Retailing Industry: May 2026: Calendar/weather tailwinds evident

研报英文原文证据摘录

Retailing Industry: May 2026: Calendar/weather tailwinds evident

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Retailing Industry

May 2026: Calendar/weather tailwinds

evident

Industry Overview

Air conditioner demand solid on the 2027 issue 24 June 2026

Based on the monthly data disclosed by major retailers, sales trends by subsector for Equity

May 2026 were as follows (simple average): electronics volume retailers (all stores) Japan

+34.9%, fashion retailers (same stores) +8.3%, department stores (all stores) +8.3%, Retailing

home centers/home fashion/furniture stores (same stores) +8.0%, restaurants (same Arashi Nishizawa >>

stores) +6.8%, general merchandisers (same stores) +5.9%, drugstores (same stores) Research Analyst

+4.3%, supermarkets/supercenters (same stores) +4.0%, and CVS (same stores) +1.6%. BofAS+81 3 6225Japan6402

arashi.nishizawa@bofa.com

Focus on whether autumn starts earlier this year Daisuke Aikawa >>

On Jun 23, the Japan Meteorological Agency (JMA) released its three-month forecast (Jul- Research Analyst BofAS Japan

Sep). June has been somewhat unfavorable from a weather perspective, in addition to a +81 3 6225 7196

high prior-year hurdle. Temperatures are expected to remain above normal in Jul-Aug. daisuke.aikawa@bofa.com

Meanwhile, September is forecast to be in line with normal levels, suggesting autumn

could start earlier than usual.

Eight estimate revisions based on monthly data

Based on the monthly data and other factors, we revise our quarterly/FY estimates for

ABC-MART (2670), and ST (2685), Cosmos Pharmaceutical (3349), Kusuri no Aoki (3549),

Ryohin Keikaku (7453), Sugi (7649), Shimamura (8227), and Fast Retailing (9983). We

make no changes to our price objectives (POs). We revise our earnings forecasts for