Alpen Co.,Ltd.
3028・Prime Market・Retail Trade
Alpen Co., Ltd. (Single Segment)
A single-segment business operating 410 stores nationwide as the leading company in Japan's sporting goods retail industry
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (cumulative Q3 FY2026, ending June 2026) | ¥207,139 million | ¥196,030 million (same period prior year) | ↑ |
| Operating profit (cumulative Q3 FY2026, ending June 2026) | ¥4,466 million | ¥5,888 million (same period prior year) | ↓ |
| Ordinary profit (cumulative Q3 FY2026, ending June 2026) | ¥5,557 million | ¥7,231 million (same period prior year) | ↓ |
| Quarterly net profit attributable to owners of parent (cumulative Q3 FY2026, ending June 2026) | ¥3,611 million | ¥4,499 million (same period prior year) | ↓ |
| Gross profit (cumulative Q3 FY2026, ending June 2026) | ¥82,148 million | ¥78,873 million (same period prior year) | ↑ |
| Selling, general and administrative expenses (cumulative Q3 FY2026, ending June 2026) | ¥77,682 million | ¥72,985 million (same period prior year) | ↑ |
| Number of stores at period end (end of March 2026) | 410 stores | 402 stores (end of FY2025, ending June 2025) | ↑ |
| Sales floor area (end of March 2026) | 266,251 tsubo | Increase of 7,628 tsubo from the end of the prior period | ↑ |
| Total assets (end of March 2026) | ¥224,015 million | ¥205,920 million (end of June 2025) | ↑ |
| Equity ratio (end of March 2026) | 53.5% | 58.8% (end of June 2025) | ↓ |
| Full-year forecast - Net sales (FY2026, ending June 2026) | ¥282,000 million (up 5.0% year on year) | ¥268,655 million (FY2025 (ending June 2025) actual) | ↑ |
| Full-year forecast - Operating profit (FY2026, ending June 2026) | ¥9,000 million (up 5.7% year on year) | ¥8,516 million (FY2025 (ending June 2025) actual) | ↑ |
Business Details
Operating nationwide with the Sports Format, Golf Format, Outdoor Format, and Winter Format as core business formats, comprising 191 Sports Format stores, 197 Golf Format stores, 21 Outdoor Format stores, and 1 other store. The company targets an unspecified general consumer base and promotes data-driven management through its membership program, Alpen Group Members. EC sales are also positioned as an important channel, and the company is focusing on new store openings, existing store renovations, and reinforcement of EC operations based on the 'Medium-Term Management Plan 2027'.
Recent Overview
Net sales rose 5.7% year on year, but operating profit fell sharply by 24.1% due to lower gross margin and higher costs
Cumulative net sales for the first nine months of FY2026 (ending June 2026), covering July 2025 through March 2026, reached ¥207,139 million (up 5.7% year on year), securing revenue growth. On the other hand, reinforced measures addressing consumers' cost-conscious mindset and accelerated inventory clearance of winter apparel amid a trend toward warmer winters pushed down the gross margin. Combined with rising expenses, primarily labor costs, and increased expense burden from 10 new store openings and 10 existing store renovations during the cumulative period, operating profit fell sharply to ¥4,466 million (down 24.1% year on year). Winter goods saw existing-store sales fall below the prior year due to a lack of snowfall in the first half of the season. The full-year forecast (net sales of ¥282,000 million, operating profit of ¥9,000 million) remains unchanged. In addition, in December 2025 the company established a Share Buffer Trust®, acquiring 2,330,000 shares for ¥5,540 million, and subsequently sold 1,271,500 shares on the market by the end of the third quarter. This is aimed at improving the tradable share ratio in order to maintain and enhance TOPIX free-float market capitalization and to satisfy the Tokyo Stock Exchange Prime Market listing maintenance criteria.
Key Products
Growth Drivers
- Solid demand for competitive and general sporting goods (strong continued growth in priority categories such as running, basketball, and racket sports)
- Growth in the outdoor segment driven by an expanded lineup of outdoor apparel and trekking gear
- Differentiation and sales growth through strengthened handling of used golf clubs
- Strengthened sales capability through existing store renovations and new store openings (410 stores and 266,251 tsubo of sales floor area as of the end of March 2026)
- Reinforcement of the EC business (renewal of the proprietary EC site 'Alpen Online' and promotion of OMO initiatives)
- Enhanced development of private brand products to improve uniqueness and profitability
- Promotion of data-driven management leveraging membership data from approximately 14.56 million members
- Improved tradable share ratio and TOPIX index inclusion effects through use of the Share Buffer Trust®
Risks
- Risk of fluctuating demand for apparel and winter goods due to climate change and abnormal weather (winter goods were weak due to a lack of snow in the first half of the season)
- Suppressed consumer spending and increased discount pressure due to continued high prices and cost-conscious sentiment (accelerated inventory clearance weighed on gross margin)
- Profit margin pressure from continued cost increases in labor, logistics, and other expenses
- Short-term profit reduction due to upfront expense burden associated with new store openings and existing store renovations
- Intensifying competition due to an increase in competitors, expansion of direct-to-consumer sales by manufacturers, and persistent EC price competition
- Long-term risk of market contraction due to the declining birthrate, an aging and shrinking population, and global warming
- Sudden fluctuations in financial and capital markets and impact on consumer sentiment due to geopolitical risks such as U.S. tariff policy
- Rising financial leverage due to a decline in the equity ratio (from 58.8% to 53.5%) and an increase in interest-bearing debt (¥13,500 million in short-term borrowings and ¥8,000 million in long-term borrowings)
Last updated: September 24, 2025