Treasure Factory (3093) investor relations material

Executive summary

• H1 FY2027 net sales rose 15.3% YoY to ¥25,891m; operating profit increased 21.5% to ¥2,330m, while net profit attributable to owners rose 21.0% to ¥1,497m.

• Existing-store sales remained steady, and Q2 operating profit of ¥475m was a record for a second quarter.

• Full-year guidance is unchanged; H2 growth is expected to moderate amid lapped pricing benefits and concentrated costs.

Financial highlights

• H1 net sales reached ¥25,891m, up ¥3,437m or 15.3% YoY; gross profit rose 15.8% to ¥15,591m.

• Operating profit rose 21.5% to ¥2,330m, ordinary profit 18.5% to ¥2,322m, and net profit attributable to owners 21.0% to ¥1,497m.

• EPS was ¥63.89, up 20.9% YoY; operating profit exceeded the interim forecast by 8.2%, and net income exceeded it by 7.9%.

• Q2 net sales rose 14.1% YoY to ¥12,109m and operating profit rose 12.5% to ¥475m, a record Q2 result.

• H1 SG&A rose 14.9% to ¥13,260m, slower than sales growth; the SG&A ratio improved 0.2 pts to 51.2%.

Outlook and guidance

• FY2027 forecast remains unchanged: net sales ¥54,975m, operating profit ¥5,333m, ordinary profit ¥5,332m, net profit attributable to owners ¥3,551m and EPS ¥151.49.

• Forecast assumptions include consolidated gross margin of 59.7%, SG&A ratio of 50.0%, and H2 non-consolidated existing-store sales of 103% YoY, raised from 102%.

• H2 sales are forecast at ¥29,084m, up 11.2% YoY; operating profit at ¥3,003m, up 5.1%, with margin declining 0.6 pts to 10.3%.

• H2 headwinds include lapped pricing benefits from Q3, logistics relocation and home-visit purchase base costs, and store openings concentrated in November–December.

• Annual dividend forecast is ¥46 per share, up ¥6 YoY; payout ratio is 30.4%, with the year-end dividend subject to review based on H2 performance.