Hard Off Corporation Co., Ltd. (TSE: 2674), the Niigata-based secondhand-goods retail chain behind the HARD OFF, OFF HOUSE and HOBBY OFF banners, reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under Japanese GAAP. Revenue rose 17.1% year-on-year to a record ¥39,276 million, from ¥33,531 million, with operating profit up 5.3% to ¥3,387 million and an operating margin of 8.6%. Ordinary profit edged up 2.5% to ¥3,489 million, while net profit attributable to owners of the parent climbed 8.9% to ¥2,519 million from ¥2,314 million. Basic EPS reached ¥181.19 versus ¥166.52, and comprehensive income surged 24.8% to ¥3,037 million.
Econos consolidation drives record top line
The headline revenue gain was driven in large part by a change in the consolidation scope. During the year Hard Off newly consolidated Econos Co., Ltd., expanding the group's reuse store network and lifting reported revenue to its record level. At the same time, Hard Off Family Co., Ltd. was deconsolidated. The combination of organic reuse-retailing growth — spanning directly operated and franchise stores under the HARD OFF, OFF HOUSE and HOBBY OFF banners — and the added Econos contribution pushed the top line up 17.1%, well ahead of the more modest 5.3% rise in operating profit as the newly added operations carried lower margins.
Profit growth and returns
Operating profit reached ¥3,387 million, up ¥169 million year-on-year, for an 8.6% operating margin. Ordinary profit rose more slowly, up 2.5% to ¥3,489 million, but net profit attributable to owners outpaced both, climbing 8.9% to ¥2,519 million. Return on equity came in at 13.1%, and EPS rose 8.8% to ¥181.19. The faster growth at the net line relative to operating and ordinary profit reflects items below the ordinary-profit line working in the company's favour over the period.
Balance sheet and cash flow
Total assets stood at ¥31,600 million against net assets of ¥20,330 million, giving an equity ratio of 64.0% and book value per share of ¥1,453.07 — a comfortably capitalised balance sheet for a retailer. Operating cash flow was a positive ¥2,465 million, while investing activities consumed ¥2,710 million and financing activities a further ¥1,836 million. Period-end cash and equivalents settled at ¥3,307 million.
Dividend raised to ¥85
Hard Off lifted its FY3/2026 annual dividend to ¥85.00 per share, paid as a year-end dividend, up from ¥78.00 the prior year. The year-end payment was revised up from an earlier plan of ¥78 to ¥85, taking the consolidated payout ratio to roughly 46.9%. For the coming year the company plans a further increase to ¥92.00 per share, continuing its progressive return policy.
FY3/2027 guidance points to double-digit growth
For FY3/2027, management guides revenue of ¥45,700 million (+16.4%), operating profit of ¥4,050 million (+19.6%), ordinary profit of ¥4,100 million (+17.5%), and net profit attributable to owners of ¥3,300 million (+31.0%), with EPS of ¥237.19. The plan reflects a full year of the expanded reuse-store network. On a half-year basis, the company guides cumulative first-half revenue of ¥21,750 million, operating profit of ¥1,580 million, and net profit of ¥1,800 million. The forecast dividend for FY3/2027 is ¥92.00 per share.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 39,276 | 33,531 | +17.1% |
| Operating profit (¥M) | 3,387 | 3,218 | +5.3% |
| Ordinary profit (¥M) | 3,489 | 3,403 | +2.5% |
| Net profit attrib. (¥M) | 2,519 | 2,314 | +8.9% |
| EPS (¥) | 181.19 | 166.52 | +8.8% |
| Annual dividend (¥) | 85.00 | 78.00 | +9.0% |
| FY27 net profit guidance (¥M) | 3,300 | — | +31.0% |
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.