MANDARAKE INC.
2652・Standard Market・Retail Trade
Secondhand goods sales (single segment)
Japan's largest specialized reuse business focused on secondhand manga and anime-related goods
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (H1 FY2026 cumulative) | ¥8,324 million | ¥7,644 million (H1 FY2025) | ↑ |
| Operating profit (H1 FY2026 cumulative) | ¥1,317 million | ¥934 million (H1 FY2025) | ↑ |
| Ordinary profit (H1 FY2026 cumulative) | ¥1,287 million | ¥916 million (H1 FY2025) | ↑ |
| Interim net profit (H1 FY2026 cumulative) | ¥865 million | ¥553 million (H1 FY2025) | ↑ |
| Net sales (full year FY2025) | ¥15,183 million | — | — |
| Operating profit (full year FY2025) | ¥1,792 million | — | — |
| Full-year net sales forecast (FY2026) | ¥15,837 million | ¥15,183 million (FY2025 actual) | ↑ |
| Full-year operating profit forecast (FY2026) | ¥2,087 million | ¥1,792 million (FY2025 actual) | ↑ |
| Operating margin (H1 FY2026) | 15.8% | 12.2% (H1 FY2025) | ↑ |
| Interim net profit per share | ¥26.72 | ¥16.85 (H1 FY2025) | ↑ |
Business Details
A single business segment engaged in the purchase and sale of collector items, primarily manga and animation-related goods. Sales are conducted domestically and internationally through three channels: physical stores (in major cities nationwide), e-commerce (SAHRA), and auction events held six times a year. TOY is the largest sales category by volume, followed by books, dojinshi (fan-made publications), and other items. The company continues to post steady profits while actively hiring personnel for new store openings and strengthening purchasing activities to secure inventory.
Recent Overview
H1 net sales of ¥8,324 million and operating profit of ¥1,317 million show substantial profit growth; full-year forecast maintained
In H1 FY2026 (October 2025 to March 2026), net sales rose to ¥8,324 million (up 8.8% year-on-year), operating profit rose to ¥1,317 million (up 40.9%), and interim net profit rose to ¥865 million (up 56.2%), reflecting substantial profit growth. Key drivers included steady sales growth at Complex 2 (Akihabara, opened August 2025), contribution from PUCK 2 (Kobe Sannomiya, expanded relocation in October 2025), and strong performance in web auctions and major auctions. Selling, general and administrative expenses were ¥3,382 million (up 2.8% year-on-year), a smaller increase relative to sales growth, resulting in improved gross margin and operating margin. The full-year earnings forecast (net sales of ¥15,837 million, operating profit of ¥2,087 million) remains unchanged, with interim progress rates of 52.6% for net sales and 63.1% for operating profit, indicating steady progress.
Key Products
Growth Drivers
- Contribution from new and renovated stores (Complex 2, expanded relocation of PUCK 2)
- Strong performance at existing stores driven by inbound demand capture
- Continued sales expansion of the e-commerce business (SAHRA) and promotion of worldwide sales
- Growth in bid results from web auctions and major auctions
- Customer traffic and sales boost from the annual large-scale sales event "Daiman Matsuri"
- Securing rare and high-quality inventory through aggressive purchasing efforts (inventory of ¥11,633 million)
Risks
- Risk of margin deterioration due to increased personnel expenses and investment in human resource development (active hiring continues for new store openings)
- Intensifying competition from an increasing number of new entrants into the secondhand goods industry
- Impact on purchasing and sales volumes from consumers' heightened cost-conscious behavior
- Risk of increased expenses from upfront investment (¥159 million in acquisition of tangible fixed assets, ¥48 million in security deposits paid)
- Foreign exchange risk related to overseas sales (interest expense increased from ¥19 million to ¥31 million year-on-year)
- Risk of rising procurement and operating costs due to higher energy prices and general price increases
Last updated: December 25, 2025