Nitori Holdings (9843) 4Q FY2025: Focus points are new merchandise and display space utilization in Japan, sustainability of earnings improvement overseas

Research evidence excerpt

Nitori Holdings (9843) 4Q FY2025: Focus points are new merchandise and display space utilization in Japan, sustainability of earnings improvement overseas

J P M O R G A N Asia Pacific Equity Research

15 May 2026

Nitori Holdings (9843)

4Q FY2025: Focus points are new merchandise and Neutral

display space utilization in Japan, sustainability of 9843.T, 9843 JP

earnings improvement overseas Price (14 May 26):¥2,265

Price Target (Dec-26):¥2,600

Japan Equity Research

Neutral: Nitori Holdings reported IFRS business profit of ¥19.1 billion (−0.6% YoY) Retail

ACand operating profit of ¥21.0 billion (+120%), below our April 10 estimates of ¥24.2 Dairo Murata

billion and ¥25.0 billion, respectively, but in line with the current Bloomberg (81-3) 6736 8620

consensus estimate of ¥21.0 billion. Nitori guides for FY2026 sales to grow 4.9% dairo.murata@jpmorgan.com

YoY and operating profit to grow 3.8%. As Nitori believes the impact of forex trends Ami Terai

and the Middle East conflict is uncertain and the impact of higher crude oil prices will (81-3) 6736-8660

be limited, it does not explicitly include these factors in guidance. We had expected ami.terai@jpmorgan.com

guidance to call for slight sales and profit growth, but the actual guidance is slightly Kazuha Matsuo

stronger. Nitori said it sees positive signs depending on the period, including the rise (81-3) 6736-8614

kazuha.matsuo@jpmorgan.com

in customer traffic during the Golden Week holiday, and it will focus on the release JPMorgan Securities Japan Co., Ltd.

of new merchandise and effective use of display space. Our main focus points are a

recovery in same-store sales and the degree of improvement in overseas business.

• 4Q results: Consolidated sales grew 0.6%, the gross margin improved by