ASKUL (2678) Q1 2026 earnings summary

Executive summary

• Net sales rose 3.3% year-over-year to ¥122.3 billion in Q1, driven by demand from extreme heat, heatstroke countermeasures, government rice stockpiling, and steady E-commerce growth.

• Operating profit declined 59.1% year-over-year to ¥1.05 billion, mainly due to increased fixed and one-time costs from the launch of ASKUL Kanto DC and system upgrades.

• Profit attributable to owners fell 77.7% to ¥344 million.

• Customer recovery trend continues, especially among corporate clients, with a full-scale launch of a new pricing strategy and focus on retail regrowth and logistics streamlining.

• Major operational milestones include the launch of Kanto DC and completion of core system replacement.

Financial highlights

• Gross profit margin improved by 1.1 points year-over-year to 25.1%.

• SG&A expenses ratio increased by 2.5 points to 24.2%, reflecting higher personnel, advertising, depreciation, and logistics costs.

• Operating profit dropped 59.1% year-over-year to ¥1.05 billion due to higher fixed and one-time costs.

• Basic earnings per share fell to ¥3.73 from ¥16.08 year-over-year.

• Total assets increased to ¥233,128 million, up ¥5,346 million from the previous fiscal year-end.

Outlook and guidance

• Full-year net sales forecast at ¥500,000 million, up 3.9% year-over-year; operating profit projected at ¥11,000 million (down 21.5%).

• V-shaped recovery targeted for FY5/2027, with cost reductions and elimination of one-time expenses.

• Customer migration to the new ASKUL website scheduled for the second half of FY5/2026.

• No change to previously announced forecasts.