| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥20552.3B | ¥17902.0B | +14.8% |
| 営業利益 | ¥4006.7B | ¥3042.2B | +31.7% |
| 税引前利益 | ¥4288.1B | ¥3637.2B | +17.9% |
| 純利益 | ¥3021.4B | ¥2492.8B | +21.2% |
| ROE | 11.2% | 10.7% | - |
For the six months ended August 2026 (cumulative Q2), results showed large revenue and profit increases: Revenue ¥20,552.3B (YoY +¥2,650.3B, +14.8%), Operating Income ¥4,006.7B (YoY +¥964.5B, +31.7%), Ordinary Income ¥4,424.9B (YoY +¥998.1B, +29.1%), and Net Income attributable to owners of parent ¥2,792.9B (YoY +¥545.7B, +21.2%). Revenue achieved double-digit growth for the third consecutive period. Operating margin improved to 19.5% (17.0% a year ago), a 2.5pt improvement, indicating structural profitability enhancement. Gross margin improved to 54.1% (53.3% a year ago), up 0.8pt, and SG&A ratio declined to 35.3% (36.5% a year ago), down 1.2pt; together these factors produced operating profit growth well ahead of revenue growth. Financial income ¥352.2B (¥658.3B a year ago) declined due to reduced FX/hedge-related gains, but expansion in core operating profit supported Ordinary Income of ¥4,288.1B (YoY +¥641.2B, +17.9%). First-half progress versus full-year plan was ahead of standard pacing: revenue 52.7%, Operating Income 57.2%, and Net Income attributable to owners of parent 58.2%. Comprehensive income increased substantially to ¥5,036.3B (¥3,200.2B a year ago, +57.4%), driven by an increase in cash flow hedge valuation differences ¥793.2B (¥706.3B a year ago) and foreign currency translation differences ¥1,219.1B (¥2.7B a year ago).
[Revenue] Revenue was ¥20,552.3B (YoY +14.8%), maintaining double-digit growth. Expansion of the overseas UNIQLO business and the penetration of price policies were the drivers, sustaining momentum as a global SPA. In addition to a favorable FX tailwind, improvements in ticket size at existing stores and store expansion boosted revenue. Cost of sales was ¥9,436.5B (¥8,353.7B a year ago, +13.0%), contained below revenue growth, and cost ratio improved to 45.9% (46.7% a year ago), a 0.8pt improvement. Improvement to a 54.1% gross margin reflects restrained discounting and cost optimization. [Profitability] SG&A was ¥7,246.1B (¥6,531.6B a year ago, +10.9%), increasing less than revenue growth, and SG&A ratio declined 1.2pt to 35.3%. Efficiency in store operations and operating leverage effects emerged. As a result, Operating Income rose to ¥4,006.7B (+31.7%), far outpacing revenue growth, and Operating Margin expanded 2.5pt to 19.5%. Financial income ¥352.2B (¥658.3B a year ago) fell due to changes in FX/hedge environment; Financial expense ¥70.8B (¥63.2B a year ago) rose slightly but remains a minor burden. Other income ¥153.0B and Other expense ¥28.3B meant limited special-item impact, and equity in earnings of affiliates ¥12.3B was slightly down from ¥15.0B a year ago. After Ordinary Income ¥4,288.1B (+17.9%) and income taxes ¥1,266.6B (effective tax rate 29.5%), Net Income was ¥3,021.4B (+21.2%), of which Net Income attributable to owners of parent was ¥2,792.9B (+21.2%). The virtuous cycle of revenue and profit growth continued, and simultaneous improvements in gross margin and SG&A ratio strengthened the earnings structure.
The only segment information disclosed outside reportable segments is "Other businesses not included in reportable segments," reporting Operating Income ¥0.6B (¥1.1B a year ago, -42.5%), which is negligible. Its contribution to consolidated results is extremely limited, and detailed segmental P/L for core businesses cannot be confirmed from this data.
