Satudora Holdings Co., Ltd. (TSE: 3544), the Sapporo-based drugstore and retail group, reported consolidated full-year results for the fiscal year ended May 15, 2026 (FY5/2026) under Japanese GAAP. Revenue edged up 0.4% year-on-year to ¥100,571 million, the group's first year above the ¥100 billion mark holding broadly flat. Profitability, however, deteriorated sharply: operating profit fell 12.9% to ¥1,458 million from ¥1,675 million, ordinary profit declined 18.1% to ¥1,351 million, and net profit attributable to owners of the parent dropped 43.4% to ¥434 million from ¥767 million. Basic earnings per share fell to ¥31.55 from ¥55.54.
Margins compress despite flat sales
After a strong prior year — in which operating profit had grown 21.0% and net profit 63.1% — FY5/2026 marked a clear reversal. With revenue essentially flat, the double-digit declines down the income statement point to cost pressure and a thinner trading margin: the operating margin slipped to 1.5% from 1.7%, and the ordinary-profit margin to 3.0% from 3.6%. Comprehensive income nearly halved, falling 52.9% to ¥417 million from ¥886 million, and return on equity dropped to 4.4% from 8.1%.
Balance sheet and cash flow
Total assets eased to ¥45,153 million from ¥46,194 million, while net assets rose to ¥10,218 million from ¥9,922 million, lifting the equity ratio to 22.4% from 21.2%. Net assets per share increased to ¥733.46 from ¥711.88. Operating cash flow remained solidly positive at ¥2,318 million (down from ¥2,598 million); investing activities used ¥1,139 million and financing activities used ¥2,366 million, leaving period-end cash and equivalents at ¥1,483 million, down from ¥2,669 million a year earlier.
Year-end dividend scrapped
In a move tied directly to the buyout, Satudora cancelled its FY5/2026 year-end dividend, cutting the annual payout to ¥0.00 from ¥10.00 the previous year (when the payout ratio was 18.0%). The company stated that, in light of the pending tender offer, it had decided not to pay a year-end dividend for FY5/2026. It is also set to abolish its shareholder-benefit program.
MBO tender offer and planned delisting
The headline development accompanying these results is a management buyout. On June 19, 2026, Satudora announced "Notice Regarding the Implementation of an MBO and Recommendation to Tender," disclosing that Tera Co., Ltd. will conduct a tender offer for the company's common shares. If the tender offer succeeds, subsequent procedures are expected to take Satudora's shares private, with the stock slated to be delisted from the Tokyo and Sapporo exchanges. The board has recommended that shareholders tender into the offer.
No FY27 guidance
Because the company's shares are expected to be delisted following completion of the tender offer, Satudora declined to provide consolidated earnings guidance for FY5/2027 (the year running May 16, 2026 to May 15, 2027), and likewise gave no FY27 dividend forecast. The financial statements were not subject to audit by a certified public accountant or audit firm as of the short-report date. The weighted-average share count for the year was 13,773,126 shares, against 14,236,564 shares issued.
| Metric | FY5/2026 | FY5/2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 100,571 | 100,174 | +0.4% |
| Operating profit (¥ million) | 1,458 | 1,675 | −12.9% |
| Ordinary profit (¥ million) | 1,351 | 1,648 | −18.1% |
| Net profit attrib. to owners (¥ million) | 434 | 767 | −43.4% |
| Comprehensive income (¥ million) | 417 | 886 | −52.9% |
| Basic EPS (¥) | 31.55 | 55.54 | −43.2% |
| Operating margin | 1.5% | 1.7% | −0.2pp |
| ROE | 4.4% | 8.1% | −3.7pp |
| Equity ratio | 22.4% | 21.2% | +1.2pp |
| Annual dividend (¥) | 0.00 | 10.00 | −¥10.00 |
| Operating cash flow (¥ million) | 2,318 | 2,598 | −10.8% |
| FY27 guidance | — | — | Not disclosed |
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.