J. Front Retailing (3068) Q3 2025 earnings summary

Executive summary

• Revenue and business profit grew strongly in Q3 and the nine months ended November 30, 2024, driven by robust domestic and inbound tourism demand; business profit up 46.1% year-over-year.

• Profit attributable to owners of parent surged 71.4% year-over-year to ¥37,041 million.

• Q3 results were in line with expectations, and full-year guidance remains unchanged.

• Group reorganization and segment reclassification were implemented, with prior-year results retroactively adjusted.

• A new Medium-term Business Plan (FY2024–FY2026) was launched to strengthen core retail businesses and group synergies.

Financial highlights

• Gross sales for the nine months reached ¥914,141 million, up 11.6% year-over-year; Q3 gross sales rose 8.9%.

• Operating profit for Q3 was 11.8 billion yen, up 7.1% year-over-year; cumulative operating profit up 66.7% to ¥51,142 million.

• Basic earnings per share increased to ¥143.04 from ¥82.38 a year earlier.

• Total assets as of November 30, 2024 were ¥1,136,351 million, up ¥21,625 million from February 29, 2024.

• Free cash flow for the nine months was ¥53,724 million, down from ¥76,773 million a year earlier.

Outlook and guidance

• Full-year sales revenue forecast remains at ¥437,000 million, up 7.4% year-over-year.

• Profit attributable to owners of parent is projected at ¥36,500 million, up 22.0% year-over-year.

• Annual dividend forecast is ¥44.00 per share, unchanged from previous guidance.

• Duty-free sales expected to continue growing as customer traffic increases.

• Payment and Finance segment expects a decrease in profits in Q4 due to costs for new card issuance.