ABC Mart: Earnings update: Management efforts continue

研报英文原文证据摘录

ABC Mart: Earnings update: Management efforts continue

Global Research

9 July 2026ab

ABC Mart Equities

JapanEarnings update: Management efforts continue

Retailers, Specialty

12-month rating Neutral

Action: Earnings update based on Q1 results

We provide an earnings update based on Q1 results. We are revising our OP forecasts 12m price target ¥2,690.0

slightly, still seeing room for the company's FY2/27 OP guidance to be achieved. Prior : ¥2,650

Reflecting our earnings forecast revisions and progress of the fiscal year, we are

Price (09 Jul 2026) ¥2,592

changing our price target from ¥2,650 to ¥2,690. We maintain our Neutral rating.

RIC: 2670.T BBG: 2670 JP

Investment overview: Japan’s largest footwear retailer

Trading data and key metrics

As Japan’s leading footwear retailer, ABC Mart exclusively handles about 50% of the

52-wk range ¥3,255-2,421

products of national brand manufacturers, supported by strong collaborative

Market cap. ¥642b/US$3.95b

relationships. Market share is rising alongside increasing consumer support for its

Shares o/s 248m (ORD)

differentiated products. The company is also expanding its merchandise lineup to

Free float 37%

include sports apparel and other related products. Efforts to meet footwear demand

from foreign visitors to Japan are also driving earnings growth. Even excluding tax Avg. daily volume ('000) 682

exemptions, the prices of national brand shoes have been lower in Japan than in key Avg. daily value (m) ¥1,873.5

countries such as China, the US and in Europe. ABC Mart's product lineup and price Common s/h equity (02/27E) ¥427b

advantage motivate foreign visitors to shop at its stores. P/BV (02/27E) 1.5x

Net debt to EBITDA (02/27E) NM

Earnings forecasts: We see room for FY2/27 OP guidance to be achieved

EPS (reported, basic) (¥)