[Profitability] Operating Margin of 19.5% improved 2.5pt from 17.0% a year ago and shows a continued upward trend compared with the past five periods (16.1% in H1 FY2024). ROE 11.2% (annualized, improved from about 9.7% a year ago) is driven mainly by a Net Profit Margin of 14.7% (13.9% a year ago), Total Asset Turnover 0.96 turns/year (0.93 turns a year ago), and financial leverage 1.59x (1.66x a year ago). Improvements in gross margin (+0.8pt to 54.1%) and SG&A ratio (-1.2pt to 35.3%) both supported margin expansion, indicating structural competitiveness gains. [Cash Quality] Cash and cash equivalents ¥10,405.0B and other financial assets (current) ¥11,816.5B total ¥22,221.5B of liquid assets, accounting for 51.7% of total assets, securing a substantial liquidity buffer. Inventory ¥5,011.4B is slightly down from ¥5,109.6B a year ago but remains high relative to revenue (24.4% of revenue), and inventory turnover days are about 194 days, long-term. Inventory exceeds accounts payable ¥4,194.2B, making working capital cash-absorbing, but abundant cash balances cover this. [Investment Efficiency] Total asset turnover (annualized) improved to about 0.96 turns (0.93 turns a year ago), although high inventory levels may be constraining further efficiency gains. Tangible fixed assets ¥3,587.8B and right-of-use assets ¥5,054.0B total ¥8,641.8B in store-related assets, representing 20.1% of total assets, indicating relatively good asset efficiency. [Financial Soundness] Equity Ratio 61.2% (58.9% a year ago) rose, and D/E ratio 0.59x (0.66x a year ago) maintains low leverage. Lease liabilities amount to ¥5,482.4B (current ¥1,327.3B, non-current ¥4,155.1B), backed by right-of-use assets ¥5,054.0B, and net interest-bearing debt is minimal. Interest coverage is extremely high at approximately 56.6x (Operating Income ¥4,006.7B ÷ Financial expense ¥70.8B), so the financial burden is light.
Detailed disclosure of Operating Cash Flow is not provided, but the high Operating Margin of 19.5% and improved gross margin suggest strong cash generation from operations. However, Inventory ¥5,011.4B is high at 24.4% of revenue, with inventory turnover days around 194 days, indicating working capital is cash-absorbing. Accounts payable increased to ¥4,194.2B (¥3,901.5B a year ago, +7.5%), which provides some cash retention on payables, but front-loaded inventory accumulation could be a driver of cash flow volatility in H2. Cash and cash equivalents rose to ¥10,405.0B (¥8,932.4B a year ago, +16.5%), indicating continued cash generation from operations. Investing activity included tangible fixed assets ¥3,587.8B (¥3,323.5B a year ago, +8.0%), reflecting ongoing investments in stores and infrastructure, and right-of-use assets ¥5,054.0B (¥4,771.1B a year ago, +5.9%) signifying lease expansion. Dividends paid ¥849.9B (¥756.6B a year ago) were made while cash balances increased, showing operating cash flow sufficiently covers dividends and investments. No share buybacks were conducted (¥0.0B, ¥0.0B a year ago), and shareholder returns continue via dividends only. Free Cash Flow is estimated to be reasonably positive (Operating CF minus Investing CF), supporting both cash increases and balance sheet strengthening.
Operating Income ¥4,006.7B is the core of earnings, and the quality of recurring operating profit is very high. Financial income ¥352.2B (1.7% of revenue) is mainly FX/hedge-related and declined from ¥658.3B a year ago, but remains a complementary non-operating income item. Other income ¥153.0B (0.7% of revenue) and Other expense ¥28.3B resulted in net other items of ¥124.7B positive, indicating limited one-off items. Impairment losses ¥4.7B (¥6.5B a year ago) are minimal, maintaining asset soundness. Equity in earnings of affiliates ¥12.3B (¥15.0B a year ago) is stable. The difference between Ordinary Income ¥4,288.1B and Operating Income ¥4,006.7B is mainly due to financial and other income, with no distortions from special factors, indicating transparent profit structure. The gap between Net Income ¥3,021.4B and Comprehensive Income ¥5,036.3B is mainly due to Other Comprehensive Income ¥2,014.9B (cash flow hedge valuation differences ¥793.2B, foreign currency translation differences ¥1,219.1B), which are accounting valuation fluctuations. The difference between Net Income attributable to owners of parent ¥2,792.9B and Net Income ¥3,021.4B (non-controlling interests ¥228.5B) is structural, and both recurrence and quality of earnings are assessed as strong.
Full-year plan: Revenue ¥39,000.0B (H1 progress 52.7%), Operating Income ¥7,000.0B (H1 progress 57.2%), Net Income attributable to owners of parent ¥4,800.0B (H1 progress 58.2%), all ahead of the standard 50% pacing. If the H1 Operating Margin of 19.5% is maintained into H2, full-year Operating Margin could exceed the company plan of 17.9%, indicating the company plan may be conservative. Full-year EPS forecast ¥1,564.39 versus H1 actual ¥910.25 (progress 58.2%) is steady. Dividend forecast for the year is ¥320, with interim dividend ¥240 already paid (H1 cumulative), consistent with guidance. H1 strength was supported by FX environment, gross margin improvement, and SG&A restraint, but H2 progress will be influenced by discounting, inventory dynamics, and seasonality. Forecast and dividend guidance were revised at Q2, suggesting potential for upward revision based on H1 results.
