Bic Camera (3048): FY2025 Results Summary — Consolidated Operating Profit Up 24.1%, 41-Yen Dividend Planned

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

Bic Camera Inc. (Tokyo Stock Exchange, Prime Market: 3048) announced its results for FY2025/8 (September 1, 2024 to August 31, 2025) on October 21, 2025, in a Financial Results Briefing held jointly with its listed subsidiary Kojima Co., Ltd. (Tokyo Stock Exchange, Prime Market: 7513). Consolidated net sales rose to 974,483 million yen (105.6% of the prior year), operating profit climbed to 30,274 million yen (124.1%), and profit attributable to owners of parent reached 17,476 million yen (125.7%).

Note: Bic Camera’s fiscal year ends on August 31. In line with this site’s convention, the most recently completed fiscal year — the year ended August 31, 2025, which the company labels “FY2025/8” — is referred to as FY2025 in the title; figures and labels below follow the company’s materials.

Consolidated Results (Full-Year Actual)

Consolidated net sales of 974,483 million yen came in above the company’s forecast of 968,000 million yen. Operating profit of 30,274 million yen and ordinary profit of 31,929 million yen finished slightly below the forecasts of 31,000 million yen and 32,000 million yen, respectively, while profit attributable to owners of parent of 17,476 million yen exceeded the 17,000 million yen forecast. The gross profit margin was 26.7% (26.4% in FY2024/8) and the SG&A ratio was 23.6% (23.8% in FY2024/8).

Item (million yen)	FY2025/8	FY2024/8	YoY (%)
Net sales	974,483	922,572	105.6
Gross profit	260,511	243,646	106.9
SG&A expenses	230,236	219,257	105.0
Operating profit	30,274	24,388	124.1
Ordinary profit	31,929	26,674	119.7
Profit attributable to owners of parent	17,476	13,908	125.7

The balance sheet strengthened: the equity ratio improved 2.4 points from 31.8% to 34.2%, total interest-bearing debt declined from 104,284 million yen to 96,210 million yen, and the D/E ratio improved from 0.7 times to 0.6 times. Cash flows from operating activities were 25,355 million yen (41,994 million yen in FY2024/8), and cash and cash equivalents at the end of the period stood at 57,984 million yen.

Results by Group Company

On a non-consolidated basis, Bic Camera’s net sales rose to 472,422 million yen (104.9%) and operating profit jumped to 9,476 million yen (148.5% of the prior year). Among group companies, mobile-related subsidiaries Ranet and TDmobile posted double-digit sales growth, while Sofmap saw operating profit fall to 33.5% of the prior-year level. Internal transactions are not included in the sales performance of each company. TDmobile was merged into Ranet on September 1, 2025.

Company	Net sales FY2025/8 (million yen)	YoY (%)	Operating profit FY2025/8 (million yen)	YoY (%)
BicCamera (non-consolidated)	472,422	104.9	9,476	148.5
Kojima	282,790	104.8	7,325	115.2
Ranet (non-consolidated)	134,717	115.7	7,323	125.5
TDmobile	80,506	113.3	2,566	119.5
Sofmap (non-consolidated)	42,664	99.1	272	33.5
Nippon BS Broadcasting (non-consolidated)	11,039	97.2	1,988	96.6

By product line (consolidated), information communications equipment products grew to 362,512 million yen (110.8% YoY), including cellular phones at 216,464 million yen (114.2%). Home appliances edged up to 260,753 million yen (101.1%), while audio visual products were roughly flat at 118,923 million yen (99.9%). In the inbound business, non-consolidated tax-free sales hit a record high in the fiscal year ended August 2025.

FY2026 Forecast

For FY2026/8, the company forecasts consolidated net sales of 1,013,000 million yen (104.0% of FY2025/8), operating profit of 30,500 million yen (100.7%), ordinary profit of 31,500 million yen (98.7%), and profit attributable to owners of parent of 17,500 million yen (100.1%). Capital expenditure is projected at 14.7 billion yen (12.2 billion yen in FY2025/8), directed mainly at IT (core systems, EC, improving efficiency) and stores.

Item (million yen)	FY2026/8 Forecast	FY2025/8 Results	YoY (%)
Net sales	1,013,000	974,483	104.0
Operating profit	30,500	30,274	100.7
Ordinary profit	31,500	31,929	98.7
Profit attributable to owners of parent	17,500	17,476	100.1

Shareholder Returns

The company considers shareholder returns one of its most important management issues, and under its basic policy of distributing profits appropriately according to earnings results it will work to achieve a consolidated dividend payout ratio of 40%. Dividends per share for FY2025 are planned at 41 yen for the year (18 yen interim, 23 yen year-end), for total cash dividends of 7,019 million yen, a payout ratio of 40.2%, and a ratio of dividends to net assets of 4.4%. For FY2026 the company forecasts 41 yen (20 yen interim, 21 yen year-end), a payout ratio of 40.1%.

Item	FY2024	FY2025 (Plan)	FY2026 (Forecast)
Dividends per share — Total (yen)	33	41	41
Dividends per share — 1H (yen)	9	18	20
Dividends per share — 2H (yen)	24	23	21
Total cash dividends (million yen)	5,649	7,019	ー
Payout ratio (%)	40.6	40.2	40.1

Medium-Term Plan / Topics

Against the Group Medium-Term Management Plan (announced October 18, 2024), FY2025/8 consolidated results of 974.4 billion yen in net sales and 30.2 billion yen in operating profit exceeded the plan’s 952.0 billion yen and 26.5 billion yen. The FY2026/8 forecast of 1,013.0 billion yen and 30.5 billion yen is also above the plan’s 980.0 billion yen and 27.0 billion yen, and the plan targets 1,100.0 billion yen in net sales and 40.0 billion yen in operating profit for FY2029/8. The plan’s vision is to cover the entire purchasing cycle by strengthening the buyback and reuse businesses, aiming to be the number-one company for digital appliance sales and service and to establish the foundation of a circular economy business model.

In the e-commerce business, new customers increased 54% from the previous fiscal year, supported by an e-commerce site revamp, the introduction of free shipping, and expanded same-day delivery covering all 23 special wards of Tokyo and some other parts of the Tokyo Metropolis. The company is also promoting human capital management, having raised wages for nine consecutive years.

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.