Ministop Co., Ltd. (TSE: 9946), the AEON-group convenience-store operator whose stores pair a standard forecourt with an in-store café known for its "Hokkaido Milk" soft-serve and Halo-Halo shaved-ice desserts, reported results for the first quarter of the fiscal year ending February 2027 — the three months from March 1 to May 31, 2026, under Japanese GAAP on a consolidated basis. Operating revenue rose 5.0% to ¥24,913m, but the company swung to an operating loss of ¥2,015m from breakeven (¥0m) a year earlier, an ordinary loss of ¥1,898m (from ordinary profit of ¥116m) and a net loss attributable to owners of ¥2,308m (versus a ¥151m loss). The quarterly loss per share was ¥79.58, against ¥5.21 a year earlier.
Revenue rises, but profit turns negative
The top line grew even as earnings deteriorated. At the Ministop parent, gross operating profit fell short of the prior year as sales and gross-margin recovery ran behind plan, while selling, general and administrative expenses climbed on heavier television-commercial and app-coupon marketing ahead of the peak season and on higher personnel costs from an increased count of directly operated stores. Comprehensive income was a loss of ¥2,355m, versus a ¥279m loss a year earlier. Depreciation was little changed at ¥444m.
Domestic business drags; Vietnam loss narrows
The domestic segment posted operating revenue of ¥22,406m (+4.8%) but an operating loss of ¥1,923m, reversing a ¥193m profit a year earlier. Overseas (Vietnam) operating revenue rose 7.4% to ¥2,506m, and the segment loss narrowed to ¥92m from ¥192m — an improvement of ¥99 million — as per-store daily sales and gross margin improved under a new "Vietnam combo store" format. Ministop closed 39 unprofitable domestic stores in the quarter against an annual plan of 80, opened two, and ended May with 1,756 domestic stores; the Vietnam network stood at 178 stores.
Same-store sales still below plan
Existing-store daily sales per domestic Ministop store ran at 95.0% of the prior year and average customer counts at 94.0%, both below plan, while average spend per customer improved to 101.0% on stronger sales of higher-priced items. Within the mix, convenience-store-goods same-store daily sales held at 98.3%, but in-store fast-food same-store daily sales fell to 79.9% on lower handmade-rice-ball volumes and a delayed hot-snack line-up. Chain-wide sales at the Ministop parent came to 92.7% of the prior year after the planned closures, and the gross-margin ratio slipped 0.9 point to 30.3%. On the growth side, the "MINISTOP POCKET" workplace-store network expanded past 2,200 locations (up more than 120%), delivery sales rose more than 140% and e-commerce sales more than 180%.
Balance sheet and dividend
Total assets rose to ¥74,410m from ¥69,013m at the prior fiscal year-end, mainly on higher cash and deposits and receivables, while net assets fell to ¥24,517m as the quarterly net loss was booked; the equity ratio eased to 32.0% from 38.3%. The company kept its full-year dividend forecast at ¥20.00 per share (a ¥10.00 year-end payout, unchanged), matching the prior year.
Outlook
Ministop left its full-year guidance unchanged from the forecast issued on April 8, 2026. For the year to February 2027 it targets operating revenue of ¥97,000m (+5.7%), operating profit of ¥1,500m, ordinary profit of ¥1,900m and net profit attributable to owners of ¥100m, for EPS of ¥3.45, as it presses on with planned store closures, structural reform and cost efficiencies expected to weigh in the first quarter but recover over the year.
| Metric | Q1 FY2/27 | Q1 FY2/26 | YoY |
|---|---|---|---|
| Operating revenue (¥m) | 24,913 | 23,721 | +5.0% |
| Operating profit/loss (¥m) | −2,015 | 0 | Loss |
| Ordinary profit/loss (¥m) | −1,898 | 116 | Loss |
| Net profit attrib. (¥m) | −2,308 | −151 | Wider loss |
| EPS (¥) | −79.58 | −5.21 | Wider loss |
| Equity ratio | 32.0% | 38.3% | −6.3pp |
| Dividend (¥, FY est.) | 20.00 | 20.00 | ±0.0% |
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.