Japan Retail Sector: This week‘s earnings: Fast Retailing, Seven & i Holdings, Ryohin Keikaku

研报英文原文证据摘录

Japan Retail Sector: This week‘s earnings: Fast Retailing, Seven & i Holdings, Ryohin Keikaku

Global Research

6 July 2026ab

Japan Retail Sector Equities

JapanThis week's earnings: Fast Retailing, Seven & i

Holdings, Ryohin Keikaku Retail

Takahiro Kazahaya

Analyst

takahiro.kazahaya@ubs.com

Summary +81-3-5208 6226

We summarise the earnings outlook for Fast Retailing (9983), Seven & i Holdings (3382), Kazuki Oike

and Ryohin Keikaku (7453), which are scheduled to announce their results from 9-10 Analyst

July. kazuki.oike@ubs.com

+81-3-5208 6964

Fast Retailing: Q3 results due out after 9 July market close, firm earnings likely

We estimate Q3 sales of ¥950.5bn, up 15% yoy, and Q3 business profit of ¥188.0bn, up

33% yoy (including ¥66.1bn for UNIQLO Japan and ¥100.8bn for UNIQLO

International). For Q1-Q3, we estimate business profit of ¥575.0bn, up 30% yoy (we

estimate Q3 OP of ¥192.3bn (IBES consensus: ¥177.7bn) and Q1-Q3 OP of ¥586.0bn

(IBES consensus: ¥578.4bn)). We believe both UNIQLO Japan and UNIQLO International

showed solid performance in Q3. We forecast FY8/26 business profit of ¥717.4bn, up

30% yoy, exceeding company guidance of ¥690.0bn. The results briefing is scheduled

to be held at 17:30 JST on 9 July. We expect robust UNIQLO International sales and the

business profit margin improving from 16.2% one year ago to 18.3% to be the main

drivers behind solid consolidated earnings. Our focus at the results briefing will be on

the company's outlook regarding the potential for further profitability improvements in

FY8/27. We forecast FY8/27 sales of ¥4.343trn, up 10% yoy, business profit of

¥807.7bn, up 13% yoy, and OP of ¥819.2bn, up 12% yoy (IBES consensus: ¥785.6bn).

Seven & i Holdings: Q1 results due out after 9 July market close, focus on

franchise store profits