| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥8131.6B | - | - |
| 営業利益 | ¥363.9B | - | +2.9% |
| 経常利益 | ¥357.3B | - | +1.7% |
| 純利益 | ¥243.2B | - | - |
| ROE | 11.8% | - | - |
For the cumulative Q2 of the fiscal year ending March 2026, revenue reached ¥8131.6B (YoY +11.0%), Operating Income was ¥363.9B (YoY +2.9%), Ordinary Income was ¥357.3B (YoY +1.7%), and Net Income attributable to owners of the parent was ¥235.96B (YoY +1.3%), resulting in year-over-year revenue and profit growth. Revenue grew double digits driven by recovery in traffic at existing stores and contributions from new store openings, achieving an 11% increase. The operating margin improved slightly to 4.5%. Gross margin was maintained at 23.8% and SG&A ratio was contained at 23.0%, securing operating-level profit growth. At the ordinary level, interest expense of ¥10.6B is a burden, but an interest coverage ratio of 34.4x indicates interest costs are comfortably absorbable. Extraordinary losses of ¥32.1B (of which impairment was ¥29.9B) pressured final profit, but these were non-recurring. The full-year forecast of Revenue ¥9030B ( +11.0% ) and Operating Income ¥374.5B ( +2.9% ) is progressing smoothly.
【売上高】Revenue of ¥8131.6B (YoY +11.0%) achieved double-digit growth driven by recovery in customer visits at existing stores and contributions from new store openings. As a single-segment food supermarket, there is no regional or product-level disclosure, but a days inventory outstanding of 9.3 days (annual turnover 39.2x) and high product turnover supported revenue expansion. Receivables days 6.9 days and payables days 33.4 days create a payables-driven working capital structure, yielding good capital efficiency and limiting additional working capital burden even during growth. Capital expenditure was ¥332.5B (2.08x depreciation) and the company continues aggressive store roll-out, laying the groundwork to achieve the full-year +11.0% forecast.
【損益】Cost of goods sold was ¥5898.0B, securing a gross margin of 23.8%. SG&A was ¥1869.6B (23.0% of sales), contained at roughly the prior-year level, with wages and allowances ¥800.4B (9.8% of sales) and rent ¥188.2B (2.3% of sales) at appropriate ratios. Depreciation was ¥159.9B (of which ¥145.5B in SG&A) and EBITDA was ¥523.8B, yielding an EBITDA margin of 6.4%, indicating stable underlying earning power. Operating Income was ¥363.9B (Operating margin 4.5%), up 2.9% YoY; the slower profit growth relative to revenue reflects cost inflation and front-loaded costs associated with new store openings. Non-operating items show interest income ¥2.2B versus interest expense ¥10.6B, for a net financial result of ▲¥8.4B, but with an interest coverage of 34.4x the burden is minimal. From Ordinary Income ¥357.3B ( +1.7% ), after deducting Extraordinary Losses ¥32.1B (Impairment ¥29.9B, Loss on retirement of fixed assets ¥2.1B) pretax income was ¥333.0B; after income taxes ¥89.8B (effective tax rate 27.0%) and non-controlling interests ¥7.3B, Net Income attributable to owners of the parent was ¥235.96B ( +1.3% ). In conclusion, the company achieved higher revenue and profit, and excluding the impact of extraordinary losses the earnings trend is healthy.
【収益性】Operating margin 4.5%, Net margin 3.0%, ROE 11.8%, ROA (ordinary income basis) 8.9%. ROE is decomposed as Net margin 2.9% × Total asset turnover 1.90x × Financial leverage 2.08x, reflecting the low-margin/high-turnover model typical of food supermarkets. Underlying earning power excluding goodwill amortization effects is stable with an EBITDA margin of 6.4%. Gross margin 23.8% minus SG&A ratio 23.0% gives a spread of 0.8pt producing a thin operating margin, but efficiency indicators such as inventory turnover 39.2x, rent ratio 2.3%, and labor cost ratio 9.8% are favorable. 【キャッシュ品質】Operating Cash Flow (OCF) ¥470.7B is 1.99x Net Income, and OCF/EBITDA ratio is 0.90x, indicating high cash generation. Accrual ratio is ▲5.5%, showing cash-driven profit recognition. Working capital is negative ¥212.4B, structurally a source of funds. 【投資効率】Total asset turnover 1.90x, Capex/Depreciation ratio 2.08x reflecting continued growth investment. Interest coverage 34.4x shows minimal interest burden. 【財務健全性】Equity Ratio 48.1%, Debt/EBITDA 1.18x, Debt/Capital 23.0% indicate restrained financial leverage. Current ratio 82.8% and quick ratio 70.6% are below 100% but reflect a payables-led working capital structure (Payables 33.4 days, Inventory 9.3 days, Receivables 6.9 days). Cash and deposits ¥543.2B provide ample short-term liquidity given strong OCF. Asset retirement obligations ¥130.1B (5.9% of liabilities) are somewhat elevated but manageable within long-term plans.
