Goldwin (8111) Q3 2025 earnings summary

Executive summary

• Third quarter sales rose 2.1% year-over-year to ¥96.8 billion, with December hitting a record high despite a warm winter impacting earlier months.

• Net income for the quarter was ¥17.7 billion, nearly flat year-over-year, while operating income declined 11.7% due to higher temporary costs.

• Comprehensive income for the period was ¥17.8 billion, down from ¥19.5 billion in the prior year.

• Inbound sales at directly managed stores remained robust at 20.7% for the quarter, with strong growth from Chinese, Korean, and US tourists.

• Inventory increased 19.1% year-over-year, mainly in apparel, but inventory management remains tight with a low sales loss rate.

Financial highlights

• Net sales for the third quarter (cumulative) were ¥96.8 billion, up 2.1% year-over-year.

• Gross profit was ¥50.4 billion, nearly flat year-over-year, while operating income was ¥16.9 billion (down 11.7%).

• Net assets rose to ¥106.6 billion, with an equity ratio of 69.5%.

• Earnings per share for the nine months was ¥394.22, up from ¥389.83 in the prior year.

• EC sales ratio was 12.8%, with EC sales up 6.2% year-over-year.

Outlook and guidance

• Full-year sales forecast remains at ¥133.2 billion (+5% year-over-year), with operating income projected at ¥18.1 billion (-24% year-over-year) due to temporary costs.

• Gross profit margin forecast for the full year is unchanged at 52.5%.

• Earnings per share for the full year projected at ¥466.24.

• No change to the full-year outlook; main products to be maintained at proper prices, and no excessive discounting planned.