Honeys Holdings (2792): FY2025 Results Summary — Sales and Profits Decline on Soft Customer Traffic

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: Honeys Holdings does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. The company’s fiscal year ends in May, and the fiscal year covered here is labeled “FY5/2026” (the 48th term) in the source materials; on this site it is classified as FY2025 because it is the most recently completed fiscal year. Percentages shown under “vs. Prior Year” are prior-year-comparison indices as presented in the source materials, not rates of change.

Honeys Holdings’ consolidated results for the fiscal year ended May 2026 (the 48th term) were net sales of 56,182 million yen (97.4% vs. the prior year), operating profit of 4,619 million yen (78.2%), ordinary profit of 4,857 million yen (81.1%), and profit attributable to owners of parent of 2,845 million yen (76.2%). A review of product pricing improved the number of items purchased per customer, but customer traffic did not recover, and the company also struggled with demand forecasting amid a prolonged summer and shortened spring and autumn seasons. The gross profit margin was 58.9% (down 0.3 points from the prior year), with higher purchasing costs and aggressive inventory adjustments weighing on the gross margin.

Consolidated Results (FY5/2026 Actual)

Selling, general and administrative expenses were 28,453 million yen (100.7% vs. the prior year). In addition to personnel and store expenses, other expenses (sales commissions, system operating costs and depreciation) increased, but progress was broadly in line with plan. Extraordinary losses of 515 million yen in total were recorded, including 61 million yen of loss on retirement of non-current assets and 452 million yen of impairment loss.

Item	FY5/2025 (Million yen)	FY5/2026 (Million yen)	vs. Prior Year
Net sales	57,701	56,182	97.4%
Gross profit	34,150	33,073	96.8%
SG&A expenses	28,244	28,453	100.7%
Operating profit	5,906	4,619	78.2%
Ordinary profit	5,989	4,857	81.1%
Profit attributable to owners of parent	3,732	2,845	76.2%

Brand and Business Results

By brand, net sales were 17,893 million yen for the adult casual brand GLACIER (98.1% vs. the prior year), 15,999 million yen for the basic brand CINEMA CLUB (96.4%), and 13,421 million yen for the young casual brand COLZA (95.8%), all below the prior year. Sundries, by contrast, grew to 7,476 million yen (101.3%). E-commerce sales were 7,090 million yen (101.2%), and the e-commerce ratio rose to 12.6% from 12.1% in the prior year, an increase of 0.5 points, as the company improved the usability of its own e-commerce site and carried out sales promotion activities using marketing automation tools, web advertising and social media.

Brand	FY5/2025 (Million yen)	Share	FY5/2026 (Million yen)	Share	vs. Prior Year
GLACIER	18,249	31.6%	17,893	31.7%	98.1%
CINEMA CLUB	16,588	28.7%	15,999	28.4%	96.4%
COLZA	14,013	24.3%	13,421	23.8%	95.8%
Sundries	7,383	12.8%	7,476	13.3%	101.3%
Other	1,494	2.6%	1,594	2.8%	106.7%
Total	57,729	100.0%	56,385	100.0%	97.7%

Full-Year Forecast (FY5/2027)

For the fiscal year ending May 2027, the company forecasts consolidated net sales of 56,500 million yen (100.6% vs. the prior year), gross profit of 32,900 million yen (99.5%, with a gross profit margin of 58.2%, down 0.7 points), SG&A expenses of 28,900 million yen (101.6%), operating profit of 4,000 million yen (86.6%), ordinary profit of 4,000 million yen (82.3%), and profit attributable to owners of parent of 2,500 million yen (87.8%). The company plans to factor in higher purchasing costs while using forward exchange contracts to achieve a degree of stability, and assumes an exchange rate of 158-162 yen per US dollar for the year. Existing-store sales are expected at 100.0% of the prior year, and e-commerce sales at 7,200 million yen (102.4%, with an e-commerce ratio of 12.8%).

Item	FY5/2026 (Actual, Million yen)	FY5/2027 (Forecast, Million yen)	vs. Prior Year
Net sales	56,182	56,500	100.6%
Gross profit	33,073	32,900	99.5%
SG&A expenses	28,453	28,900	101.6%
Operating profit	4,619	4,000	86.6%
Ordinary profit	4,857	4,000	82.3%
Profit attributable to owners of parent	2,845	2,500	87.8%

Shareholder Returns

The annual dividend for the fiscal year ended May 2026 was 55 yen per share (interim dividend of 25 yen and year-end dividend of 30 yen). For the fiscal year ending May 2027, the company likewise plans an annual dividend of 55 yen, consisting of an interim dividend of 25 yen and a year-end dividend of 30 yen.

Category	FY5/2026 (Actual)	FY5/2027 (Forecast)
Interim dividend	25 yen	25 yen
Year-end dividend	30 yen	30 yen
Annual dividend	55 yen	55 yen

Policies for FY5/2027

For the fiscal year ending May 2027, the company sets out five policies: a product strategy under the concept of “high sensitivity, high quality and reasonable prices,” under which it will review its merchandising and expand a product mix that captures trends, together with a pricing strategy, a store strategy, an e-commerce business strategy, and development of its business foundation. Its store opening and closing plan calls for 20 new store openings, 30 store closures and 30 renovations.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.