Yakuodo Holdings (7679): FY2025 Results Summary — Revenue Up, Profit Down as Store Openings Hit Record 54

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

Note: Yakuodo 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. Yakuodo Holdings labels its fiscal year ended February 28, 2026 as “FY2026” in its own results materials; this article follows japan-equity.com’s convention of designating the most recently completed fiscal year as “FY2025.” Figures, tables, and segment labels below follow the source materials’ own fiscal-year numbering (FY2026 = year ended February 28, 2026).

Yakuodo Holdings reported consolidated results for the full fiscal year ended February 28, 2026 (FY2026), with revenue of 163,808 million yen (107.8% year-on-year, 99.9% of plan), while operating profit was 5,285 million yen (96.4% year-on-year, 102.5% of plan) and profit attributable to owners of parent was 4,028 million yen (94.2% year-on-year, 104.4% of plan), resulting in higher revenue but lower profit. Existing-store sales rose 103.6% year-on-year, marking four consecutive years of positive growth, and the number of new store openings reached a record 54 (28 in the Tohoku region, 26 in the Kanto region), including the company’s first store opening in the Kanto region.

Results (FY2026 Actual)

The gross margin was 21.5% (21.5% in the previous year, ±0.0pt vs. plan), in line with the previous year’s level. The operating margin was 3.2% (3.6% in the previous year, +0.1pt vs. plan). While revenue increased, both operating profit and profit attributable to owners of parent came in below the previous year.

Item	FY2025 (Previous Year) Actual	FY2026 Plan	FY2026 Actual	vs. Plan	vs. Previous Year
Revenue	151,957 million yen	163,903 million yen	163,808 million yen	99.9%	107.8%
Existing-store sales (YoY)	—	103.7%	103.6%	△0.1pt	—
Gross margin	21.5%	21.5%	21.5%	±0.0pt	—
Operating profit	5,481 million yen	5,155 million yen	5,285 million yen	102.5%	96.4%
Operating margin	3.6%	3.1%	3.2%	+0.1pt	—
Profit attributable to owners of parent	4,275 million yen	3,858 million yen	4,028 million yen	104.4%	94.2%

Segment Results (by Product Category)

By product category, revenue was 26,417 million yen for Health (gross margin 33.5%), 21,954 million yen for Beauty (gross margin 30.5%), 35,422 million yen for Home (gross margin 20.7%), and 79,763 million yen for Food (gross margin 15.4%), with all categories posting higher revenue than the previous fiscal year (FY2025).

Segment	FY2025 Revenue	FY2026 Revenue	FY2025 Gross Margin	FY2026 Gross Margin
Health	26,204 million yen	26,417 million yen	33.3%	33.5%
Beauty	20,540 million yen	21,954 million yen	30.1%	30.5%
Home	32,798 million yen	35,422 million yen	20.1%	20.7%
Food	72,184 million yen	79,763 million yen	15.3%	15.4%
Total	151,728 million yen	163,558 million yen	21.5%	21.5%

FY2027 Plan

For FY2027, the company forecasts revenue of 185,050 million yen (113.0% year-on-year; first half 92,580 million yen, 111.8% year-on-year; second half 92,470 million yen, 114.2% year-on-year), operating profit of 5,520 million yen (104.4% year-on-year; first half 3,800 million yen, 109.4% year-on-year; second half 1,720 million yen, 94.4% year-on-year), and profit attributable to owners of parent of 4,030 million yen (100.0% year-on-year; first half 2,670 million yen, 105.5% year-on-year; second half 1,360 million yen, 90.8% year-on-year). The company plans to open 86 new stores (16 in the first half, 70 in the second half) and remodel 54 stores (28 in the first half, 26 in the second half).

Item	FY2026 (Previous Year) Actual	FY2027 First-Half Plan	FY2027 Second-Half Plan	FY2027 (Current Year) Plan
Revenue	163,808 million yen	92,580 million yen (111.8% YoY)	92,470 million yen (114.2% YoY)	185,050 million yen (113.0% YoY)
Existing-store sales (YoY)	103.6%	104.6%	105.7%	105.2%
Gross margin	21.5%	22.0%	21.7%	21.8%
Operating profit	5,285 million yen	3,800 million yen (109.4% YoY)	1,720 million yen (94.4% YoY)	5,520 million yen (104.4% YoY)
Operating margin	3.2%	4.1%	1.9%	3.0%
Profit attributable to owners of parent	4,028 million yen	2,670 million yen (105.5% YoY)	1,360 million yen (90.8% YoY)	4,030 million yen (100.0% YoY)
New store openings	54 stores	16 stores	70 stores	86 stores
Store remodels	50 stores	28 stores	26 stores	54 stores

Shareholder Returns

The materials disclose that, as cash allocation for FY2026, the company applied operating cash flow of 3.2 billion yen and financing and other sources of 13.3 billion yen (including long-term borrowings of 18.0 billion yen — 9.0 billion yen as planned plus an additional 9.0 billion yen raised in advance in anticipation of rising interest rates) toward capital expenditure of 12.8 billion yen (mainly for new store openings), shareholder returns of 0.9 billion yen (payout ratio 14.0%), and an increase in cash and deposits of 2.8 billion yen. No per-share dividend amount is stated in the materials.

Financial Position and Topics

On the consolidated balance sheet, total assets were 103,173 million yen (79,976 million yen in FY2025), interest-bearing debt was 34,607 million yen (18,188 million yen in FY2025), and net assets were 40,227 million yen (37,065 million yen in FY2025). ROE was 10.4% (12.1% in FY2025). The number of store remodels came in at 50, roughly in line with plan, and the layout standardization ratio rose to 51.7% in FY2026 (32.8% in FY2025).

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.