ENVALITH
株式会社ビックカメラ logo

BIC CAMERA INC.

3048・Prime Market・Retail Trade

Official website
株式会社ビックカメラ logo
BIC CAMERA INC.3048

Business

Bic Camera Inc. is a consumer electronics retail group established in 1980, operating more than approximately 260 stores nationwide, from Hokkaido to Kagoshima, under brands such as Bic Camera, Kojima, and Sofmap. The company handles a wide range of products including cameras, televisions, smartphones, white goods, pharmaceuticals, and daily necessities, with individual consumers as its primary customers. Merchandise sales account for approximately 99% of group net sales, while the BS digital broadcasting business (Nihon BS Housou) and cable television business are held as non-core segments. In FY2025 (ending August 2025), the company achieved record highs in net sales, operating profit, ordinary profit, and net profit.

Business Model

The core is a combination of "urban-type" × "in front of terminal stations" × "large-format" stores, together with multiple EC sites such as BicCamera.com, mobile phone sales agencies (au Shop, SoftBank Shop, etc., totaling 242 stores), and used smartphone/PC buyback and sales (Janpara, Sofmap). By integrating procurement, logistics, and systems jointly with Kojima, the company enhances cost efficiency, while customer retention through point cards and inbound duty-free sales boost average spending per customer and visit frequency.

Company Strengths

For FY2025 (ended August 2025), net sales reached ¥974,483 million (up 5.6% year on year), operating profit was ¥30,274 million (up 24.1%), and profit attributable to owners of parent was ¥17,476 million (up 25.7%), with net sales, operating profit, ordinary profit, and net profit all setting new record highs. ROE reached 10.9%, achieving the mid-term target of 10.5% ahead of schedule.

In FY2025 (ended August 2025), mobile phone sales reached ¥216,464 million (up 14.2% year on year), boosting overall information and communication equipment sales, while inbound duty-free sales set a new record high for a first-half period of FY2026 (ending August 2026). Pharmaceuticals and daily sundries also maintained high growth, up 17.7% year on year, with multiple growth categories supporting overall performance.

The company operates 42 Bic Camera stores (large-format, urban station-front locations), 139 Kojima stores (suburban format), and 22 Sofmap stores (digital specialty), in addition to 242 mobile phone agency stores, 57 Janpara stores, 36 Bic Sake Hanbai stores, and others. The complementary relationship between urban and suburban store formats has enabled the company to build a multi-brand network covering a broad range of customer segments and regions.

ENVALITH's Perspective

Against the full-year earnings forecast (net sales of ¥1,022,000 million, operating profit of ¥34,400 million, net profit of ¥18,400 million), cumulative operating profit for the first nine months of ¥33,297 million has reached 96.8% of the full-year forecast. Meanwhile, cumulative net profit of ¥19,839 million already exceeds the full-year net profit forecast of ¥18,400 million, suggesting the maintained full-year forecast may be conservative. Q4 (June–August) is the peak summer sales season and air conditioner demand period, making this a phase to assess the potential for upward revision of the full-year forecast.

As of the end of May 2026, merchandise and finished goods increased significantly to ¥135,664 million (+¥20,484 million versus the previous fiscal year-end), and accounts payable rose to ¥65,630 million (+¥13,403 million). While seasonal inventory build-up ahead of the summer sales season is considered the main factor, short-term borrowings also increased to ¥72,381 million (+¥7,977 million), warranting continued attention to working capital trends and the state of operating cash flow recovery. As an external factor, the risk of rising borrowing costs amid a rate-hike environment should also be kept in mind.

Against the final-year target of Vision 2029 (net sales of ¥1.1 trillion), the full-year forecast for FY2026 (ending August 2026) stands at ¥1,022,000 million, requiring approximately 8% additional growth over the remaining three fiscal years. Meanwhile, against the operating profit target of ¥40.0 billion, the full-year forecast of ¥34,400 million remains at 86% of the target level. In addition to the question of whether favorable categories such as smartphones and games will continue as a supportive market environment, the softness in the BS digital broadcasting business, with ordinary profit down 11.7% year on year, is also recognized as a challenge within the group's overall profit structure.

Growth Strategy

Under Vision 2029, the company aims to achieve net sales of ¥1,100.0 billion, operating profit of ¥40.0 billion, and ROE of 10.5% in FY2029 (ending August 2029)

Deploying diverse store formats, including inbound-focused "Bic Camera Select" (Sapporo Tanukikoji and Naha Kokusai-dori stores), airport-based "Air BicCamera" (Fukuoka Airport and Ginza), and lifestyle-proposal-oriented "Bic Camera Ikebukuro West Exit IT Tower". Also carried out renovations of existing stores (3 Ikebukuro stores), expanding both the quality and quantity of customer touchpoints.

Combining multinational customer acquisition avoiding dependence on specific regions (Southeast Asia, North America, etc.), extended business hours, development of airport-located stores, and openings in tourist destinations through new formats, tax-free sales reached a record high for a cumulative nine-month period. Expansion of product lineups responding to the diversification of inbound visitors to Japan is also ongoing.

Sales of used personal computers, etc. grew to ¥28,558 million (+13.5% year on year). Expanding used-goods purchasing and resale utilizing existing stores, including the establishment of a new purchasing/support counter at the Ikebukuro Main Store and the introduction of used cameras at the Ikebukuro Camera & PC Building.

A new brand integrating and evolving the former ORIGINAL BASIC, ORIGINAL SELECT, and HashTAG brands was announced in February 2026. Sales will begin on April 1, 2026 at Bic Camera Group stores nationwide and on Bic Camera.com. The initiative aims to improve gross margin and differentiate through the company's own brand.

Last updated: July 17, 2026