Curves Holdings Co., Ltd. (TSE: 7085) reported consolidated nine-month results under Japanese GAAP for the cumulative third quarter of the fiscal year ending August 2026 — the period from September 1, 2025 to May 31, 2026. Revenue rose 13.8% to ¥31,570 million, operating profit rose 22.0% to ¥6,150 million, ordinary profit rose 18.4% to ¥6,006 million, and net profit attributable to owners of the parent rose 18.3% to ¥3,819 million. Basic EPS was ¥41.48, up from ¥35.08 a year earlier; diluted EPS was ¥40.64. The company said revenue and every profit line set nine-month records.
Membership and club network
The core "Curves" women-only 30-minute health-fitness chain in Japan ended the quarter with 2,005 clubs (83 company-operated, 1,922 franchised), up 14 clubs or 0.7% year on year and up 9 from the August 2025 fiscal year-end after 10 openings and one closure. Membership climbed to 890,000 from 863,000 at the fiscal year-end — a net gain of 27,000 — and from 843,000 a year earlier, a 5.6% increase and a nine-month record. Concentrated TV advertising in March and April, combined with web marketing and local promotion, kept enrolments running strong; an April price revision for existing members lifted average membership fees with only a marginal impact on the churn rate.
Chain-wide sales and merchandise
Domestic Curves chain-wide sales — franchised clubs included, covering membership and enrolment fees plus merchandise sold to members — reached ¥68.90 billion, up ¥5.17 billion or 8.1% from ¥63.72 billion. Membership and enrolment fees contributed ¥49.56 billion (+5.7%), while merchandise sales to members grew 14.8% to ¥19.34 billion, helped by a May "dietary consultation month" campaign that lifted protein subscription contracts to a nine-month record. Curves Holdings operates as a single reportable segment, so no segment breakdown is disclosed.
Newer brands and Europe
The men's format "Men's Curves" added 12 clubs during the nine months to reach 37 in total, with new-club opening memberships running ahead of plan. "Pint-Up," the body-movement recovery centre brand, added 10 clubs to reach 47. The European franchise business — acquired in July 2019 and consolidated with a two-month lag, so measured at end-March 2026 — operated 126 clubs across the UK, Italy, Spain and five other countries, with same-club membership and sales at record levels. SG&A rose ¥424 million year on year on heavier advertising, higher personnel costs and system-investment depreciation.
Balance sheet, dividend and buyback
Total assets grew 6.2% from the fiscal year-end to ¥41,623 million, and net assets rose 18.8% to ¥23,941 million, lifting the equity ratio to 57.5% from 51.4%. A weaker yen added ¥1,723 million to the foreign-currency translation adjustment, which reached ¥6,016 million, while long-term borrowings were cut by ¥1,494 million. The FY8/2026 annual dividend is guided at ¥30.00 per share (¥10.00 interim + ¥20.00 year-end, the latter comprising a ¥10.00 ordinary and a ¥10.00 commemorative dividend), up from ¥17.00 a year earlier. Separately, on July 13, 2026 the board approved a share buyback of up to 3,000,000 shares (3.3% of shares outstanding excluding treasury stock) for up to ¥3.5 billion, running from July 14 to September 30, 2026 via market purchases including ToSTNeT-3.
FY8/2026 guidance unchanged
Full-year guidance issued on April 13, 2026 was left unrevised: revenue of ¥42,300 million (+12.6%), operating profit of ¥7,700 million (+21.4%), ordinary profit of ¥7,570 million (+16.8%) and net profit of ¥4,850 million (+12.7%), for EPS of ¥52.67. The nine-month result therefore covers roughly 79% of the full-year net-profit target.
| Metric | 9M FY8/2026 | 9M FY8/2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 31,570 | 27,743 | +13.8% |
| Operating profit (¥ million) | 6,150 | 5,043 | +22.0% |
| Operating margin | 19.5% | 18.2% | +1.3 pt |
| Ordinary profit (¥ million) | 6,006 | 5,071 | +18.4% |
| Net profit attrib. to owners (¥ million) | 3,819 | 3,229 | +18.3% |
| Basic EPS (¥) | 41.48 | 35.08 | +18.2% |
| Curves Japan clubs | 2,005 | 1,991 | +0.7% |
| Curves Japan members | 890,000 | 843,000 | +5.6% |
| Chain-wide sales (¥ billion) | 68.90 | 63.72 | +8.1% |
| Equity ratio | 57.5% | 51.4% | +6.1 pt |
| FY8/2026 net profit guidance (¥ million) | 4,850 | — | +12.7% |
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.