F3/27 1Q Results: OP Up 33% YoY, F3/27 Guidance Unchanged

研报英文原文证据摘录

F3/27 1Q Results: OP Up 33% YoY, F3/27 Guidance Unchanged

Update

August 3, 2026 10:11 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MWorkman (7564) | Japan Ai Furukawa

Equity Analyst

F3/27 1Q Results: OP Up 33% Ai.Furukawa@morganstanleymufg.comHiroshi Koba +81 3 6836-5461

Hiroshi.Koba@morganstanleymufg.com +81 3 6836-8942

YoY, F3/27 Guidance Unchanged

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Workman (7564.T, 7564 JT)

Source: Company data, Morgan Stanley Research Athleisure | Japan

Stock Rating Underweight

Industry View Attractive

Key Takeaways Price target ¥5,400

Shr price, close (Aug 3, 2026) ¥5,860

1Q OP came in at ¥12.0bn (YoY +33%), exceeding FactSet consensus of ¥11.0bn. Mkt cap, curr, basic (bn) ¥478.2

Relative to guidance, sales were slightly below plan, while OP beat by ¥300mn. Avg daily trading value (bn) ¥2.0

Recovery wear performed strongly, with rebates increasing more than the

company had anticipated, while exchange rates were also more favorable than

assumed.

Same-store sales growth accelerated to +16.3% YoY in July. While this does not

appear sufficient to fully offset the shortfall seen in June, the company plans to

catch up through promotional activities in September.

The announcement of the establishment of a local subsidiary in Taiwan is

consistent with the company's medium-term growth vision.

Although earnings volatility has recently been increasing due to weather-related

factors, we are focused on Workman's ability to execute its ambitious sales

growth plan through operational excellence and marketing initiatives.

Earnings briefing takeaways (based on our understanding; comments attributed