Interim dividend was ¥240 (¥240 a year ago, unchanged). Full-year dividend forecast is ¥320; on the basis of H1 EPS ¥910.25, the payout ratio annualized is about 35.1%, and on the full-year EPS forecast ¥1,564.39 the payout ratio is 20.4%, which is comfortable. Total annual dividend amount relative to Net Income attributable to owners of parent ¥2,792.9B (annual ¥320 × outstanding shares approx. 3.07B) is about ¥982.4B, and the full-year payout ratio is estimated at about 35.2%. No share buybacks were conducted (¥0.0B), so total return ratio is synonymous with dividend payout ratio. Given cash and cash equivalents ¥10,405.0B and operating cash generation, the dividend is sustainable and there is room for further increases. Retained earnings ¥22,559.5B provide substantial internal reserves, supporting dividend policy stability. Although dividends remained at the prior-year level, potential for an increase at year-end remains depending on performance progress.
(1) Inventories remaining high: Inventory ¥5,011.4B (24.4% of revenue, turnover days about 194) is above industry norms and poses risk that higher H2 markdown rates or impairment charges could erode gross margin, depressing Operating Income and cash flow. If seasonal sell-through lags or adverse weather prolongs inventory stagnation, the 2.5pt gross margin improvement could reverse. (2) FX volatility: Rising overseas sales exposure increases FX sensitivity; a yen appreciation reversal could reduce revenue and profit. The foreign currency translation difference of ¥1,219.1B in Other Comprehensive Income reflects gains from yen weakness; a reversal would simultaneously affect equity valuation and profit. Hedge accounting is used for risk management, but hedge costs and FX environment changes will affect financial income/expenses. (3) Rising fixed-cost burden: Lease liabilities ¥5,482.4B and right-of-use assets ¥5,054.0B imply rent and store fixed costs; combined with wage pressures, the downward trend in SG&A ratio (35.3%) could reverse in H2. If H2 revenue growth slows, operating leverage could turn against the company and cause rapid deterioration in Operating Margin.
[Industry position] (reference data, compiled by our firm) Over the past five periods, Revenue grew from ¥15,990.0B (H1 FY2024) to ¥20,552.3B (H1 FY2026), a CAGR of +13.4%; Operating Income expanded from ¥2,570.8B to ¥4,006.7B, CAGR +25.0%. Operating Margin improved from 16.1% (H1 FY2024) to 19.5% (H1 FY2026), a 3.4pt improvement, marking structural profitability gains. EPS rose from ¥638.79 (H1 FY2024) to ¥910.25 (H1 FY2026), CAGR +19.5%; BPS increased from ¥6,546.44 to ¥8,579.27, CAGR +14.5%, showing continued accumulation of shareholder value. Net Profit Margin improved from 13.1% (H1 FY2024) to 14.7% (H1 FY2026), a 1.6pt rise, indicating after-tax margin gains. Within the global SPA sector, Operating Margin 19.5% is a top-tier level, and the balance of Gross Margin 54.1% and SG&A ratio 35.3% is advantageous versus peers. Equity Ratio 61.2% and D/E 0.59x indicate sector-leading financial soundness, and ROE 11.2% is estimated above industry median. Inventory turnover days 194 exceed industry standard (about 120–150 days), indicating room for improvement in inventory management, while the thickness of cash and liquid assets is top-class. The company occupies a leader position combining growth, profitability, and financial soundness, but improving inventory efficiency will be key to maintaining competitiveness.
Key points from the results are as follows. (1) Operating Margin 19.5% and three consecutive periods of improvement: simultaneous improvement in Gross Margin (+0.8pt) and SG&A ratio (-1.2pt) expanded Operating Margin by 2.5pt, and Operating Margin has improved 3.4pt over five periods (16.1% in H1 2024 → 19.5% in H1 2026). Reduced discounting, cost optimization, and operating leverage combined to strengthen structural earnings power. With revenue up +14.8% and Operating Income up +31.7%, profit growth significantly outpaced revenue, highlighting a shift to a stronger earnings profile. (2) H1 progress ahead-of-schedule and likelihood of achieving full-year plan: H1 progress was revenue 52.7%, Operating Income 57.2%, Net Income attributable to owners of parent 58.2%, all exceeding the standard 50% pacing, supported by favorable FX and strong operations. With H1 Operating Income ¥4,006.7B representing 57.2% of the company plan of ¥7,000.0B, there is upside if margins are maintained in H2. Forecast and dividend guidance were revised at Q2, suggesting potential for upward revisions. (3) High inventory levels and H2 cash flow/margin impact: Inventory ¥5,011.4B (24.4% of revenue, 194 days) is slightly down from ¥5,109.6B a year ago but remains high relative to revenue growth. The pace of H2 inventory digestion and discount rates will determine gross margin, operating cash flow, and Operating Margin, making progress in inventory normalization the most important monitoring item. H1 margin expansion was partly due to suppression of inventory impairment, so H2 inventory trends will determine the quality of the results.
This report was automatically generated by AI analyzing XBRL earnings release data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by our firm based on public financial statements. Investment decisions are your own responsibility; please consult a professional if necessary.