Home goods company trends: May 2026

Research evidence excerpt

Home goods company trends: May 2026

10 June 2026

Mizuho Securities Equity Research Retail / Specialty Stores

Industry Overview

Strong sales at all; Nitori same-store sales up for first time in nine months

Senior Analyst: Summary

Hideya Asaeda In May, same-store sales rose at all eight furniture companies and home

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

hideya.asaeda@mizuho-sc.com retailers. Sales were strong across the board on the back of favorable calendar

effects (two more Sundays/holidays than in May 2025) and firm sales ofSenior Analyst:

seasonal products thanks to higher temperatures in the second half of theToshio Takahashi

month. At home appliance retailers, air conditioner sales roughly doubled+81 3 6202 8325

toshio.takahashi@mizuho-sc.com YoY thanks to growing consumer awareness of energy-saving standards

for household air conditioners becoming stricter from April 2027 (i.e, the

2027 air conditioner problem). At home improvement centers, consumers

continued to secure daily necessities and petroleum-based products in light

of the situation in the Middle East. Since the start of 2026, there has been

a pick-up in industry reorganization among the major home improvement

centers and home appliance retailers. We will be watching for further industry

reorganization going forward.

Key trends by company

For the three home improvement centers and furniture stores under our

coverage, May same-store sales were up 7.0% (customer traffic up 7.5%,

average customer spending down 0.4%) at Nitori (Nitori Holdings), up 5.1% (up

1.5%, up 3.6%) at DCM Holdings, and up 8.2% (up 2.5%, up 5.5%) at Komeri.

At Nitori, same-store sales rose YoY for the first time in nine months thanks