Sustained sales growth in Japan and overseas, margin improvement too

研报英文原文证据摘录

Sustained sales growth in Japan and overseas, margin improvement too

Global Markets Research

18 June 2026Ryohin Keikaku

7453.T 7453 JP / EQUITY: JAPAN RETAILING

RatingSustained sales growth in Japan and overseas,

Remains Buymargin improvement too

Target price

Focusing on strong prospects for profit growth as company further Increased from JPY JPY 4,500strengthens business base 4,300

We reiterate Buy rating, we focus on good prospects for sales growth in Japan and Closing price

overseas, sustained improvement in margins 17 June 2026 JPY 3,605

We reiterate our Buy rating on Ryohin Keikaku on what we see as good prospects for

profit growth thanks to higher sales and improved margins in Japan and overseas. Sales Implied upside +24.8%

have remained solid in Japan despite the high prior-year comparison base. May sales

data suggest to us that products other than health & beauty products, which had been

performing well, have started to contribute to sales growth. We expect sales in Japan to Relative performance chart

remain solid thanks to steady launches of new products and promotions tailored to events.

Overseas sales have been strong. Same-store sales in China have continued to rise

sharply. Product initiatives and increased marketing have underpinned sales growth, and

we think the company's strong business execution capabilities in China have translated

into strong sales. Sales have also been strong in overseas regions other than China, and

we see good prospects for sales growth overseas thanks to further improvements in

merchandise, marketing, and operations. We also see good prospects for improved

margins, and expect ongoing COGS savings from bringing production in-house, as well as

cost efficiency gains via the company's Productivity Improvement Committee. We continue