| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥211.0B | ¥116.8B | +80.7% |
| 営業利益 | ¥24.7B | ¥19.0B | +30.1% |
| 経常利益 | ¥23.0B | ¥19.0B | +20.8% |
| 純利益 | ¥14.0B | ¥13.1B | +7.0% |
| ROE | 5.4% | 5.0% | - |
FY2026 Q1 results: Revenue ¥211.0B (YoY +¥94.2B +80.7%), Operating Income ¥24.7B (YoY +¥5.7B +30.1%), Ordinary Income ¥23.0B (YoY +¥4.0B +20.8%), Net Income attributable to owners of the parent ¥14.0B (YoY +¥0.9B +7.0%). Top-line surged ~1.8x YoY driven by expansion in the domestic business, maintaining a high gross margin of 70.4%. However, an increase in SG&A (from ¥70.0B to ¥123.9B, +76.9%) compressed the operating margin from 16.2% to 11.7% (down 4.5pp). In addition, higher non-operating expenses (interest expense ¥0.9B, fees ¥0.9B) and a heavy effective tax rate of 38.2% reduced net margin from 11.2% to 6.6% (down 4.6pp), limiting net profit growth despite strong revenue growth.
【売上高】Revenue ¥211.0B (prior year ¥116.8B, +80.7%) was led by the Domestic Business. Segment composition: Domestic Business ¥209.6B (share 99.3%), Overseas Business ¥2.2B (share 0.7%). Domestic Business expanded sharply +81.9% YoY, achieving near-doubling of scale. Overseas Business declined slightly -4.8% YoY, with limited profit contribution (Operating Income ¥0.1B). Over 99% of revenue derives from the domestic market, with no material geographic diversification.
【損益】Cost of sales ¥62.5B (cost ratio 29.6%) produced Gross Profit ¥148.6B, Gross Margin 70.4% (prior year 76.1%). Gross margin fell 5.7pp YoY but remains a high-return structure. SG&A rose to ¥123.9B (SG&A ratio 58.7%), up 76.9% YoY, slightly below the revenue growth pace. SG&A ratio improved 1.1pp from 59.8% to 58.7%, indicating signs of scale-related efficiency. Operating Income ¥24.7B (Operating Margin 11.7%) increased +30.1% YoY, but Operating Margin declined 4.5pp from 16.2% due to higher fixed costs from growth investments. Non-operating income ¥0.2B (interest income ¥0.1B etc.) versus non-operating expenses ¥1.9B (interest expense ¥0.9B, fees ¥0.9B) resulted in Ordinary Income ¥23.0B (Ordinary Income margin 10.9%). Non-operating expenses were minimal in the prior year (¥0.1B), but financial costs rose due to changes in interest-bearing debt structure (short-term borrowings ¥60.0B, long-term borrowings ¥102.8B). Extraordinary items were minor: Extraordinary income ¥0.0B (gain on sale of fixed assets), Extraordinary loss ¥0.3B (loss on retirement of fixed assets). After deducting corporate taxes ¥8.7B (effective tax rate 38.2%), Net Income attributable to owners of the parent was ¥14.0B (Net Margin 6.6%). A rise in effective tax rate from 30.4% last year increased tax burden and constrained net income growth to +7.0%. In conclusion, revenue and profit increased, but profitability deteriorated due to margin compression.
Domestic Business: Revenue ¥209.6B (prior year ¥115.3B, +81.9%), Operating Income ¥24.5B (prior year ¥18.9B, +30.0%), Operating Margin 11.7% (prior year 16.4%). Despite revenue expansion, margin fell 4.7pp as front-loaded SG&A investments weighed on profits. Overseas Business: Revenue ¥2.2B (prior year ¥2.3B, -4.8%), Operating Income ¥0.1B (prior year ¥0.1B, +20.0%), Operating Margin 5.6% (prior year 4.4%)—improved margin but small absolute scale and limited contribution. Domestic Business accounts for over 99% of consolidated operating income, highlighting geographic concentration of earnings.
