Intermestic Inc. (TSE: 262A), the company behind the "Zoff" eyewear brand, posted a strong opening quarter for its fiscal year ending December 2026, disclosing results on May 12, 2026 for the three months from January 1 to March 31, 2026. Consolidated revenue surged 80.7% year-on-year to ¥21,104 million, while operating profit rose 30.1% to ¥2,467 million. Ordinary profit climbed 20.8% to ¥2,299 million, and net profit attributable to owners of the parent advanced 7.0% to ¥1,399 million. Earnings per share came in at ¥45.75, up from ¥42.76 a year earlier, with diluted EPS of ¥44.61.
The headline revenue jump is amplified by scope changes: prior-year first-quarter figures reflected provisional business-combination accounting, so the reported growth rates are inflated by newly consolidated operations layered on top of organic store-network expansion. The gap between the +80.7% top-line gain and the more measured +30.1% operating-profit growth reflects this consolidation effect alongside the cost base that accompanies a rapidly enlarging retail footprint.
Vertically integrated Zoff model drives the expansion
Intermestic designs, manufactures and retails eyewear under the "Zoff" brand through a vertically integrated speciality-store-retailer-of-private-label (SPA) model, with stores across Japan and a growing overseas presence. By controlling the chain from design through to the shop floor, the company captures margin at each step and can scale its store network while keeping pricing competitive. The first quarter's sharp revenue gain reflects both the newly consolidated operations and continued store openings, with the SPA structure helping convert that expansion into solid operating-profit growth.
Balance sheet underpins the growth
At the close of the quarter, total assets stood at ¥62,568 million and net assets at ¥26,079 million, giving an equity ratio of 41.7%. That capital structure provides a stable footing for an eyewear retailer carrying inventory across an expanding store base while continuing to invest in new locations and overseas growth.
Dividend lifted to ¥51; full-year guidance points to strong growth
Intermestic raised its annual dividend forecast for the year ending December 2026 to a ¥51.00 year-end payout, up from ¥44.00 in the prior year. For the full year, the company guides for revenue of ¥85,800 million (+71.1%), operating profit of ¥7,502 million (+25.2%), ordinary profit of ¥7,100 million (+18.7%) and net profit of ¥4,752 million (+15.4%), equivalent to EPS of ¥155.32. With first-quarter net profit already representing a meaningful slice of that full-year target, the company has built a solid base toward its guidance.
| Metric | Q1 FY12/2026 | Q1 FY12/2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 21,104 | 11,680 | +80.7% |
| Operating profit (¥ million) | 2,467 | 1,897 | +30.1% |
| Ordinary profit (¥ million) | 2,299 | 1,903 | +20.8% |
| Net profit (¥ million) | 1,399 | 1,308 | +7.0% |
| EPS (¥) | 45.75 | 42.76 | +7.0% |
| Total assets (¥ million) | 62,568 | — | — |
| Net assets (¥ million) | 26,079 | — | — |
| Equity ratio | 41.7% | — | — |
| Annual dividend forecast (¥) | 51.00 | 44.00 | +15.9% |
| FY guidance — revenue (¥ million) | 85,800 | — | +71.1% |
| FY guidance — operating profit (¥ million) | 7,502 | — | +25.2% |
| FY guidance — net profit (¥ million) | 4,752 | — | +15.4% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.