AOKI Holdings (8214): FY2025 Results Summary — Five Straight Years of Higher Sales and Operating Profit, Net Income Dips on Lower Extraordinary Gains

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AOKI Holdings, a Japanese retail group operating the Fashion, Entertainment, and Anniversaire and Bridal businesses, reported consolidated results for the fiscal year ended March 31, 2026. Note: the company’s earnings presentation labels this fiscal year “FY3/26” throughout the main results sections, while the medium-term plan section of the same presentation labels the identical period “FY2025,” consistent with this site’s naming convention for the most recently completed fiscal year; both labels are used below as they appear in the source tables. Net sales rose 1.0% year on year to 194.5 billion yen, marking five consecutive fiscal years of sales growth. Operating profit increased 8.3% to 16.9 billion yen and ordinary profit rose 10.7% to 16.3 billion yen, both up for a fifth straight year, while profit attributable to owners of parent decreased 1.2% to 9.4 billion yen, mainly due to a decrease in extraordinary income and an increase in tax expenses. For the fiscal year ending March 31, 2027 (FY3/27), the company forecasts record-high net sales of 200.0 billion yen and a sixth consecutive year of higher operating and ordinary profit.

Consolidated Results (FY3/26 Actual)

The table below summarizes AOKI Holdings’ consolidated results for FY3/26 compared with FY3/25, as reported in the company’s earnings presentation.

Item	FY3/25	FY3/26	YoY Change	YoY %
Net Sales	192,688	194,532	1,843	101.0
Gross profit (Gross margin)	80,690 (41.9%)	82,881 (42.6%)	2,191 (+0.7pt)	102.7
Selling, general and administrative expenses	65,043	65,933	889	101.4
Operating profit (Operating margin)	15,646 (8.1%)	16,947 (8.7%)	1,301 (+0.6pt)	108.3
Non-operating profit	271	235	-35	86.8
Non-operating expenses	1,135	813	-322	71.6
Ordinary profit	14,782	16,370	1,587	110.7
Extraordinary income	905	318	-586	35.2
Extraordinary losses	1,743	1,713	-30	98.3
Profit attributable to owners of parent	9,574	9,461	-113	98.8
Net income per share (yen)	113.89	112.45	-1.44	–

Segment Results

AOKI Holdings operates three core business segments — Fashion, Entertainment, and Anniversaire and Bridal — plus a Real Estate Leasing segment. All segments contributed to the fifth consecutive year of sales growth; the sum of segment figures does not equal the consolidated total because of inter-segment eliminations.

Segment	Metric	FY3/25	FY3/26	YoY Change	YoY %
Fashion	Net sales	102,621	102,894	272	100.3
Entertainment	Net sales	76,040	76,783	743	101.0
Anniversaire and Bridal	Net sales	11,713	12,448	735	106.3
Real Estate Leasing	Net sales	6,877	7,195	318	104.6
Fashion	Operating profit	8,690	8,508	-181	97.9
Entertainment	Operating profit	5,991	7,267	1,275	121.3
Anniversaire and Bridal	Operating profit	541	874	332	161.3
Real Estate Leasing	Operating profit	1,587	1,544	-42	97.3

FY2026 (FY3/27) Forecast

For FY3/27, AOKI Holdings forecasts continued growth across the business, supported by planned new store openings, renovations, and rigorous cost controls to manage rising costs.

Item	FY3/26	FY3/27 Forecast	YoY Change	YoY %
Net Sales	194,532	200,000	5,467	102.8
Gross profit (Gross margin)	82,881 (42.6%)	87,000 (43.5%)	4,118 (+0.9pt)	105.0
Selling, general and administrative expenses	65,933	69,000	3,066	104.7
Operating profit (Operating margin)	16,947 (8.7%)	18,000 (9.0%)	1,052 (+0.3%)	106.2
Non-operating profit	235	300	64	127.4
Non-operating expenses	813	800	-13	98.4
Ordinary profit	16,370	17,500	1,129	106.9
Extraordinary income	318	–	-318	–
Extraordinary losses	1,713	1,700	-13	99.2
Profit attributable to owners of parent	9,461	10,000	538	105.7
Net income per share (yen)	112.45	118.82	6.37	–

Shareholder Returns

AOKI Holdings’ basic dividend policy is to maintain a payout ratio of 30% or more while paying a dividend at least as high as in the previous fiscal year, with a total return ratio goal of 50% or more unless there are special needs for funds. Under the RISING2026 medium-term plan target, the goal is the higher of a dividend payout ratio of 50% or more or a dividend on equity ratio of 3% or more, together with a total return ratio of 70% or more. The annual dividend per share has increased every year, from 10 yen in FY3/22 to a forecast 90 yen in FY3/27, and the total return ratio has risen from 33.1% in FY3/22 to a forecast 75.7% in FY3/27.

Item	FY3/22	FY3/23	FY3/24	FY3/25	FY3/26	FY3/27 Forecast
Interim (2Q-end) dividend per share (yen)	5	7	13	15	20	30
Year-end dividend per share (yen)	5	13	37	60	60	60
Annual dividend per share (yen)	10	20	50	75	80	90
Total return ratio	33.1%	30.1%	55.5%	65.9%	71.1%	75.7%

Medium-Term Plan / Topics

AOKI Holdings is in the final year of its three-year medium-term management plan “RISING2026,” covering the period through March 2027. The company stated that FY2025 (FY3/26) sales were mostly consistent with the initial plan and operating profit was slightly higher, that ROE declined slightly while ROIC and stock price valuation increased, and that it expects progress in FY2026 (FY3/27), the plan’s final year, in line with its targets.

Item	FY2023 results	FY2024 results	FY2025 results	FY2026 plan	FY2026 target
Net sales	187.7 billion yen	192.6 billion yen	194.5 billion yen	200.0 billion yen	200.0 billion yen
Operating profit	13.8 billion yen	15.6 billion yen	16.9 billion yen	18.0 billion yen	18.0 billion yen
Operating margin	7.4%	8.1%	8.7%	9.0%	9.0%
ROIC (Return on invested capital)	5.2%	6.0%	6.6%	–	6.7%
ROE (Return on equity)	5.6%	6.9%	6.6%	–	7.0%
EPS (yen)	90.00	113.89	112.45	–	120.00
PBR (Price book-value ratio)	0.7x	0.8x	0.9x	–	1.0x
Group overall store numbers (directly managed stores)	1,334	1,332	1,348	1,382	1,434

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.