【収益性】Operating Margin 11.7% (prior year 16.2%), Net Margin 6.6% (prior year 11.2%)—both declined, showing margin compression amid revenue growth. ROE 5.4% (prior year 5.0%) edged up slightly but capital efficiency remains low. Gross Margin 70.4% reflects a high-return structure, but high SG&A ratio 58.7% causes operating-stage compression. 【キャッシュ品質】Increase in non-operating expenses (from ¥0.1B to ¥1.9B) expanded shrinkage from operating to ordinary profit. Interest coverage = Operating Income ¥24.7B ÷ Interest Expense ¥0.9B = 27.4x, which is healthy, but rising financial costs pressure earnings. 【投資効率】Total assets ¥625.7B (prior year ¥656.7B, -4.7%); implied annualized total asset turnover approximately 1.35x, suggesting slight improvement in asset efficiency. Intangible assets ¥273.1B (goodwill ¥139.7B) account for 43.6% of total assets, indicating high M&A-derived asset concentration. ROIC estimated = Operating Income ¥24.7B ÷ (Net Assets ¥260.8B + Interest-bearing Debt ¥162.8B) = 5.8%, which only marginally exceeds capital cost. 【財務健全性】Equity Ratio 41.7% (prior year 39.5%) improved, strengthening the financial base. Interest-bearing debt comprises short-term borrowings ¥60.0B and long-term borrowings ¥102.8B, total ¥162.8B, with a shift toward longer maturities from prior short-term borrowings ¥180.0B. Debt/Equity Ratio 0.62x (prior year 0.69x) declined, reflecting debt reduction. Current Ratio 103.8% (prior year 72.4%), Quick Ratio 69.7% (prior year 51.7%) both improved, though Quick Ratio remains below 70%, warranting attention to short-term liquidity.
Cash flow statement not disclosed, but balance sheet changes used to analyze funding. Cash and deposits decreased from ¥100.6B to ¥76.0B, a decline of ¥24.6B, shrinking liquidity buffer. Short-term borrowings fell ¥120.0B from ¥180.0B to ¥60.0B, while long-term borrowings rose to ¥102.8B, extending debt maturities and enhancing funding stability. Current liabilities decreased ¥134.3B from ¥346.1B to ¥211.8B, greatly easing short-term repayment pressure. Inventories rose slightly from ¥71.7B to ¥72.3B, with inventory growth restrained relative to revenue expansion. Trade receivables decreased from ¥30.7B to ¥29.9B, improving collection. Trade payables edged down from ¥30.5B to ¥29.1B, with payable days broadly unchanged. Working capital (Trade Receivables + Inventories - Trade Payables) increased ¥1.0B from ¥71.9B to ¥72.9B, indicating little change in working capital efficiency. Contract liabilities (advance receipts) decreased ¥5.8B from ¥36.8B to ¥31.0B, weakening advance funding. Fixed assets slightly decreased from ¥406.2B to ¥405.7B, with no large-scale capex observed. Debt term extension and compression of current liabilities improved financial stability, but cash decline and rigid working capital suggest weak cash generation.
Of Operating Income ¥24.7B, recurring business income constitutes the bulk; Non-operating income ¥0.2B (0.1% of revenue) is minimal. Non-operating expenses ¥1.9B mainly comprise interest expense ¥0.9B and fees ¥0.9B, recurring burdens from interest-bearing debt. Shrinkage from Operating Income to Ordinary Income was ¥1.7B, with rising financial costs slightly degrading earnings quality. Extraordinary items are limited (Extraordinary Income ¥0.0B, Extraordinary Loss ¥0.3B), so distortion from one-off factors is small. Comprehensive Income ¥14.6B exceeded Net Income ¥14.0B by ¥0.6B, mainly due to positive deferred hedge valuation ¥0.6B. The divergence between Comprehensive Income and Net Income is small, with other comprehensive income movements limited. Effective tax rate 38.2% rose from 30.4% last year, causing substantial erosion from pre-tax profit to net profit and visually worsening earnings quality. Overall, recurring business forms the core of earnings, with limited one-off distortions, but higher finance costs and a high tax rate cap the earnings ceiling.
Full Year guidance remains: Revenue ¥858.0B (YoY +71.1%), Operating Income ¥75.0B (YoY +25.2%), Ordinary Income ¥71.0B (YoY +18.7%), Net Income attributable to owners of the parent ¥47.5B. Q1 progress rates vs. full year: Revenue 24.6% (¥211.0B ÷ ¥858.0B), Operating Income 32.9% (¥24.7B ÷ ¥75.0B), Ordinary Income 32.4% (¥23.0B ÷ ¥71.0B), Net Income 29.4% (¥14.0B ÷ ¥47.5B). Revenue progress aligns with standard 25% seasonality, while Operating and Ordinary Income are running ahead above 30%. Contributing factors include SG&A ratio improvement (59.8% to 58.7%) and seasonality (higher first-half contribution). However, the effective tax rate of 38.2% may exceed full-year assumptions, posing downside risk to second-half net income progress. The front-loaded operating profit progress may converge to forecasts as second-half promotional and store-opening costs are smoothed, but current data suggests upside risk.
