Goldwin (8111) Q2 2026 earnings summary

Executive summary

• Net sales for the six months ended September 30, 2025, rose 4.2% year-over-year to ¥55,589 million, driven by new store openings, expanded floor space, strong demand for summer products, and robust performance of THE NORTH FACE brand, especially at directly managed stores and from inbound travelers.

• Operating profit increased 33.5% year-over-year to ¥6,959 million, supported by improved gross margin, cost optimization, and successful reforms in self-operated stores and brand strengthening.

• Ordinary profit and net income declined year-over-year due to exchange rate impacts, particularly from equity-method investments in Korea and lower equity-method affiliate contributions.

• Profit attributable to owners of parent fell 13.6% year-over-year to ¥6,798 million.

• The full-year forecast remains unchanged, with continued focus on growth, profitability, and global expansion into the fall/winter season.

Financial highlights

• Q2 net sales: ¥31,711 million, up 10.2% YoY; H1 cumulative net sales: ¥55,589 million, up 4.2% YoY.

• Q2 operating profit: ¥4,880 million, up 44.6% YoY; H1 cumulative operating profit: ¥6,959 million, up 33.5% YoY.

• Q2 net income: ¥3,609 million, down 14.2% YoY; H1 cumulative net income: ¥6,798 million, down 13.6% YoY.

• Gross profit reached ¥28,554 million, up 7.2% YoY, with a gross margin of 51.4% (up 1.5 percentage points); Q2 gross profit margin: 50.2%, with a full-year forecast of 52.7%.

• Earnings per share for the period was ¥49.56, calculated post-stock split.

Outlook and guidance

• Full-year forecast for FY2026 maintained: net sales ¥140,500 million (+6.2% YoY), operating profit ¥25,900 million (+18.2% YoY), ordinary profit ¥33,900 million (+10.0% YoY), profit attributable to owners of parent ¥25,400 million (+3.9% YoY), EPS ¥189.11 (post-stock split).

• No revisions to the previously announced forecast; sales trends for fall/winter products in Q3 and beyond are expected to significantly impact full-year results.

• Second half will focus on maintaining unit prices, improving sales mix, and controlling SG&A expenses to secure profit.

• Gross profit margin expected to exceed previous year by suppressing markdowns and increasing high-value product sales.