Japan Retail Sector "PAL Group Holdings Q1 FY2/27 results and..."

研报英文原文证据摘录

Japan Retail Sector "PAL Group Holdings Q1 FY2/27 results and..."

Global Research

7 July 2026ab

Japan Retail Sector Equities

JapanPAL Group Holdings Q1 FY2/27 results and

implications Retail

Takahiro Kazahaya

Analyst

takahiro.kazahaya@ubs.com

Summary: PAL Group HD Q1 results and implications +81-3-5208 6226

Fashion specialty retailer PAL Group Holdings (2726; not covered) announced its Q1 Kazuki Oike

FY2/27 results at 15:30 (JST) on 7 July. In this report we summarise the key points and Analyst

the implications for the sector. kazuki.oike@ubs.com

+81-3-5208 6964

Q1 FY2/27: OP up 1% yoy at ¥8bn, ¥0.3bn below company plan Hirotaro Hasegawa

For PAL Group Holdings in Q1 FY2/27, sales grew 4% yoy to ¥61.4bn, OP rose 1% to Associate Analyst

¥8bn, and the OP margin fell 0.4pt to 13.0%. According to the company, sales fell short hirotaro.hasegawa@ubs.com

of guidance by around ¥1.5bn and OP by around ¥0.3bn. Compared with guidance, +81-3-5208 6684

sales were generally in line in the apparel business, while the miscellaneous good

business, mainly Three Coins, struggled. The gross margin improved 0.7pt to 59.7%,

and was better than planned due to a decrease in discount losses, mainly for

miscellaneous goods. According to the company, miscellaneous goods sales struggled as

the company reviewed inventory levels in anticipation of stronger consumer demand for

daily necessities amid the Middle East situation, but the gross margin improved more

than expected due to restraint on discount sales. For SG&A expenses, it was unable to

adequately manage work time, primarily personnel expenses.

By segment: profit growth for apparel, but decline for miscellaneous goods

In the apparel business, sales were up 6% yoy at ¥38.3bn, OP rose 6% yoy to ¥6.1bn,

and the OP margin increase 0.1pt to 15.9%.