Alpen Co., Ltd. (TSE: 3028), Japan's largest sporting-goods retailer and operator of the Alpen, Sports Depo, Alpen Outdoors and Golf 5 store chains, reported consolidated results for the first nine months of its June-ending fiscal year (July 1, 2025–March 31, 2026) under Japanese GAAP. Revenue rose 5.7% year-on-year to ¥207,139 million, but operating profit fell 24.1% to ¥4,466 million and ordinary profit dropped 23.1% to ¥5,557 million. Net profit attributable to owners of the parent declined 19.7% to ¥3,611 million from ¥4,499 million, and basic EPS came in at ¥95.20 versus ¥116.74. Comprehensive income fell 29.9% to ¥3,350 million.
Sales growth offset by a tough comparison
The Nagoya-based retailer continued to grow its top line, with nine-month revenue advancing to ¥207,139 million from ¥196,030 million a year earlier. Profit, however, moved the other way: the prior-year nine-month figures were unusually strong — ordinary profit had been lifted by a one-off — making this year's comparison especially demanding. Against that elevated base, operating profit slipped to ¥4,466 million from ¥5,888 million and ordinary profit to ¥5,557 million from ¥7,231 million, even as the business expanded in scale.
Balance sheet and per-share metrics
At the nine-month mark, total assets stood at ¥224,015 million and net assets at ¥119,811 million, leaving an equity ratio of 53.5%. Book value per share was ¥3,194.99. The combination of solid sales, a strong capital base and a modestly lower profit run-rate reflects a company investing through a tougher year rather than retrenching.
Dividend held at ¥50; guidance unchanged
Alpen left its full-year FY6/2026 dividend forecast unchanged at ¥50.00 per share (¥25 interim + ¥25 year-end), level with the prior year, with the ¥25 interim dividend already paid. The company also maintained its full-year guidance: revenue of ¥282,000 million (+5.0%), operating profit of ¥9,000 million (+5.7%), ordinary profit of ¥10,500 million (+0.3%), and net profit attributable to owners of ¥5,590 million (+0.3%), with EPS of ¥145.02.
A stronger fiscal fourth quarter implied
With nine-month operating profit at ¥4,466 million against full-year guidance of ¥9,000 million, the unchanged outlook implies management expects a markedly stronger fiscal fourth quarter (April–June) to close the gap. Holding the forecast despite the nine-month profit decline signals confidence that the comparison base normalizes and that seasonal trading in the final quarter delivers, leaving the modest full-year growth targets intact.
| Metric | 9M FY6/2026 | 9M FY6/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 207,139 | 196,030 | +5.7% |
| Operating profit (¥M) | 4,466 | 5,888 | -24.1% |
| Ordinary profit (¥M) | 5,557 | 7,231 | -23.1% |
| Net profit attrib. (¥M) | 3,611 | 4,499 | -19.7% |
| EPS (¥) | 95.20 | 116.74 | -18.5% |
| FY26 net profit guidance (¥M) | 5,590 | — | +0.3% |
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.