ENVALITH
アスクル株式会社 logo

ASKUL Corporation

2678・Prime Market・Retail Trade

Official website
アスクル株式会社 logo
ASKUL Corporation2678

Business

ASKUL Corporation is an e-commerce company founded in 1993, comprising the Company and 16 consolidated subsidiaries. In its core e-commerce business, it operates the ASKUL business (BtoB), which delivers office supplies, daily necessities, medical supplies and other products by the next day to small and medium-sized offices as well as mid-sized and large enterprises, and the consumer-facing mail-order site "LOHACO" (BtoC). Group companies include Alpha Purchase, which handles MRO products, Feed, a mail-order company for dental products, and Charm, which handles pet supplies, addressing a wide variety of industries and product categories. The Company also engages in an external logistics business through its logistics subsidiary ASKUL LOGIST, and in water production and sales through Tsumagoi Meisui. Consolidated net sales for FY2025 (ended May 2025) were ¥481,101 million.

Business Model

In the ASKUL Business, agents (dealers) nationwide handle customer acquisition and payment collection, while the company adopts a unique model that suppresses costs by concentrating on order receipt, product shipping, and system operations. The main source of revenue is the profit margin on sales of purchased products, and the business has a structure whereby promoting bulk purchases through delivery bar settings raises the per-box unit sales price while lowering the ratio of shipping costs to net sales. The in-house logistics subsidiary ASKUL LOGIST operates distribution centers, achieving both quality and efficiency.

Company Strengths

The company operates multiple distribution centers nationwide (ASKUL Kanto DC, Osaka DC, Fukuoka DC, etc.), enabling next-day delivery (and same-day delivery in some areas). In June 2025, the company newly established the "ASKUL Kanto DC" in Ageo City, Saitama Prefecture, strengthening the logistics network in the Kanto region. Total capital expenditure for FY2025 (ended May 2025) was ¥12,767 million, reflecting continued investment in logistics infrastructure.

The ASKUL Business (BtoB) serves a broad customer base ranging from small and medium-sized offices to large enterprises, with high loyalty among customer-facing service industries such as healthcare, nursing care, lodging, and food service. The LOHACO Business (BtoC) leverages the business and capital alliance with LINE Yahoo to implement promotional measures. In FY2025 (ended May 2025), E-Commerce Business sales were ¥472,231 million, accounting for over 98% of total company sales.

The group includes specialized subsidiaries such as Alpha Purchase (MRO products), FEED (dental mail-order service "FEED Dental"), and Charm (pet and gardening products), with group company sales growing a solid 5.6% year on year. The ability to address diverse industries and product categories underpins the overall growth of the group.

ENVALITH's Perspective

Due to the ransomware attack that occurred on October 19, 2025, net sales came to ¥400,199 million (down 16.8% year on year), operating loss was ¥17,445 million (a sharp reversal from operating profit of ¥14,004 million in the prior period), and net loss attributable to owners of the parent was ¥22,150 million. Extraordinary losses included ¥5,108 million in system failure response costs and ¥4,823 million in impairment losses on goodwill and customer-related assets tied to AP67, with the total scale of one-time losses reaching approximately ¥10,000 million. The equity ratio fell sharply from 34.2% to 20.8%, and the damage to the financial base cannot be ignored.

The company's forecast for FY2027 (ending May 2027) is net sales of ¥490,000 million (up 22.4% year on year) and operating profit of ¥7,000 million, with net sales expected to recover to pre-incident levels. However, the operating margin remains at just 1.4%, far below the 3.6% recorded in FY2024 (ended May 2024). Fixed cost burdens—including launch costs and increased depreciation for the ASKUL Kanto DC (totaling ¥2,111 million), enhanced security expenses, and promotional expenses to recover customers—will weigh on the recovery of profitability. The company aims to restore earnings levels by FY2028 (ending May 2028) and achieve record-high profit in the final year of its medium-term management plan, but achieving this is premised on full recovery of the customer base and absorption of fixed costs.

Following the recording of a net loss for the period, the company recognized deferred tax assets of ¥12,994 million, including ¥8,462 million related to tax loss carryforwards, and there is a risk of write-down if future estimates of taxable income are not realized. In addition, to secure liquidity on hand, short-term borrowings surged from ¥380 million to ¥27,280 million, resulting in cash inflow of ¥25,221 million from financing activities. Proceeds of ¥13,043 million from sale-and-leaseback transactions were also utilized, with clear traces of cash flow management measures evident in the financial statements. Attention should also be paid to how the management overhaul in August 2026 (the resignation of President Yoshioka and the appointment of Mr. Narimatsu) will affect the execution capability behind the earnings recovery.

Growth Strategy

Under the new mid-term management plan (FY2026 to FY2029, ending May 2029) titled 'Beyond Retail', the company aims for a phased recovery in revenue and profit

The company is driving the largest-ever sales promotion activities, including pricing measures, aiming to recover revenue to ¥490,000 million (pre-incident level) in FY2027 (ending May 2027). The recovery to an 11.4% year-on-year decline in Q4 indicates progress, but full recovery of customer numbers is a precondition for revenue recovery.

The company aims to improve delivery efficiency and service levels through ASKUL Kanto DC, which began operations in June 2025. Increased fixed costs (totaling ¥2,111 million) from startup costs and depreciation weighed on current-period results, but are expected to contribute to mid- to long-term logistics cost reduction and improved delivery quality.

The company is strengthening proposals of specialized products for personal service industries such as healthcare, nursing care, and food service, aiming to create new demand. It also seeks to increase average purchase value and purchase frequency by expanding the workplace daily necessities category. This is one of the core initiatives of the mid-term management plan 'Beyond Retail'.

The company aims to improve customer acquisition and retention efficiency by advancing marketing sophistication using generative AI and other technologies. One factor behind the increase in outsourcing expenses (up 15.3% year-on-year) is licensing costs for generative AI associated with DX promotion, indicating an investment phase. Security enhancement is also being promoted in parallel.

President Akira Yoshioka is scheduled to step down at the ordinary general meeting of shareholders on August 6, 2026, with Takeshi Narumatsu set to become the new representative director. Given that next-generation personnel played a central role in the recovery process from the ransomware attack, the company aims to strengthen swift decision-making and execution capabilities under the new management structure.

The company aims to recover profit levels in FY2028 (ending May 2028) and achieve record-high profits in the final year of the mid-term management plan, FY2029 (ending May 2029). Numerical targets will be pursued while being reviewed in light of the external environment and current business conditions.

Last updated: July 17, 2026