stage, but achieving the full-year forecast depends on fourth-quarter sales and margins.

Subtracting the nine-month results from the full-year forecast leaves required fourth-quarter revenue of ¥2,138.282 million and operating profit of ¥381.105 million. In the fiscal year ended September 2025, full-year revenue was ¥6,917 million and operating profit was ¥1,810 million, while nine-month revenue was ¥5,072 million and operating profit was ¥1,457 million. The prior-year fourth-quarter results can therefore be calculated at approximately ¥1,845 million in revenue and ¥353 million in operating profit. The amounts required in FY2026 accordingly represent approximately 15.9% growth in revenue and 8.0% growth in operating profit versus the prior-year fourth quarter.

The fourth-quarter operating margin implied by the required amounts is 17.8%. This is below the calculated operating margin of approximately 19.1% in the fourth quarter of FY2025. Although operating profit itself would exceed the prior-year level, the forecast could be achieved even with a substantial decline in the margin. The third-quarter presentation showed wholesale revenue of ¥3,437 million, retail revenue of ¥895 million and e-commerce revenue of ¥2,528 million, but did not disclose fourth-quarter forecasts by channel or the breakdown of the required amounts.

At the next earnings release, it will be necessary to confirm not only whether revenue reaches ¥9,000 million and operating profit reaches ¥2,100 million, but also which sales channels contributed the ¥2,138.3 million of fourth-quarter revenue. In particular, whether the strong growth in retail and e-commerce continued, and whether promotional and other expenses increased in the process of securing ¥381.1 million in operating profit, will be key points in assessing full-year sustainability. The company materials do not clearly state progress against the full-year forecast, the levels required for the remaining period or the assumptions underlying the earnings forecast, making supplementary disclosure with the full-year results important.