Treasure Factory (3093) Q3 2025 earnings summary

Executive summary

• Net sales for the first three quarters rose 22.7% year-over-year to ¥30,515 million, with operating profit up 20.5% to ¥2,982 million and net profit attributable to owners up 22.3% to ¥1,958 million.

• Existing stores achieved 107.3% YOY sales growth and 39 consecutive months of sales increases.

• Growth was driven by increased demand from international visitors, improved domestic economic conditions, and a societal shift toward sustainability, boosting the reuse market.

• Q3 saw a record-high operating profit after a Q2 dip due to advance investments; progress toward full-year targets is on track at 74%.

• The company opened 16 new directly managed stores and saw strong performance from group companies Kindal and PickUp Japan.

Financial highlights

• Net sales for the first three quarters reached ¥30.5 billion (+22.7% YOY), with operating profit at ¥2.98 billion (+20.5% YOY).

• Ordinary profit increased 20.0% year-over-year to ¥3,011 million; EPS rose to ¥83.58 from ¥68.55.

• Gross profit ratio decreased by 1.7 pts to 60.1% due to higher sales of expensive items and changes in accounting.

• Total assets grew to ¥20,427 million, up ¥2,699 million from the previous fiscal year-end.

• Q3 net sales exceeded ¥10 billion, up 21% YOY.

Outlook and guidance

• Full-year net sales forecast is ¥41.86 billion (+21.5% YOY), with operating profit projected at ¥4.04 billion (+20.7% YOY).

• Dividend per share forecast is ¥34, up 21.4% YOY, with a payout ratio target of 30% or greater.

• No changes to forecasts since July 2024; growth investments and store openings to continue.