Japan Retail Sector: June 2026 sales (announced 14 July): Tsuruha Holdings struggles too

研报英文原文证据摘录

Japan Retail Sector: June 2026 sales (announced 14 July): Tsuruha Holdings struggles too

Global Research

15 July 2026ab

Japan Retail Sector Equities

JapanJune 2026 sales (announced 14 July): Tsuruha

Holdings struggles too Retail

Takahiro Kazahaya

Analyst

takahiro.kazahaya@ubs.com

Tsuruha Holdings (3391): June sales missed company plan +81-3-5208 6226

Monthly sales (end of month, FY2/27): Same-store sales fell 1.1% yoy (customer Kazuki Oike

numbers: -4.2%, sales per customer: +3.2%) and all-store sales were down 0.8% yoy. Analyst

Cumulative fiscal year-to-date same-store sales rose 2.9% yoy. kazuki.oike@ubs.com

+81-3-5208 6964

By segment on a same-store basis, drugstore (merchandise) sales were down 3.8% yoy Hirotaro Hasegawa

and dispensing pharmacy sales were up 11.4% yoy. Dispensing pharmacy sales missed Associate Analyst

the company plan slightly, and so did merchandise sales, as sales of seasonal products hirotaro.hasegawa@ubs.com

struggled due to irregular weather, while food was affected by declines in rice prices. In +81-3-5208 6684

addition, the sales boost for petroleum-derived products from the Middle East situation

has moderated. Since the beginning of the fiscal year, the company opened 39 stores

and closed 52, bringing the number of stores at the end of the month to 5,663 (Tsuruha

Group: 2,691 stores, Welcia Group: 2,972 stores). The company plans for same-store

sales in FY2/27 to rise 2.4% yoy (+2.3% in H1, +2.4% in H2).

By company, Tsuruha Group same-store sales in June were down 1.9% yoy (customer

numbers: -5.2%, sales per customer: +3.5%), with total store sales down 0.9% yoy.

Cumulative FYTD same-store sales were up 2.1% yoy. The company plan for FY2/27 is

for same-store sales for Tsuruha Group to rise 1.7% yoy (+1.6% in H1, +1.8% in H2).