RYOHIN KEIKAKU (7453) Domestic and overseas MUJI monthly sales trends (May 2026)

Research evidence excerpt

RYOHIN KEIKAKU (7453) Domestic and overseas MUJI monthly sales trends (May 2026)

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

11 June 2026

RYOHIN KEIKAKU (7453) Overweight

7453.T, 7453 JP

Domestic and overseas MUJI monthly sales trends Price (10 Jun 26):¥3,647

(May 2026) Price Target (Dec-26):¥4,800

Sales exceeded internal targets in all regions, with trends in Japan and overseas Japan Equity Research

remaining strong.

Retail

• In this report, we examine domestic and overseas MUJI sales in the latest Dairo Murata AC

monthly data and discuss (1) comparisons with internal targets, (2) sales trends, (81-3) 6736 8620

(3) customer traffic and the average customer spend, (4) sales promotions, and dairo.murata@jpmorgan.com

(5) other factors. Ami Terai

(81-3) 6736-8660

• Domestic sales remained strong in May, as in April, while e-commerce also ami.terai@jpmorgan.com

picked up. Kazuha Matsuo

• Overseas sales were strong in all regions and areas in May, with same-store (81-3) 6736-8614

sales in East Asia up 21.6% despite the high YoY comparator, delivering a kazuha.matsuo@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

positive surprise (2H same-store sales guidance: +6% YoY). Ryohin Keikaku

has factored in the high YoY hurdle for July–August into 2H same-store sales

guidance, but the probability of earnings beating guidance has increased as

conditions remain favorable, with brisk sales and the weak yen.

Domestic MUJI business

• (1) Versus internal targets: Sales exceeded internal targets in May (2H same-

store sales guidance: +1% YoY).

• (2) Sales trends:

• a) Apparel: Sales of men’s and women’s summer items and innerwear

maintained double-digit growth, driving the total, partly due to rising

temperatures. In particular, menswear posted growth of more than 10ppt