Can first-half results exceed the simple run-rate implied by the raised full-year plan?

At the time of the most recent results for the fiscal year ended February 2026, the FY2027 revenue forecast was ¥72,000 million and the operating profit forecast was ¥3,600 million. In the first-quarter results, the revenue forecast was changed to ¥75,000 million and the operating profit forecast to ¥4,300 million, increases of ¥3,000 million and ¥700 million, respectively, from the initial forecasts. This represents increases of approximately 4.2% in revenue and 19.4% in operating profit, with the increase in the profit plan substantially exceeding that in revenue.

First-quarter revenue was ¥19,961 million and operating profit was ¥1,283 million. Progress against the full-year forecasts was 26.6% for revenue and 29.8% for operating profit, exceeding the 25% implied by three months elapsed by 1.6 and 4.8 percentage points, respectively. If the first half is simply assumed to represent 50% of the full-year forecast, revenue of ¥37,500 million and operating profit of ¥2,150 million provide reference benchmarks, requiring additional revenue of ¥17,539 million and additional operating profit of ¥867 million after the first quarter.

However, the company has not disclosed its first-half revenue and operating profit forecasts or the breakdown of seasonality, so ¥37,500 million and ¥2,150 million are merely simple elapsed-period benchmarks, not company guidance. In FY2027-H1, in addition to whether the raised full-year forecasts can be maintained, it will be necessary to assess whether operating profit of ¥4.3 billion can be achieved even if revenue growth remains concentrated in the Brand Business, and whether the decline in Apparel Business profit has widened on a cumulative second-quarter basis.