Japan Eyewear (5889) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months ended October 31, 2024, rose 24.8% year-over-year to ¥12,095 million, with operating profit up 46.4% to ¥3,923 million and net profit up 56.8% to ¥2,423 million, driven by strong store sales and inbound demand.

• Both Kaneko Optical and Four Nines brands saw robust performance, supported by new store openings, price increases, and increased foreign visitor demand.

• Growth rate is gradually slowing but remains high as prior-year comparables become more challenging.

Financial highlights

• Revenue for Q1–Q3 FY2025: ¥12,095 million, up 24.8% year-over-year.

• Operating profit: ¥3,923 million, up 46.4% year-over-year; OP margin improved to 32.4%.

• Adjusted EBITDA: ¥5,188 million, up 34.5% year-over-year; EBITDA for the period: ¥5,154 million, up 36.7%.

• Net profit: ¥2,423 million, up 56.8% year-over-year.

• Gross margin improved to 78.9% from 77.4% year-over-year; gross profit at ¥9,545 million.

Outlook and guidance

• Full-year revenue forecast revised upward to ¥16,090 million (up 18.9% year-over-year), with operating profit expected at ¥5,000 million (up 35.1%) and net profit at ¥3,090 million (up 30.8%).

• Basic earnings per share for FY2025 revised to ¥128.76.

• Annual dividend per share forecast raised from ¥44 to ¥51.

• Guidance revision reflects stronger-than-expected store sales and inbound demand.