Home goods company trends: April 2026

Research evidence excerpt

Home goods company trends: April 2026

14 May 2026

Mizuho Securities Equity Research Retail / Specialty Stores

Industry Overview

Air conditioner demand still rising as energy standards set to tighten in 2027

Senior Analyst: Summary

Hideya Asaeda In April, same-store sales rose for six out of eight furniture companies and

+81 3 6202 8598 home improvement centers. All-store sales rose at all six home appliance

hideya.asaeda@mizuho-sc.com retailers. For home appliance retailers, air conditioner sales momentum

ramped up even more versus March as consumers became more aware ofSenior Analyst:

consumer air conditioner energy standards tightening in April 2027 (knownToshio Takahashi

as the air conditioner 2027 problem). TV sales also remained firm. Home+81 3 6202 8325

toshio.takahashi@mizuho-sc.com improvement centers continue to secure daily necessities and petroleum-

based products due to the situation in the Middle East.

Key trends by company

For the three home improvement centers and furniture stores under our

coverage in March, same-store sales were down 3.3% (customer traffic down

3.5%, average customer spending up 0.2%) at Nitori (Nitori Holdings), up

1.4% (down 2.2%, up 3.7%) at DCM Holdings, and up 4.6% (down 1.7%, up

6.3%) at Komeri. At Nitori, same-store sales fell for the eighth straight month

as furniture continued to struggle. There were firm sales of home appliances

and new products such as recovery wear and curtain rails. For DCM Holdings

and Komeri, same-store sales rose for the second straight month as sales of

petroleum-based products (e.g., paint and garbage bags) were up due to the

situation in the Middle East.

For home appliance retailers, all-store sales rose 9.6% in Yamada Holdings’

consumer electronics business and 16.0% at K’s Holdings. Yamada Holdings