Yodoko (5451) Q1 2026 earnings summary

Executive summary

• Q1 FY3/26 net sales rose 0.3% YoY to ¥52,769m, operating profit increased 3.3% to ¥4,196m, and profit attributable to owners of parent rose 6.0% to ¥3,401m.

• Domestic sales and earnings declined amid weak demand and inexpensive imports; Taiwan and Thailand subsidiaries contributed positively, while China improved through cost reductions.

• Comprehensive income fell 75.4% YoY, mainly due to a negative foreign-currency translation adjustment.

Financial highlights

• Gross profit increased to ¥9,753m from ¥8,949m; SG&A rose to ¥5,550m from ¥4,880m, including higher advertising expenses.

• Ordinary profit was ¥5,125m versus ¥5,120m; profit before income taxes was ¥5,160m, including ¥50m in gains on sales of non-current assets.

• Profit attributable to owners of parent was ¥3,401m; EPS was ¥23.52 versus ¥22.22, adjusted for the 1-for-5 share split.

• Comprehensive income was ¥1,420m, including a ¥3,560m foreign-currency translation adjustment loss and a ¥1,300m valuation gain on available-for-sale securities.

Outlook and guidance

• FY3/26 forecast: sales ¥199,000m, down 4.5% YoY; operating profit ¥11,600m, down 16.5%; ordinary profit ¥17,000m, down 21.1%; parent profit ¥11,500m, down 14.8%.

• Versus the May forecast, full-year sales were reduced by ¥4,000m, while operating profit increased by ¥200m, ordinary profit by ¥900m, and parent profit by ¥1,100m.

• H1 forecast: sales ¥103,000m, down 2.2% YoY, and operating profit ¥6,900m, down 11.7%; the profit forecast is ¥1,000m above May guidance.

• H1 outlook improved as tariff-related supply-demand effects emerged later than expected and raw-material costs were expected to be lower; full-year profit remains constrained by delayed tariff effects and rising costs for some materials.

• FY3/26 dividend forecast is ¥20 interim and ¥40 year-end, totaling ¥60 per share post-split; full-year EPS is projected at ¥79.51.