Workman (7564) Q2 2026 earnings summary

Executive summary

• Achieved record-high profit in Q2 FY2026, with both revenue and profit increasing for the first time in four years, driven by robust summer apparel sales and successful product rollouts for off-peak seasons.

• Operating revenue for the six months ended September 30, 2025, rose 15.7% year-over-year to ¥76,137 million.

• Operating profit increased 21.1% year-over-year to ¥14,444 million, and net income grew 22.5% to ¥9,227 million.

• Net sales at all chain stores reached ¥101,574 million, up 11.4% year-over-year.

• Store network expanded to 1,071 locations, with new store openings and renovations proceeding as planned.

Financial highlights

• Sales at all chain stores rose 11.4% year-over-year to ¥101.6 billion, exceeding plan by 5.4%.

• Operating profit increased 16.6% year-over-year to ¥14.98 billion; net income up 22.5% to ¥9.23 billion.

• Ordinary profit for the period was ¥14,874 million, up 22.1% year-over-year.

• EPS reached ¥113.06, up from ¥92.28 in the previous year.

• Gross profit margin at franchise stores improved by 0.3 points due to higher royalties.

Outlook and guidance

• Full-year forecast revised upward: sales at all chain stores expected to reach ¥201.8 billion (+10.2% YoY), operating profit ¥28.2 billion (+15.6% YoY), and net income ¥19.7 billion (+16.6% YoY).

• Full-year operating revenue is forecast at ¥155,000 million, a 13.2% year-over-year increase.

• Net income per share for the full year is forecast at ¥241.39.

• Plans to open 48 new stores, aiming for a 1,500-store network, and renovate 100–200 stores per year.

• Focus on expanding Colors stores and reinforcing workwear product lines.