26/5 results: Focusing on 27/5 H2 sales: Quick Note

研报英文原文证据摘录

26/5 results: Focusing on 27/5 H2 sales: Quick Note

Global Markets Research

3 July 2026Askul

2678.T 2678 JP / EQUITY: JAPAN RETAILING

Rating26/5 results: Focusing on 27/5 H2 sales Neutral

Target price JPY 1,400Quick Note

Closing price

3 July 2026 JPY 1,226First impression in line: Investors are likely to react negatively to 26/5 losses and

27/5 profit guidance, but briefing leaves favorable impression (Note: Quick Note reports are not a

Askul announced 26/5 results and held a briefing after the close on 3 July. It generated vehicle for changes to ratings, target

sales of ¥400.2bn (down 17% y-y) and operating losses of ¥17.4bn. While this was not as prices, or earnings forecasts)

bad as guidance dating from 27 March for sales of ¥395.0bn and operating losses of

¥20.5bn, earnings nevertheless need to recover quickly. The gross margin rose 0.7ppt q-q

in 26/5 Q4, partly thanks to special demand for naphtha-related products caused by the

situation in the Middle East, and this was one reason why losses were smaller than

Research Analystsmanagement had envisioned. The company also booked impairment losses, reducing the

26/5 shareholders' equity ratio to 20.8%. Japan small cap

Satoshi Sakae - NSCNonconsolidated sales also remained weak in the June accounting month (21 May–20 satoshi.sakae@nomura.com

Jun), falling 13.8% y-y. Sales were down 4.6% at Lohaco, down 14.7% at Askul, and down +81 3 6703 3899

12.7% at Askul even excluding calendar effects. We attribute this to a fallback from

extraordinary demand a year earlier caused by rice shortages and strong sales of soft

drinks because of the hot weather.

Mr Takeshi Narimatsu is scheduled to become Askul's new CEO at a regular general

shareholders' meeting scheduled for 6 August. He has been driving Askul's big data and