SHIMAMURA (8227): 1Q FY2026: Operating profit overshoots expectations; seems more likely to achieve challenging FY2026 operating profit guidance

研报英文原文证据摘录

SHIMAMURA (8227): 1Q FY2026: Operating profit overshoots expectations; seems more likely to achieve challenging FY2026 operating profit guidance

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

29 June 2026

SHIMAMURA (8227)

1Q FY2026: Operating profit overshoots Neutral

expectations; seems more likely to achieve 8227.T, 8227 JP

challenging FY2026 operating profit guidance Price (29 Jun 26):¥3,313

Price Target (Dec-26):¥3,600

Positive: 1Q operating profit grew 17% YoY to ¥17.9 billion, well above our Japan Equity Research

estimate of ¥16.3 billion and the Bloomberg consensus estimate of ¥15.9 billion.

Retail

The gross margin was higher than our estimate while costs were below it. We have

a positive view of confirming discount restraint and cost control (e.g., advertising Dairo Murata AC

costs). We need to watch the 2Q impact of weak June sales resulting from poor (81-3) 6736 8620

dairo.murata@jpmorgan.com

weather, but we think strong 1Q results could alleviate concerns about missing

Ami Terai

challenging FY2026 operating profit guidance. (81-3) 6736-8660

• 1Q results: Sales grew 7.9% YoY, the gross margin held flat, and costs rose ami.terai@jpmorgan.com Kazuha Matsuo 4.8%. Compared with our estimates (sales +7.7% YoY, gross margin −0.6ppt,

(81-3) 6736-8614

costs +5.7%), the gross margin was above while costs were below. The gross kazuha.matsuo@jpmorgan.com

margin faced a high year-earlier hurdle (impact of discount restraint from JPMorgan Securities Japan Co., Ltd.

winter product inventory reductions at end-FY2024), but still held flat YoY due

to discount restraint for spring products and favorable launch of summer

product sales. We had expected changes to the reward point program to reduce

the gross margin by around 0.2ppt, but Shimamura said the reward point