Retailing Industry: Jun 2026: Unfavorable weather weighs on most subsectors

Research evidence excerpt

Retailing Industry: Jun 2026: Unfavorable weather weighs on most subsectors

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Retailing Industry

Jun 2026: Unfavorable weather weighs on

most subsectors

Price Objective Change

Seasonal products struggled against a high base 21 July 2026

Based on the simple average of monthly data disclosed by major retailers, sales trends Equity

Japan

by subsector for June 2026 were as follows: department stores (all stores) +2.1%, Retailing

restaurants (same stores) -0.6%, drugstores (same stores) -1.0%,

Arashi Nishizawa >>

supermarkets/supercenters (same stores) -1.3%, CVS (same stores) -2.1%, general Research Analyst

merchandisers (same stores) -2.5%, fashion retailers (same stores) -5.6%, home BofAS+81 3 6225Japan6402

centers/home fashion/furniture stores (same stores) -6.6%, and electronics volume arashi.nishizawa@bofa.com

Daisuke Aikawa >>

retailers (all stores) -8.7%. Research Analyst

BofAS Japan

+81 3 6225 7196Watching for an earlier start to autumn

daisuke.aikawa@bofa.com

The Japan Meteorological Agency released its three-month outlook for August through

October on July 21. Temperatures are likely to be above normal in many regions in

August, while more regions are expected to see near-normal temperatures in September.

With lingering summer heat persisting in recent years, we will watch whether autumn

arrives earlier this year. The July 10 El Niño outlook indicates that El Niño conditions

have been present since spring 2026 and are expected to persist through autumn. We

will watch whether Japan experiences a warmer-than-normal winter this year. Exhibit 1: Price objective (PO) & Rating

Revising quarterly estimates for six companies Change our PO for Yamada

PO & RatingBased on recent monthly sales and other factors, we revise our quarterly estimates for

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