SAN-A CO (2659) Q2 2026 earnings summary

Executive summary

• H1 operating revenue was ¥122,216m, up 1.3% YoY but 1.8% below budget; operating profit fell 5.1% to ¥8,706m.

• Profit attributable to owners of parent declined 1.0% YoY to ¥5,874m; ordinary profit fell 3.5% to ¥9,106m.

• FY Feb. 2026 guidance remained unchanged; September same-store sales were 102.9% of prior year, affected by the Obon calendar shift.

Financial highlights

• H1 sales were ¥112,260m, up 0.8% YoY; gross profit was ¥35,352m, nearly flat, and operating revenue was ¥9,955m, up 6.9%.

• SG&A rose 3.1% YoY to ¥36,601m; operating profit was ¥8,706m, ordinary profit ¥9,106m, and net income attributable to owners ¥5,874m.

• Versus budget, sales reached 97.8%, gross profit 97.3%, operating profit 96.4%, ordinary profit 97.3%, and interim net income 96.9%.

• Operating profit fell ¥464m YoY: gross profit decreased ¥1,086m, partly offset by ¥639m lower selling expenses and ¥622m higher operating revenue.

• Basic EPS was ¥94.99, versus ¥95.98 a year earlier; comprehensive income rose 1.7% to ¥6,440m.

Outlook and guidance

• FY Feb. 2026 guidance was unchanged: operating revenue ¥247,876m, sales ¥228,575m, operating profit ¥17,227m, ordinary profit ¥17,796m, and net income ¥11,005m.

• Forecast YoY changes are +4.5% in operating revenue, +4.6% in sales, +1.8% in operating profit, +1.9% in ordinary profit, and -4.0% in net income.

• Existing-store sales guidance is 104.9% for FY, including 101.7% for H1 and 106.1% for H2; September year-to-date actual was 106.8%.

• Annual dividend forecast is ¥100 per share, up from ¥80 in the previous year.