Japan retailing sector: Monthly data

Research evidence excerpt

Japan retailing sector: Monthly data

Global Markets Research

Japan retailing sector: Monthly data 2 July 2026

EQUITY: JAPAN RETAILING

Uniqlo Japan, Ryohin Keikaku in Japan, Nitori in Research Analysts

Japan Japan retailing Hisahiro Yamaoka - NSC

Same-store sales down 14.1% at Uniqlo Japan, down 8.1% at Ryohin hisahiro.yamaoka@nomura.com

Keikaku in Japan, down 13.2% at Nitori +81 3 6703 1680

Shintaro Umeda - NSC

Fast Retailing [9983]: June sales at Uniqlo Japan shintaro.umeda@nomura.com

+81 3 6703 1741

• Uniqlo Japan same-store + online sales fell 14.1% y-y in June, with customer footfall

down 15.0% and average customer spend up 1.1%. Calendar effects look to have

dented customer footfall by around 2–3%.

• Same-store sales fell in the second half of the month in particular as cool weather

coupled with typhoons and other meteorological negatives dented demand for

summer merchandise.

• While the decline in sales itself came as no surprise given meteorological negatives,

cool weather, and sales at other companies, the scale of the decline nevertheless

strikes us as a little on the large side. However, we see no need for concern given the

high prior-year comparison base and the dent to underlying demand from cool

weather. Sales of new products look to have been solid, and we still take a positive

view of the company's ability to tap consumer needs.

Ryohin Keikaku [7453]: June sales in Japan

• Ryohin Keikaku directly managed same-store sales + online sales in Japan fell 8.1%

y-y in June. Sales were down 12.4% for apparel & accessories, down 6.6% for

household goods, and down 3.1% for foods. Calendar factors dented sales by 2ppt.

• Unfavorable weather throughout Japan resulted in weak sales of seasonal

merchandise such as summer apparel and fabrics.