Trial Holdings (141A): June: Grand Anniversary Sale contributed amid weak sector trends

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Trial Holdings (141A): June: Grand Anniversary Sale contributed amid weak sector trends

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Trial Holdings (141A)

June: Grand Anniversary Sale contributed

amid weak sector trends

Maintain Rating: BUY | PO: 5,000 JPY | Price: 3,040 JPY

June sale supports SSS, up 9.0% for six days 10 July 2026

June same store sales (SSS) rose 1.6%, a solid result amid weak trends at other Equity

companies due to unfavorable weather (calendar impact: -1.3ppt). The Grand Anniversary

Sale, held from June 25 to July 5, contributed to sales, with SSS up 9.0% during the six Arashi Nishizawa >> Research Analyst

days in June. Full-year SSS rose 2.1%, exceeding the company’s plan of +1.8%. BofAS Japan

+81 3 6225 6402

July monthly to be announced on August 10 arashi.nishizawa@bofa.com Daisuke Aikawa >>

From the July monthly data, the company will disclose SEIYU SSS in addition to TRIAL Research Analyst

SSS. Given the lack of historical disclosed figures for SEIYU, trends may be difficult to BofAS+81 3 6225Japan7196

forecast until the data cycles through. That said, SEIYU’s 3Q SSS, which appear to have daisuke.aikawa@bofa.com

been around +5%, should serve as one reference point.

Full-year results to be announced on August 13 Stock Data

We estimate that the company can deliver roughly ¥10.0bn in incremental profit in

FY6/27. To achieve its medium-term plan (MTP) target of ¥100.0bn in EBITDA in Price 3,040 JPY

FY6/29, the company will need to generate profit growth of around ¥10.0bn per year. Price Objective 5,000 JPY

However, while we factor in upfront investments for sustained growth, as discussed in Date Established 2-Jun-2026

our recent report, Factoring in growth investments, recent share-price reaction looks Investment Opinion C-1-7