No dividend for the period (Dividend per share ¥0), Payout Ratio 0%. Full-year dividend forecast remains ¥0, with preference for internal reserves. Despite Net Income attributable to owners of the parent ¥14.0B in the quarter, no dividend was paid—funds are presumed allocated to growth investments, working capital stabilization, and repayment of interest-bearing debt. No share buyback announced; shareholder returns are expected to be deferred for the time being. While distributable capacity relative to full-year net income plan ¥47.5B is sufficient, the company prioritizes strengthening the financial base and growth investment; timing of dividend resumption depends on performance stability and improvements in capital efficiency.
Revenue concentration risk in the domestic market: Domestic Business accounts for 99.3% of revenue and over 99% of Operating Income, making the company highly sensitive to domestic consumption trends and competitive dynamics. Limited scale and earnings contribution from overseas operations mean geographic diversification offers little risk mitigation. If domestic market matures or competition intensifies, top-line growth may slow and margins may deteriorate further.
Impairment risk from concentration of intangible assets: Goodwill ¥139.7B and intangible assets ¥273.1B represent 43.6% of total assets, reflecting high M&A-driven asset concentration. Although PPA (purchase price allocation) resulted in partial reduction of goodwill this quarter, no impairment was recorded. If acquired businesses underperform or market conditions deteriorate, impairment risk could materialize, causing large losses relative to Net Assets ¥260.8B (goodwill/Net Assets ratio 53.6%). Low capital efficiency (ROE 5.4%) is structurally linked to high intangible asset ratio.
Margin decline and fixed-cost risk: Operating Margin fell from 16.2% to 11.7%, with a high SG&A ratio of 58.7% pressuring profitability. Revenue growth +80.7% vs. Operating Income growth +30.1% indicates weak operating leverage. If revenue growth slows, fixed-cost burden could drive further margin deterioration and net income decline. High effective tax rate 38.2% also compresses profits; without tax-efficiency improvements, shareholder return capacity will be limited.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 11.7% | – | – |
| 純利益率 | 6.6% | – | – |
Industry median data is insufficient, making relative positioning assessment difficult.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率(前年比) | 80.7% | – | – |
Revenue growth +80.7% indicates high growth, but relative position within the industry cannot be assessed due to median data limitations.
※Source: Company compilation
Q1 achieved rapid revenue expansion of +80.7% YoY, driven by Domestic Business. However, Operating Margin fell from 16.2% to 11.7% due to higher SG&A (¥70.0B → ¥123.9B, +76.9%) and increased financial costs (Non-operating expenses ¥1.9B). Full-year profit progress is ahead (Operating 32.9%, Ordinary 32.4%), aided by first-half efficiency. Smoothing of investments in H2 may bring results in line with forecasts, but current data suggests upside potential.
Financial base stabilization progressed: short-term borrowings were reduced from ¥180.0B to ¥60.0B, and debt maturities extended with long-term borrowings ¥102.8B, enhancing liquidity resilience. Equity Ratio improved from 39.5% to 41.7%, and Current Ratio rose from 72.4% to 103.8%. Cash and deposits declined ¥24.6B, but debt-structure optimization substantially eased short-term repayment pressure. Nonetheless, Quick Ratio at 69.7% remains below 70%, so short-term liquidity warrants continued attention.
High intangible asset ratio (43.6% of total assets) and low profitability (ROE 5.4%, estimated ROIC 5.8%) are structural bottlenecks for capital efficiency. Goodwill/Net Assets ratio 53.6% raises sensitivity to impairment risk, and acquired business performance will influence Net Asset stability. Improving inventory turnover, working capital efficiency, and further SG&A restraint could restore Operating Margin and ROIC, creating scope for shareholder value re-rating. Dividend will remain suspended for the time being, but distributable capacity relative to the full-year Net Income plan ¥47.5B exists; resumption of returns depends on improvement in financial metrics.
This report was automatically generated by AI analyzing XBRL financial statement data. It does not constitute a recommendation to invest in any specific securities. Industry benchmark data are compiled by our firm from public financial statements and provided for reference only. Investment decisions are your responsibility; consult a professional if necessary.