Syuppin (3179): FY2025 Results Summary — Sales Hold Above Plan While Profit Slips on Higher SG&A

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

Note: Syuppin’s fiscal year ends March 31, and the company labels this reporting period FY03/2026. Under this site’s convention the most recent completed fiscal year is classified as FY2025; the figures, tables and labels below follow the company’s own FY03/2026 (current year) and FY03/2025 (previous year) notation.

Syuppin Co., Ltd. — operator of the Map Camera (camera), GMT and BRILLER (watch), stationery and bicycle buy-and-sell e-commerce and store businesses — reported net sales of 51,924 million yen for the fiscal year ended March 31, 2026 (FY03/2026), at 98.6% of the previous year, and operating profit of 2,537 million yen, at 74.7% of the previous year. Against the revised full-year plan, results exceeded the plan on both net sales (100.4%) and operating profit (102.1%). Profit fell below the prior year mainly on higher SG&A expenses, while fourth-quarter companywide net sales reached a record high of 14,015 million yen.

Consolidated Results (Full-Year Actual)

Net sales decreased slightly year on year and profit came in below the previous year, but results generally landed in line with the plan. SG&A expenses rose to 7,215 million yen (111.8% year on year) on higher promotion expenses (increased purchase and trade-in estimates and shareholder benefit coupons), base salary increases for employees, and expenses of approximately 80 million yen for an extraordinary general meeting of shareholders.

Item	FY03/2025 (Actual)	FY03/2026 (Actual)	YoY%	FY03/2026 Plan	% of Plan
Net sales	52,658	51,924	98.6%	51,699	100.4%
Gross profit	9,852	9,753	99.0%	9,712	100.4%
SG&A expenses	6,455	7,215	111.8%	7,226	99.9%
Operating profit	3,396	2,537	74.7%	2,486	102.1%
Ordinary profit	3,368	2,491	74.0%	2,453	101.5%
Net income	2,020	1,685	83.4%	1,637	102.9%

Segment Results

By business, Camera net sales were 40,734 million yen (98.8% year on year) with operating profit of 4,172 million yen (91.5%); Watch net sales grew to 10,399 million yen (102.4%) as store sales benefited from strong inbound demand, though operating profit was 303 million yen (69.1%). Stationery net sales were 479 million yen (102.7%). The Bicycle business, whose online and physical stores were closed at the end of October 2025, posted net sales of 311 million yen (39.1%) and an operating loss of 49 million yen.

Segment	Metric	FY03/2025	FY03/2026	YoY%
Camera (78.4%)	Net sales	41,237	40,734	98.8%
Camera (78.4%)	Operating profit	4,559	4,172	91.5%
Watch (20.0%)	Net sales	10,156	10,399	102.4%
Watch (20.0%)	Operating profit	439	303	69.1%
Stationery (0.9%)	Net sales	466	479	102.7%
Stationery (0.9%)	Operating profit	67	71	106.7%
Bicycle (0.6%)	Net sales	797	311	39.1%
Bicycle (0.6%)	Operating profit	19	▲49	ー
Total	Net sales	52,658	51,924	98.6%

By sales channel, total online net sales were 39,258 million yen (96.5% year on year) while store net sales rose to 12,696 million yen (105.6%), as duty-free sales at stores grew strongly amid the weaker yen and inbound demand.

Sales Channel	FY03/2025	FY03/2026	YoY%
Online net sales	40,638	39,258	96.5%
Store net sales	12,020	12,696	105.6%
Total net sales	52,658	51,924	98.6%

Topics and Initiatives

In the Camera business, the company was inducted into the Hall of Fame at eBay Japan Awards 2025 after receiving “Seller of the Year” for three consecutive years, expanded cross-border online sales, launched product-introduction videos and the “MapCamera SHOWCASE CHANNEL” YouTube subchannel, held its second “TOP NOTCH” (“Camera is Fashion”) event, and strengthened the sales process through collaboration with Fukui Camera Service. In the Watch business, GMT introduced “SHOWCASE VIDEO,” a flat consignment-fee campaign, and AI-supported merchandising (AI-MD).

The company replaced its core system at the end of March 2026, with full-scale operation to begin in April 2027. Through a system optimized for its sales and business processes, Syuppin aims to centralize business data, promote company-wide data utilization, and accelerate the use of AI.

Sustainability

The company increased its monthly reskilling allowance for existing employees to 10,000 yen (up 5,000 yen), with a utilization rate of 92.4%. It continues Paralym Art initiatives as an official partner since 2022, and on ESG it discloses in line with TCFD recommendations (its CDP Climate Change rating was B in 2025) and has signed the United Nations Global Compact, raising its greenhouse gas reduction targets toward net-zero Scope 2 emissions by 2030.

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.