Japan Retail Sector: Apr-Jun results outlook: Adverse June weather a factor for concern, but many companies performing well relative to respective OP plans

Research evidence excerpt

Japan Retail Sector: Apr-Jun results outlook: Adverse June weather a factor for concern, but many companies performing well relative to respective OP plans

Global Research

16 July 2026ab

Japan Retail Sector Equities

JapanApr-Jun results outlook: Adverse June weather a

factor for concern, but many companies Retail

performing well relative to respective OP plans Takahiro KazahayaAnalyst

takahiro.kazahaya@ubs.com

+81-3-5208 6226

Summary Kazuki Oike

Analyst

We have summarised the outlook for April-June results at the stocks we cover (Figure 1Resultsoutlokforourcoveragecompaniesandearningscalendar kazuki.oike@ubs.com

and Figure 2Resultsoutlokforourcoveragecompanies(quarterly)). Supported by a favourable income environment and good weather, sales +81-3-5208 6964

at each of the companies were firm in April and May, and while sales languishing in June

Hirotaro Hasegawa

on adverse weather appears to have temporarily depressed earnings, in terms of

Associate Analyst

companies under our coverage, Nitori Holdings appears the only one likely to have hirotaro.hasegawa@ubs.com

struggled to achieve its OP plan for the April-June quarter. +81-3-5208 6684

Pan Pacific International Holdings (7532)

We forecast OP of ¥177.6bn in FY6/26, up 9.0% yoy (company guidance: ¥174.0bn;

IBES consensus: ¥176.7bn). The company acquired Olympic Group on 1 July and plans

to announce specific post-acquisition growth targets when it reports FY6/26 results.

Assuming an operating loss of ¥2.0bn for Olympic Group in the same year, we forecast

OP of ¥185.3bn in FY6/27, up 4.0% yoy, (IBES consensus: ¥189.9bn). We intend to

focus on comments in regard to the company's outlook for Olympic Group’s medium-

term earnings contribution.

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