Air conditioners drive the year
Kojima Co., Ltd. (TSE: 7513), the Utsunomiya-based consumer-electronics chain and a member of the Bic Camera group, reported non-consolidated results for FY8/2026, the year from September 1, 2025 to August 31, 2026, on October 8, 2026 under Japanese GAAP. Net sales rose 5.2% to ¥297,632 million, operating profit 17.7% to ¥8,622 million and ordinary profit 15.3% to ¥8,911 million. Net profit rose 17.4% to ¥5,529 million, or ¥71.40 per share against ¥61.05.
Air-conditioner sales stayed strong in Tokyo, where an expanded subsidy program kept demand high, and picked up elsewhere as buyers moved ahead of the so-called 2027 problem, the tightening of Japanese energy-efficiency standards for air conditioners. Smartphones, PCs and game consoles also grew. Those lower-margin categories weighed on the mix, but sales of higher-value products lifted gross profit 6.2% to ¥81,618 million and the gross margin rose. Selling, general and administrative expenses grew 5.0% to ¥72,995 million as personnel and advertising costs for the company's 70th-anniversary sale outweighed lower utility bills, but fell as a share of sales.
Sales by category
Home appliances, the largest category, grew 4.0% to ¥125,377 million and IT and communications products 5.5% to ¥91,862 million. Audio-visual products slipped 1.3% to ¥38,447 million, while other products rose 16.8% to ¥40,668 million. The chain opened two stores and closed three during the year, ending August with 138, and opened another in Kawaguchi, Saitama on September 17. It completed the rollout of electronic shelf labels to every store and opened three corporate-sales offices.
Cash and balance sheet
Operating cash flow rose to ¥11,851 million from ¥3,981 million, and cash and cash equivalents ended the year at ¥35,361 million, up ¥8,807 million. Total assets rose 6.5% to ¥128,669 million and net assets 4.8% to ¥73,593 million, leaving the equity ratio at 57.1% against 58.0%. In July the company adopted a new dividend policy targeting a payout ratio of 40% and expanded its shareholder-benefit program.
FY8/2027 outlook
For FY8/2027, the third year of its 2025–2029 medium-term plan, Kojima forecasts net sales of ¥300,000 million (+0.8%), operating profit of ¥9,000 million (+4.4%), ordinary profit of ¥9,100 million (+2.1%) and net profit of ¥5,800 million (+4.9%). It expects a tough market as the electronics retail industry consolidates, and plans a third training center, AI-driven efficiency gains, a new inventory-management office and continued investment in e-commerce, corporate sales and home-renovation services.
| Metric | FY8/2026 | FY8/2025 | Change |
|---|---|---|---|
| Net sales (¥ million) | 297,632 | 282,790 | +5.2% |
| Gross profit (¥ million) | 81,618 | 76,830 | +6.2% |
| SG&A expenses (¥ million) | 72,995 | 69,505 | +5.0% |
| Operating profit (¥ million) | 8,622 | 7,325 | +17.7% |
| Ordinary profit (¥ million) | 8,911 | 7,732 | +15.3% |
| Pre-tax profit (¥ million) | 8,219 | 6,595 | +24.6% |
| Net profit (¥ million) | 5,529 | 4,709 | +17.4% |
| EPS (¥) | 71.40 | 61.05 | +17.0% |
| Audio-visual products — revenue (¥ million) | 38,447 | — | −1.3% |
| Home appliances — revenue (¥ million) | 125,377 | — | +4.0% |
| IT and communications — revenue (¥ million) | 91,862 | — | +5.5% |
| Other products — revenue (¥ million) | 40,668 | — | +16.8% |
| Total assets (¥ million) | 128,669 | 120,786 | +6.5% |
| Net assets (¥ million) | 73,593 | 70,247 | +4.8% |
| Equity ratio | 57.1% | 58.0% | −0.9 pt |
| FY8/2027 guidance — revenue (¥ million) | 300,000 | — | +0.8% |
| FY8/2027 guidance — operating profit (¥ million) | 9,000 | — | +4.4% |
| FY8/2027 guidance — ordinary profit (¥ million) | 9,100 | — | +2.1% |
| FY8/2027 guidance — net profit (¥ million) | 5,800 | — | +4.9% |
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.