Major Specialty Stores: June Sales Preview

研报英文原文证据摘录

Major Specialty Stores: June Sales Preview

J P M O R G A N Asia Pacific Equity Research

26 June 2026

Major Specialty Stores: June

Sales Preview

Forecasts are entirely our own

• Figure 1 shows a review of May sales, Figure 2 our estimates for June sales, and Japan Equity Research

Figures 3-12 our main assumptions (calendar effects, weather factors) and

Retail

monthly forecast models.

Dairo Murata AC

• May review: Figure 1 shows sales of sector companies. As a general trend (81-3) 6736 8620

temperatures were high, leading to strong sales of summer merchandise. Same- dairo.murata@jpmorgan.com

store sales growth rates at major specialty retailers all exceeded our forecasts. Ami Terai

In addition to the favorable weather tailwinds, we assumed the number of (81-3) 6736-8660

weekends and holidays compared to the previous year to be +1 day, but because ami.terai@jpmorgan.com

it was actually +2 days, the positive impact of an additional weekend day also Kazuha Matsuo

led to the difference from our expectations. For Uniqlo Japan, summer (81-3) 6736-8614

merchandise sales were strong, and the Golden Week sales campaign and kazuha.matsuo@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

Thank You Festival also proved successful.

• Even excluding the impact of the number of Saturdays, Sundays, and holidays,

sales of MUJI Ryohin products in Japan were strong, with same-store sales up

6%. The company noted that the GOOD POINT WEEK loyalty program for

members (April 29-May 6) also helped drive customer traffic. By category,

apparel and miscellaneous goods drove growth, with apparel and

miscellaneous goods up 12.8% while household sales rose 9.1% and foods rose

6.3%. By product type, summer apparel and Health & Beauty products

performed particularly well.