Sanyodo Holdings Inc.
3058・Standard Market・Retail Trade
Sanyodo Holdings, Inc. (Retail Service Business)
Single domestic retail service segment centered on hybrid bookstores selling both new and used books
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (consolidated, full year) | ¥17,249 million | ¥16,605 million | ↑ |
| Operating income (consolidated, full year) | ¥268 million | ¥123 million | ↑ |
| Ordinary income (consolidated, full year) | ¥279 million | ¥168 million | ↑ |
| Net income attributable to owners of parent (consolidated, full year) | ¥340 million | ¥177 million | ↑ |
| EBITDA (consolidated, full year) | ¥438 million | ¥314 million | ↑ |
| Operating margin | 1.6% | 0.7% | ↑ |
| ROA (ordinary income to total assets) | 2.2% | 1.4% | ↑ |
| Equity ratio | 24.2% | 22.7% | ↑ |
| Earnings per share | ¥46.74 | ¥24.41 | ↑ |
| Net assets per share | ¥417.79 | ¥387.26 | ↑ |
| Cash and cash equivalents at period-end | ¥2,514 million | ¥2,415 million | ↑ |
| Number of stores at period-end | 67 stores, 2 schools | 68 stores, 2 schools | ↓ |
Business Details
Centered on hybrid bookstores that sell both new and used books, the company operates new product sales of trading cards, stationery, general merchandise, food, video/music software, game software, hobby items, etc., as well as reuse business, video/music/comic rental, buffet, fitness, and education businesses. The company is promoting the "Smart Book Variety Store" format, which combines "smart unmanned operation" using facial recognition entry with smartphone-based services. As of the end of FY2026 (ending March 2026), the company operated 67 stores and 2 schools, with a presence centered on the Tokai-Hokuriku region and expanding into the Kanto-Koshin and Kinki regions.
Recent Overview
Revenue and profit increased on strong growth in the Toreka-kan and Suruga-ya segments, with operating income up 117.2% year on year
In FY2026 (ending March 2026), the company achieved net sales of ¥17,249 million (up 3.9% year on year) and operating income of ¥268 million (up 117.2% year on year). The Toreka-kan segment (up 26.6% year on year), Suruga-ya segment (up 80.7% year on year), and stationery/general merchandise/food segment (up 15.4% year on year) drove revenue growth, offsetting declines in the bookstore segment (down 5.7% year on year), rental segment (down 11.0% year on year), and sell-through video segment (down 18.6% year on year). The company recorded a gain of ¥182 million on the sale of investment securities, while also recording an impairment loss of ¥50 million, resulting in net income of ¥340 million (up 91.4% year on year). Smart unmanned operation stores expanded to 32 locations. For FY2027 (ending March 2027), the company forecasts net sales of ¥17,500 million, operating income of ¥200 million, and net income of ¥150 million, and plans to pay its first-ever dividend (¥1 per share annually).
Key Products
Growth Drivers
- Continued expansion of the Toreka-kan segment (26-store network, up 26.6% year on year in FY2026 (ending March 2026), growing to the second-largest segment by sales)
- Rapid expansion of the Suruga-ya segment (7-store network, up 80.7% year on year in FY2026 (ending March 2026), rising to the fourth-largest segment by sales)
- Labor cost reduction and extended operating hours through expansion of smart unmanned operation (expanded to 32 stores, with continued conversion of staffed hours to unmanned hours)
- Expanded rollout of the Plastic Model Sales Area (45 stores as of the end of FY2026 (ending March 2026), with 10 newly introduced during the period)
- Steady growth in the reuse market driven by an entrenched consumer mindset of financial prudence amid rising prices and growing interest in a circular economy
- Increased awareness of web marketing via social media and the company's own website, and of smart services such as self-pickup and self-hold
Risks
- Structural market contraction in the bookstore, rental, and sell-through video segments due to the spread of e-books, video streaming, and music streaming
- Upward cost pressure from labor costs, utilities, cashless payment fees, and other expenses (salaries and allowances increased by ¥89 million year on year)
- Risk of delayed investment recovery or impairment losses if new businesses (Suruga-ya, Toreka-kan, etc.) fail to achieve expected returns
- Risk of impairment losses on fixed assets at stores affected by market contraction (¥50 million recorded in FY2026 (ending March 2026))
- Continued low level of operating cash flow (¥29 million in FY2026 (ending March 2026)), worsening the cash flow to interest-bearing debt ratio (98.5 years)
- Risk of increased financial burden from rising interest rates due to a decline in the interest coverage ratio (1.0x in FY2026 (ending March 2026))
- Deterioration of the macroeconomic environment due to geopolitical risk, US trade policy, exchange rate fluctuations, rising interest rates, and other factors
Last updated: June 22, 2026