Kusuri No Aoki Holdings (3549) Q4 2026 earnings summary

Executive summary

• FY26 sales reached ¥566,865m, up 13.0% YoY; operating income rose 1.9% to ¥27,096m, while net income declined 3.7% to ¥17,133m.

• FY27 guidance targets sales of ¥640,000m (+12.9%), operating income of ¥32,000m (+18.1%) and net income of ¥19,000m (+10.9%).

• Growth priorities include larger fresh-food-focused stores, private-brand expansion, dispensing pharmacies, store development and M&A; FY30 targets include ¥800bn sales and ¥44bn operating income.

Financial highlights

• FY26 gross profit was ¥149,497m, ordinary income ¥27,722m and net income ¥17,133m; versus FY25, gross profit rose 12.4%, ordinary income 0.8% and net income declined 3.7%.

• Results reached 101.2% of plan for sales, 103.6% for gross profit, 117.8% for operating income, 122.1% for ordinary income and 110.5% for net income.

• Existing-store sales increased 3.1%; customer count declined 0.3%, while average spending per customer rose 3.4%.

• FY26 cash and equivalents ended at ¥58,654m, up ¥10,923m; operating cash flow was ¥37,321m and investing cash flow was -¥42,883m.

Outlook and guidance

• FY27 forecast: gross profit ¥167,317m, ordinary income ¥30,800m and EPS ¥200.08; gross margin 26.1%, operating margin 5.0%.

• Existing-store sales growth assumptions are 2.9% in 1H and 5.4% in 2H, or 4.1% for FY27.

• Plans call for 90 drugstore openings, 12 closures and 31 new attached dispensing pharmacies; projected year-end store count is 1,204.

• FY27 capital investment is planned at ¥43,861m; depreciation is forecast at ¥17,058m, up 18.3%.