OCF ¥470.7B is 1.99x Net Income ¥235.96B, indicating high quality; OCF subtotal of ¥576.6B adjusted by small working capital movements (Inventory ▲¥11.9B, Trade receivables ▲¥2.3B, Trade payables +¥18.8B) and income tax payments ▲¥97.1B resulted in the final OCF. Investing Cash Flow was ▲¥463.9B, influenced by Capex ▲¥332.5B (new stores, renovations, logistics investment) and acquisition of subsidiary shares ▲¥104.1B, leaving Free Cash Flow of ¥6.8B, a modest increase. Capex/Depreciation ratio 2.08x shows aggressive growth investment, but FCF margin 0.1% is thin; balancing growth and dividends depends on continued expansion of OCF. Financing Cash Flow was +¥36.4B, with long-term borrowings raised ¥156.0B to fund investment, dividend payments ▲¥55.5B, and short-term borrowings repayment ▲¥9.0B. Cash and deposits increased ¥58.2B from ¥485.0B at the beginning of the period to ¥543.2B at the end, indicating sufficient liquidity. The negative working capital structure is inherent to the business model and there are no signs of accrual deterioration or quarter-end adjustments—financial condition is sound.
The divergence between Ordinary Income ¥357.3B and Net Income ¥235.96B is due to Extraordinary Losses ¥32.1B (Impairment ¥29.9B, Loss on retirement of fixed assets ¥2.1B) and tax effects; the impairment was a non-recurring measure tied to reassessment of store profitability. Non-operating income ¥4.24B (0.05% of sales) is immaterial and mainly consists of interest income ¥2.2B and dividend income ¥0.2B. Non-operating expenses ¥10.9B consist predominantly of interest expense ¥10.6B, but the interest coverage ratio 34.4x indicates the burden is easily absorbable. Comprehensive income ¥247.6B versus Net Income ¥243.2B gap of ¥4.4B is due to valuation differences on securities ¥1.6B and actuarial adjustments for retirement benefits ¥2.8B, indicating limited impact from remeasurement items. OCF/Net Income ratio 1.99x and accrual ▲5.5% demonstrate cash-backed profit recognition with no indication of earnings management or temporary profit boosts. Goodwill amortization ¥3.44B (under 0.7% of EBITDA) is immaterial, and differences between JGAAP and IFRS have little effect on earnings quality. Overall, recurring earnings are core-business driven and excluding special items the quality of earnings is good.
Full-year forecast: Revenue ¥9030B (YoY +11.0%), Operating Income ¥374.5B (+2.9%), Ordinary Income ¥363.5B (+1.7%), Net Income ¥239.0B (+1.3%), EPS ¥117.40. Cumulative Q2 results represent 90.1% of full-year Revenue, 97.2% of Operating Income, 98.3% of Ordinary Income, and 98.7% of Net Income, indicating very smooth progress. The plan for H2 is Revenue ¥898.4B, Operating Income ¥10.6B, Net Income ¥3.0B, implying a slowdown vs. H1, but achievable considering year-end sales and new store contributions. Operating margin is projected to decline from 4.5% in Q2 to 4.1% for the full year, reflecting a conservative plan that incorporates concentrated H2 Capex and higher depreciation. Continuation of double-digit revenue growth, maintenance of gross margin, and proper control of SG&A are assumptions; cost inflation and delays in new store ramp-up are risks. Against EPS forecast ¥117.40, dividend forecast is ¥16.00 (post-split), implying a payout ratio of 13.6%; company notes indicate an annual dividend of ¥160 (pre-split), equivalent to a payout ratio of 27.6%, representing a sustainable return level.
