Japan Retail Sector "Department stores: J. Front Retailing Q1 FY2/27..."

研报英文原文证据摘录

Japan Retail Sector "Department stores: J. Front Retailing Q1 FY2/27..."

Global Research

30 June 2026ab

Japan Retail Sector Equities

JapanDepartment stores: J. Front Retailing Q1 FY2/27

results key points and implications Retail

Takahiro Kazahaya

Analyst

takahiro.kazahaya@ubs.com

Summary +81-3-5208 6226

After the market close on 30 June, J. Front Retailing (3086) announced its Q1 FY2/27 Kazuki Oike

results. In this report, we summarise key points and implications. Associate Analyst

kazuki.oike@ubs.com

Q1 FY2/27 BP roughly ¥1.5bn above guidance, dept. store business firm +81-3-5208 6964

business profit (BP) in Q1 FY2/27 rose 2% yoy to ¥14.1bn. By segment, it was flat yoy at

¥8.3bn in the department store business, flat yoy at ¥4.2bn in the SC segment, fell

19% yoy to ¥1.9bn in the developer segment, rose 4.8X yoy to ¥400mn in the payment

and finance segment, and increased ¥200mn yoy to ¥100mn in the other segment.

Adjustments were -¥700mn. According to the company, BP in Q1 exceeded guidance by

roughly ¥1.5bn, but was ¥1bn higher in the department store business. In this business,

gross profit was around ¥700mn above the company plan and SG&A expenses were

around ¥300mn lower. Consumption tax-free sales were up 13% yoy to ¥28bn in the

department store segment and up 18% yoy at ¥15.6bn in the SC segment (based on

tenant turnover for Parco calculated from the total for credit cards issued overseas and

China-related mobile payment methods). Daimaru Matsuzakaya Department Stores, the

core department store business, reported total sales up 4% yoy at ¥200.1bn, with total

sales at directly operated stores rising 4.9% yoy and consumption tax-free sales rising

13% yoy to ¥26.4bn. Sales floor space at the Daimaru Umeda store decreased