Overview
- Sales: +6.9% *Operating profit: +19.6%
- Final profit: -44.2%
- YoY: Increase in sales, increase in operating income, decrease in final income
One word: Our core business is strong, but profits are distorted by exchange rates.
Financial Highlights (Simple Table)
| Indicators | Contents |
|---|---|
| Sales | +6.9% |
| Operating profit | +19.6% |
| Final profit | -44.2% |
| Factor 1 | Loss on valuation of foreign exchange derivatives |
| Factor 2 | Increase in customer attraction under inflation |
What happened (most important)
Quantity
1,126 Key point
Price
Key point Key point
Cost
Key point Key point
Exchange
Key point= originally lower costs Key pointtemporary factor)
=> Essence: Sales improved, but final profit worsened due to accounting factors
Latest materials (3 months)
- 2026 1Q financial results: operating profit increase, final profit decrease
- CPI increase: Food +5.2%
- Foreign exchange fluctuations: Derivative loss realization
Impact on stock price: Key point→ short-term downward pressure Key point
Business structure
Target: Kobe Bussan
- Revenue source: Gyomu Super (FC + product supply) *Profit margin: Operating profit margin approximately 7% level
- Strengths:
- Direct import + in-house manufacturing
- Maintain low price
- Inflation resistant
- Weaknesses:
- Foreign exchange dependence (import ratio)
- Derivative opacity
Implications for stock prices
Positive
Key point 12%
Negative
Key point Key point
Weaving
Key point: Approximately 3,571 yen Key point: Approximately 2,790 yen (approximately ▲22%)
=> Market is highly aware of risk
Short term (6 months)
- Foreign exchange trends (yen appreciation/yen depreciation) *Derivative gain/loss *Profit recovery rate for next fiscal year
Attention: Key point
Mid-term (1 year)
- Continued store expansion
- PB ratio increase
- Maintaining demand in an inflationary environment
Evaluation points: Key point
Scenario analysis
Bullish: 30% Key point→ Profit recovery → Stock price rise
Neutral: 50% Key point→ remain unchanged
Bearish: 20% Key point→ downward pressure
Risk (simple table)
| Risk | Contents |
|---|---|
| Foreign exchange | Derivative profit/loss fluctuations |
| Raw materials | Food price rise |
| Demand | Change in thrift orientation |
Summary
Key point Key point Key point
Highlights: Key point Key point
The following materials: Key point Key point