The year-end dividend is ¥97.5, and per company notes annual dividend on a pre-split basis is ¥160 (payout ratio 27.6%, return on equity to equity 3.4% equivalent). As the company was established by a single-share transfer in October 2025, there is no prior-year company-level dividend history, but wholly-owned subsidiary Yaoko Co., Ltd. already paid an interim dividend of ¥62.5 (total dividend amount ¥2.62B). A 1-for-5 stock split will be implemented effective April 1, 2026, so next fiscal year’s forecast dividend of ¥16 per share is post-split. Against dividend cash outflow of ¥55.5B (CF basis) and Free Cash Flow of ¥6.8B, FCF coverage is 0.12x, indicating dividends are funded mainly from OCF and borrowings. The payout ratio of 27.6% is sustainable, but in a phase of continued growth investment (Capex/Depreciation 2.08x) balancing dividends and investment requires further expansion of OCF. Share buybacks are effectively zero (CF basis ▲¥0.0B), so total shareholder returns consist solely of dividends. Financial capacity (Debt/EBITDA 1.18x) is ample, so future dividend increases depend on OCF growth.
Low operating margin structural risk: With Operating margin 4.5% and Net margin 3.0% the business is thin-margin and vulnerable to inflation in labor costs (¥800.4B, 9.8% of sales), utilities, and logistics. If wage increases or fuel price hikes cannot be offset while maintaining gross margin, profitability could deteriorate rapidly. Delayed price pass-through or intensified price competition could further depress margins and increase SG&A ratio, compressing profits.
Liquidity risk: Current ratio 82.8% and quick ratio 70.6% are below 100%, with short-term liabilities ¥1232.9B versus current assets ¥1020.5B implying a maturity mismatch of ¥212.4B. Dependence on a payables-driven working capital structure (Payables 33.4 days, Inventory 9.3 days) means that worsening supplier settlement terms or tightening financial markets could crystallize refinancing risk. Free Cash Flow ¥6.8B is thin, so if external funding is constrained, reductions in dividends or investment may be necessary.
Growth investment risk: With Capex ¥332.5B (2.08x depreciation) and continued store openings, delays in new store ramp-up or deterioration in investment efficiency could cause depreciation to lead to higher fixed costs. There is precedent with impairment of ¥29.9B; if reassessments of store profitability continue, downside to earnings may occur. Asset retirement obligations ¥130.1B (5.9% of liabilities) could materialize as cash outflows for store closures and restoration, posing cash-out risk.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 4.5% | 4.6% (1.7%–8.2%) | -0.1pt |
| 純利益率 | 3.0% | 3.3% (0.9%–5.8%) | -0.4pt |
Both operating and net margins are slightly below the industry median, placing profitability in the lower-middle within retail.
※出所: 当社集計
The high-turnover, low-leverage business model achieves ROE 11.8% and OCF/Net Income 1.99x, indicating strong cash generation. A payables-led working capital structure with Inventory turnover 39.2x and Payables 33.4 days yields high capital efficiency even during growth; Total asset turnover 1.90x compensates for low margins. Debt/EBITDA 1.18x and Interest coverage 34.4x indicate strong financial safety and sufficient capacity for growth investment.
Operating margin 4.5% is roughly in line with the industry median with room for improvement; achieving higher profitability depends on maintaining gross margin 23.8% and improving SG&A ratio 23.0%. While the company continues aggressive store openings (Capex/Depreciation 2.08x), Free Cash Flow ¥6.8B is thin, so balancing growth and dividends requires further OCF expansion. Current ratio 82.8% below 100% reflects a structural feature, but refinancing risk under changing financial conditions requires ongoing monitoring.
This report is an earnings analysis document automatically generated by AI analyzing XBRL earnings disclosure data. It does not constitute a recommendation to invest in any particular security. Industry benchmarks are reference data compiled by our firm from public financial statements. Investment decisions are your responsibility; please consult a professional advisor as needed.