Goldwin (8111) Q1 2026 earnings summary

Executive summary

• Q1 net sales were ¥23,878 million, down 2.9% YoY, mainly due to discontinued brands.

• Gross profit increased 1.7% YoY to ¥12,646 million, with margin up 2.5pt to 53.0%.

• Operating profit rose by double digits YoY to ¥2,079 million, aided by cost controls and selective price increases.

• Ordinary profit and net income declined due to foreign exchange losses and lower affiliate profits.

• Gross profit margin exceeded the full-year forecast, and the mid-term plan, including Goldwin500, is progressing as scheduled.

Financial highlights

• Q1 FY2026.3 net sales: ¥23,878 million (down ¥723 million YoY); gross profit: ¥12,646 million (up ¥213 million YoY).

• Operating profit: ¥2,079 million (up ¥240 million YoY); margin: 8.7% (up 1.2pt YoY).

• Ordinary profit: ¥3,759 million (down ¥499 million YoY); net income: ¥3,189 million (down ¥471 million YoY).

• Comprehensive income for Q1: ¥1,066 million, down 77.5% YoY.

• Equity ratio improved to 77.8%; net assets increased to ¥111,387 million.

Outlook and guidance

• Full-year FY2026.3 net sales forecast: ¥140,500 million (+6.2% YoY); operating profit: ¥25,900 million (+18.2% YoY); net income: ¥25,400 million (+3.9% YoY).

• Six-month forecast: net sales ¥55,000 million, operating profit ¥5,600 million, net income ¥6,600 million.

• EPS forecast for FY2026 is ¥189.11, reflecting a planned three-for-one stock split.

• Inbound demand and premium sports market expected to remain strong; focus on cost control and stable profit structure.