MatsukiyoCocokara&Co.
3088・Prime Market・Retail Trade
Matsumotokiyoshi Group Business
Urban drugstore & dispensing pharmacy chain business centered on the Matsumotokiyoshi brand
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥711,413 million | ¥667,226 million | ↑ |
| Segment profit | ¥60,818 million | ¥57,952 million | ↑ |
| Segment profit margin | 8.5% | 8.7% | ↓ |
| Number of domestic stores (fiscal year-end) | 1,970 stores | 1,938 stores | ↑ |
| Of which, number of dispensing pharmacies (domestic) | 481 stores | － | ↑ |
| Number of overseas stores | 100 stores | 98 stores | ↑ |
| Goodwill amortization | ¥91 million | ¥93 million | ↓ |
| Depreciation and amortization | ¥7,340 million | ¥7,046 million | ↑ |
Business Details
Centered on the "Matsumotokiyoshi" brand, this business operates drugstore and health insurance dispensing pharmacy chain stores, develops franchise operations, and supplies merchandise to franchisees. It mainly operates in major metropolitan areas, downtown districts, and commercial facilities, and its strengths lie in high value-added PB products focused on cosmetics and pharmaceuticals, customer touchpoints that integrate digital and physical stores, and seamless coordination with the dispensing pharmacy business. It also has strength in capturing inbound demand and is promoting overseas expansion, mainly in ASEAN.
Recent Overview
Net sales up 6.6% and profit up 4.9%, driven by strong cosmetics and inbound demand
In FY2026 (ending March 2026), the Matsumotokiyoshi Group Business captured increased foot traffic in metropolitan areas, downtown districts, and commercial facilities, as well as demand from foreign visitors to Japan, resulting in strong sales performance centered on cosmetics. Net sales reached ¥711,413 million (up 6.6% year on year), and segment profit reached ¥60,818 million (up 4.9% year on year). Domestically, with 66 new store openings and 34 closures, the store count achieved a net increase of 32 stores, reaching a total of 1,970 stores. The company established a 100-store overseas network with the opening of a new store in Malaysia. It also opened "SHIBUYA SCRAMBLE FLAG," a flagship store at the Shibuya Part1 location, aiming to strengthen its brand image.
Key Products
Growth Drivers
- Increased traffic from rising foot traffic in urban areas, downtown districts, and commercial facilities
- Continued capture of demand from foreign visitors to Japan (inbound demand), particularly contributing to the cosmetics category
- Enhanced brand strength and improved gross margin through expansion of high value-added PB products (matsukiyo, MQURE derma×, ARGELAN, RECiPEO, etc.)
- Expansion of the dispensing pharmacy business through new pharmacy openings and promotion of dispensing pharmacy co-location (313 stores affiliated with the Dispensing Support Program)
- Overseas business expansion centered on ASEAN (new store opening in Malaysia, 100-store overseas network)
- Deepening of customer touchpoints (169.55 million touchpoints) and operational efficiency improvements through digital and app utilization
Risks
- Narrowing of trading areas due to new store openings and M&A by competitors crossing industries and business formats
- Impact on dispensing pharmacy business revenue from periodic dispensing fee and drug price revisions
- Risk of fluctuations in inbound demand (geopolitical risk, foreign exchange, infectious diseases, etc.)
- Profit margin pressure from rising costs such as labor and rent
- Foreign exchange fluctuation, regulatory, and competitive risks in overseas operations
Last updated: June 18, 2026