Wacoal Holdings Corp. (TSE: 3591), Japan's leading lingerie and innerwear group and owner of the Wacoal brand, reported results for the year ended March 31, 2026 under IFRS. Consolidated revenue slipped 1.4% to ¥171.51 billion. Business profit — which strips out non-recurring items — was a narrow loss of ¥461 million (an improvement on the prior year's ¥3.44 billion loss), but operating profit surged 504.5% to ¥19.88 billion, pre-tax profit rose 246.0% to ¥19.65 billion and profit attributable to owners rose 81.8% to ¥13.12 billion. Basic EPS was ¥261.65, up from ¥133.90.
One-off gains drive the bottom line
The steep rise in operating and pre-tax profit came from non-recurring gains — including disposals of assets and securities — rather than from core trading, where business profit remained slightly negative. Investing cash flow was a positive ¥36.10 billion, and total comprehensive income jumped to ¥34.99 billion.
Balance sheet and capital returns
Total assets were ¥292.32 billion and equity attributable to owners ¥209.60 billion, for an owners' equity ratio of 71.7%; return on equity was 6.5%. Wacoal held its annual dividend at ¥100 (¥50 interim plus ¥50 year-end) and reduced shares outstanding to 52.5 million from 55.5 million through buybacks and cancellation.
Outlook
For the year to March 2027, Wacoal guides revenue up 9.4% to ¥187.60 billion but sharply lower profit as this year's one-off gains do not recur: business profit of ¥500 million, operating profit of ¥1.50 billion (−92.5%), pre-tax profit of ¥2.60 billion (−86.8%) and profit attributable to owners of ¥1.80 billion (−86.3%), for EPS of ¥36.41, with the dividend guided at ¥100.
| Metric | FY3/26 | FY3/25 | YoY |
|---|---|---|---|
| Revenue (¥m) | 171,510 | 173,896 | −1.4% |
| Operating profit (¥m) | 19,877 | 3,288 | +504.5% |
| Pre-tax profit (¥m) | 19,653 | 5,680 | +246.0% |
| Profit attrib. to owners (¥m) | 13,124 | 7,218 | +81.8% |
| EPS (¥) | 261.65 | 133.90 | +95.4% |
| Owners' equity ratio | 71.7% | 70.4% | +1.3pp |
| FY3/27 op-profit guidance (¥m) | 1,500 | 19,877 | −92.5% |
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