Goldwin (8111) Q3 2026 earnings summary

Executive summary

• Q3 cumulative revenue increased year-over-year to ¥99,472 million, driven by strong fall/winter goods and inbound demand, despite a challenging sales environment and intensified competition.

• Gross profit rose 5.6% year-on-year to ¥53,210 million, with gross margin improving to 53.5% due to cost optimization and selective price revisions.

• Operating profit grew 10.5% year-on-year to ¥18,717 million, but profit attributable to owners of parent fell 13.8% to ¥15,251 million, reflecting higher costs and lower affiliate contributions.

• Inbound demand from mainland China declined, but was offset by growth from other regions, resulting in total inbound net sales exceeding the previous year.

Financial highlights

• Q3 cumulative net sales: ¥99,472 million (up 2.7% YoY); gross profit: ¥53,210 million (up 5.6% YoY); operating profit: ¥18,717 million (up 10.5% YoY); net income: ¥15,251 million (down 13.8% YoY).

• Ordinary profit declined 1.2% to ¥21,617 million.

• EPS: ¥111.17 (down from ¥131.41 YoY, adjusted for stock split).

• Gross profit margin for Q3 cumulative: 53.5% (up from 52.0% YoY).

• E-commerce net sales up 114.3% YoY, driven by third-party platforms.

Outlook and guidance

• Full-year forecast (ending March 31, 2026): net sales ¥140,500 million (up 6.2% YoY), operating profit ¥25,900 million (up 18.2% YoY), ordinary profit ¥33,900 million (up 10.0% YoY), net income ¥25,400 million (up 3.9% YoY), EPS ¥189.11 (post-split basis).

• No revisions to previously announced forecasts; company will monitor market conditions for potential updates.

• Gross profit margin for FY2026.3 forecast at 52.7%.