Makiya Co (9890) Q3 2025 earnings summary

Executive summary

• Revenue increased 15.3% year-over-year to ¥66,581 million, driven by strong food segment and EC business contributions; another report cites revenue at ¥67,051 million, reflecting growth in all retail segments and EC business.

• Operating income was ¥1,810 million, remaining flat or down 0.1% year-over-year, as higher SG&A offset gross profit gains.

• Net income attributable to shareholders declined 4.2% year-over-year to ¥1,253 million.

• Customer visits rose 3.0%, average purchase per customer increased 3.2%, and items per transaction grew 0.3% year-over-year.

• Initiatives included EC and physical store synergy, assortment review, price competitiveness, and sustainability efforts such as solar panel installations.

Financial highlights

• Gross profit rose 22.7% year-over-year to ¥15,909 million, with gross margin improving to 23.9%.

• SG&A expenses increased 25.4% year-over-year, mainly due to EC business integration, wage hikes, and utility cost rises.

• EPS decreased to ¥125.47 from ¥131.05 year-over-year.

• Comprehensive income was ¥1,241 million, down 16.7% year-over-year.

• Total assets increased to ¥40,491 million, and net assets to ¥20,397 million.

Segment performance

• Food segment (fresh, daily, grocery) continued strong growth; non-food (HBC, reuse) also performed well.

• EC business contributed ¥5,196 million in sales, newly consolidated, with an operating loss of ¥56 million due to upfront investments and goodwill amortization.

• All major store formats posted year-over-year sales growth, with the highest growth in Hard Off (+20.6%).

• Retail segment revenue was ¥61,548 million (+6.3%), operating income ¥2,091 million (+5.6%).

• Real estate segment revenue was ¥307 million (-1.8%), operating income ¥112 million (-3.2%).