Syuppin (3179) Q4 2025 earnings summary

Executive summary

• Net sales for FY03/2025 reached 52,658 million yen, up 7.8% year-over-year, but below plan; operating profit was 3,396 million yen, up 1.6% year-over-year, but below plan.

• Net income declined 13% year-over-year to 2,020 million yen, while ordinary profit increased 0.7% to 3,368 million yen.

• Online net sales exceeded 10 billion yen in 4Q, a record high, with online sales up 115% year-over-year; store and duty-free sales lagged.

• Camera business drove growth with 113% year-over-year sales; watch business remained sluggish at 81% of prior year.

• Extraordinary loss of 386 million yen on software assets recorded in 3Q.

Financial highlights

• Gross profit was 9,852 million yen (18.7% margin), up 108% year-over-year.

• SGA expenses rose to 6,455 million yen (12.3% of sales), up 112% year-over-year.

• Basic earnings per share for FY 2025 was 93.01 yen, down from 110.05 yen in FY 2024.

• Total assets increased to 18,088 million yen and net assets to 10,168 million yen as of March 31, 2025.

• Year-end dividend for FY 2025 was 40.00 yen per share, up from 36.00 yen in FY 2024.

Outlook and guidance

• FY03/2026 sales planned at 54,940–56,617 million yen, up 4.3–7.5%; operating profit forecast at 3,417–3,854 million yen, up 0.6–13.5%.

• Net income for FY03/2026 expected to grow 30.6% to 2,639 million yen.

• Camera EC to remain growth driver; watch business plan conservative due to market and FX risks.

• Gross margin expected to remain around 18.5–19.0% over the next three years.

• Dividend payout ratio to rise to 40–50% from FY03/2026.