Alpen Co.,Ltd.
3028・Prime Market・Retail Trade
Business
Alpen Co., Ltd. is a specialty sporting goods retailer founded in 1972. The company operates 402 stores nationwide (as of end-June 2025), centered on four business formats: "Alpen," "Sports Depo," "Golf 5," and "Alpen Outdoors." With five merchandise divisions—golf, sports lifestyle, competitive/general sports, outdoor, and winter—the company is the leading domestic sporting goods retailer, boasting net sales of ¥268,655 million. Its primary customers are the general public, and approximately 14.56 million people are enrolled in its membership program, "Alpen Group Members." The company also operates urban flagship stores in Tokyo, Fukuoka, and Nagoya, and is cultivating e-commerce sales (accounting for just under 10% of total sales) as an important channel.
Business Model
The retail model of purchasing and selling merchandise across sports, golf, and outdoor store formats forms the core of revenue. The gross profit margin for FY2025 (ended June 2025) was approximately 40.0%, calculated as ¥107,564 million ÷ ¥268,655 million. In addition to collaboration with national brands, the company pursues differentiation and margin improvement through the development and manufacturing of private brand products (leveraging overseas bases such as Cambodia). It employs an OMO strategy combining its own e-commerce site "Alpen Online" with external malls (Rakuten, Amazon, etc.) to generate synergy between physical stores and e-commerce.
Company Strengths
As of the end of June 2025, the company operated 402 stores nationwide, including 185 Sports format stores, 195 Golf format stores, and 21 Outdoor format stores. With a total sales floor area of 258,623 tsubo, its sales network spans all 47 prefectures from Hokkaido to Okinawa, functioning as a barrier to entry against competitors.
Approximately 14.56 million members were registered in the "Alpen Group Members" program as of the end of June 2025. The company leverages this large-scale customer data to improve the precision of merchandise procurement and planning, enhance sales forecasting and inventory control, and strengthen customer communication using digital tools.
Since its founding in 1972 as a specialty ski shop, the company has expanded its business formats to include Golf (1983), Sports Depo (1997), and Outdoors (2018). Private brand development has a long history, having begun in 1976, and the company also maintains overseas production bases such as in Cambodia. It continues differentiation initiatives such as handling used golf clubs (started in 2000).
ENVALITH's Perspective
Performance Trend
Revenue maintained a generally increasing trend, rising from ¥233,215 million in FY2021 to ¥268,655 million in FY2025. Cumulative revenue for the first nine months of FY2026 (ending June 2026) also continued to grow, reaching ¥207,139 million (up 5.7% year on year). On the profit side, however, operating profit has been on a declining trend since peaking at ¥15,088 million in FY2021, falling to ¥3,330 million in FY2024 before recovering to ¥8,516 million in FY2025 due to improved inventory management and other factors. Nevertheless, cumulative operating profit for the first nine months of FY2026 (ending June 2026) deteriorated again to ¥4,466 million (down 24.1% year on year). The main causes were a decline in gross margin due to weak winter merchandise sales amid mild winter weather and intensified winter clearance sales, as well as increased SG&A expenses stemming from rising personnel costs and aggressive store openings. Externally, growing consumer frugality and selective spending amid rising prices have also been a factor pressuring profitability.
Growth Strategy
Aiming to improve profitability through store expansion, product reform, and digital utilization based on the Medium-Term Management Plan 2027
In the cumulative nine months of FY2026 (ending June 2026), the company opened 7 stores in the sports category and 3 in the golf category, and renovated 10 existing stores. As of the end of March 2026, the company reached 410 stores with total sales floor area of 266,251 tsubo (an increase of 7,628 tsubo from the previous fiscal year-end). While aggressive investment in new store openings is a short-term cost factor, it aims to expand the sales base over the medium to long term.
The company is advancing the renewal of its proprietary EC site "Alpen Online" and promoting store integration (OMO) measures. By leveraging member data from approximately 14.56 million members, it aims to increase purchase frequency and average customer spending by integrating online and offline customer experiences. The EC sales ratio stands at just under 10%, indicating substantial room for growth.
Strengthening the handling of used golf clubs has functioned effectively amid the consumer environment of rising prices and increased frugality, contributing to year-on-year growth in existing-store sales of golf equipment during the cumulative third quarter. Combined with enhanced private brand (PB) product development, the company aims to improve gross margin through a proprietary product strategy that does not rely on price competition.
Based on a resolution of the Board of Directors on December 24, 2025, the company established a share supply-demand buffer trust®. After acquiring 2,330,000 shares of its own stock for ¥5,540 million, it sold 1,271,500 shares on the market by the end of the third quarter. The purpose is to maintain and enhance the share price through TOPIX index-linked fund flows and to sustainably meet the TSE Prime Market listing maintenance criteria.
Last updated: July 17, 2026