Will the first-quarter revenue growth and return to profitability continue in the first half?

Consolidated first-quarter revenue was ¥4,014 million, up ¥270 million, or 7.2%, from ¥3,744 million in the same period of the previous year. Operating profit turned from a loss of ¥87 million in the same period of the previous year to a profit of ¥109 million, while ordinary profit was ¥154 million and net profit attributable to owners of the parent was ¥98 million. The starting point for assessing the first-half results is that, in addition to higher revenue, operating profit, ordinary profit and net profit all turned positive.

Against the full-year forecasts, first-quarter progress was only 25.5% for revenue, compared with 47.0% for operating profit, 49.5% for ordinary profit and 50.3% for net profit. On a first-quarter basis, profit is running well ahead of revenue. In the first half, it will be necessary to assess not only whether revenue reaches around ¥7,866 million, equivalent to 50% of the full-year forecast, but also whether operating profit exceeds ¥116 million, half of the full-year forecast of ¥232 million, and whether the operating margin declines from the first-quarter level.

FY2026-H1 results were revenue of ¥7,999 million, operating profit of ¥206 million, ordinary profit of ¥238 million and net profit of ¥160 million. As the company has not disclosed a company plan for FY2027-H1 at this point, both the year-on-year comparison and progress against the full-year forecasts need to be considered. The company cited price revisions, lens options, conversion of hearing-aid rentals to purchases and sunglasses sales as factors behind first-quarter revenue growth, but it has not disclosed the contribution from each factor or the volume effects.

The full-year forecasts remain unchanged at revenue of ¥15,732 million, operating profit of ¥232 million, ordinary profit of ¥311 million and net profit of ¥195 million. The next results announcement is scheduled for 10 November 2026, so it will be necessary to assess whether the forecasts can be maintained at the half-year stage and whether the first-quarter profit lead was caused by the timing of one-off expense recognition. In particular, it is important to determine whether the operating margin can be maintained even if revenue growth slows from 7.2%.