HUMAN MADE (456A) Q2 2027 earnings summary

Executive summary

• Achieved record quarterly sales of 4.5 billion yen in 2Q FY27/1, up 35.4% year-over-year, driven by strong demand for core products and collaborations, notably with Pokémon.

• Net sales for the six months ended July 31, 2026, were ¥8,758 million, with net income of ¥1,719 million and EPS of ¥18.76.

• Operating profit reached 1.2 billion yen (27.4% margin) in 2Q, exceeding initial plans despite a margin decline due to one-time flagship store opening costs.

• Cumulative 1H sales totaled 8.8 billion yen (+46.3% YoY), with net income for 1H at 1.7 billion yen (+50.4% YoY).

• Stock splits occurred on July 17, 2025 (20-for-1), and May 1, 2026 (4-for-1), affecting share calculations.

Financial highlights

• Gross margin for 2Q was 64%, down 2.6pt YoY due to collaboration royalties and lump-sum sample costs.

• Operating expenses rose 49.4% YoY in 2Q, mainly from store rent, recruitment, and IR-related costs.

• Gross profit was ¥5,637 million on net sales of ¥8,758 million for the six-month period.

• Operating income totaled ¥2,456 million; ordinary income was ¥2,429 million.

• Earnings per share (EPS) was ¥18.76; diluted EPS was ¥18.32, reflecting stock splits.

Outlook and guidance

• Full-year FY27/1 sales forecast revised upward to 19.2 billion yen (+34.5% YoY), with operating profit forecast at 5.3 billion yen (+17.0% YoY).

• Full-year forecast for fiscal year ending January 31, 2027: net sales ¥19,200 million, operating income ¥5,300 million, ordinary income ¥5,200 million, net income attributable to owners ¥3,700 million, EPS ¥40.37.

• 3Q sales guidance set at 5.0–5.4 billion yen, reflecting flagship store openings and other growth drivers.

• Profit growth expected to temporarily decelerate in FY27/1 due to upfront investments, with acceleration anticipated from FY28/1.

• Dividend forecast remains at ¥0.00 per share for the fiscal year.