Treasure Factory Co.,LTD.
3093・Prime Market・Retail Trade
Business
Treasure Factory Co., Ltd. is a company specializing in the reuse (secondhand goods) business, founded in 1995. The company operates six business formats—"Treasure Factory," "Trefac Style," "Brand Collect," "Trefac Sports Outdoor," "Uzurera," and "Trefac Market"—running a group total of 293 stores as of the end of FY2025 (ending February 2025). It handles a wide range of items including clothing, fashion accessories, home appliances, furniture, and hobby goods, combining three purchasing channels—in-store drop-off, home visit, and home delivery—with its own e-commerce platforms (such as Trefac ONLINE) to build an integrated procurement and sales system. Through six consolidated subsidiaries, the company also operates peripheral businesses such as rental, real estate, and systems, and is expanding overseas into Thailand and Taiwan. Its main customers span a broad range, from general consumers with strong cost-consciousness to inbound demand.
Business Model
The core of profitability lies in the "spread between purchase price and selling price." The company purchases used items from general customers through three channels—in-store, home-visit, and mail-in—and sells them through physical stores and its own EC site. The gross profit margin remained at a high level of 59.1% in FY2025 (ended February 2025). The EC sales ratio reached approximately 15% of consolidated sales (up 26.0% year on year), and the synergy between physical stores and the EC site is expanding customer touchpoints. The company also utilizes wholesale procurement and its own auctions, forming a structure aimed at stabilizing product assortment and improving inventory turnover.
Company Strengths
Sales expanded approximately 81% over three years, from ¥23,313 million in FY2022 (ending February 2022) to ¥42,207 million in FY2025 (ending February 2025). Operating profit increased roughly fourfold over the same period, from ¥995 million to ¥4,035 million, reaching a new record high in FY2025 (ending February 2025). ROE of 28.7% and ordinary profit margin of 9.7% demonstrate a strong balance of capital efficiency and profitability.
The company operates six business formats—general merchandise, apparel, branded secondhand clothing, sports goods, low-price apparel, and interior goods—running a total of 293 stores group-wide as of the end of FY2025 (ending February 2025). Standalone existing-store sales rose a solid 7.9% year on year, driven by high-growth categories including apparel (+23.5%), fashion accessories (+24.8%), and hobby goods (+42.5%). The diversity of business formats enables the company to capture a wide range of customer segments and merchandise categories.
The company has built a multi-channel procurement system combining in-store walk-in purchases with on-site buying via centralized call-center reception (up 36.3% year on year) and nationwide home-pickup purchasing (up 12.0% year on year). It also procures merchandise from vendors through logistics centers in the Kanto and Kansai regions, securing consolidated merchandise purchases of ¥17,957 million in FY2025 (ending February 2025), up 21.2% year on year.
ENVALITH's Perspective
Performance Trend
Revenue expanded more than twofold over five fiscal periods, from ¥23,313 million in FY2022 (ending February 2022) to ¥48,597 million in FY2026 (ending February 2026). In Q1 of FY2027 (ending February 2027), revenue reached ¥13,782 million (+16.4% YoY) and operating profit reached ¥1,855 million (+24.0% YoY), with both revenue and profit growth accelerating. The gross profit margin improved to 60.9% from 60.4% in the same period of the prior year, and despite an increase in SG&A expenses (+¥880 million), the operating profit margin also rose to 13.5% (versus 12.6% in the same period of the prior year). External factors such as price increases, inflation, and expanding inbound demand are pushing up demand for reuse products, and the full-year earnings forecast has already been revised upward to revenue of ¥54,975 million (+13.1% YoY) and operating profit of ¥5,333 million (+11.6% YoY).
Growth Strategy
Accelerating medium-term growth through four pillars: aggressive store openings, strengthened EC operations, expanded multi-channel purchasing, and overseas expansion
In Q1 of FY2027 (ending February 2027), the company achieved a net increase of 12 directly-operated stores (zero closures), expanding the group total to 331 stores (up from 319 at the end of the prior fiscal year). Store openings continued primarily for Trefac Style in key market areas including Kanto, Tokai, and Kansai. The company plans to maintain accelerated store openings for the full fiscal year.
EC sales continued to grow strongly, up 30.8% year-on-year in Q1 of FY2027 (ending February 2027). The company aims to maximize sales across both stores and EC through the diversion of store inventory to EC and strengthened coordination with purchasing channels.
Double-digit growth was achieved across all channels: in-store purchases (+17.7% on a non-consolidated basis), home-delivery purchases (+16.8%), and on-site (visiting) purchases (+28.0%). The high growth in on-site purchases was particularly notable, and the company will strengthen its sourcing base through continued investment in non-store channels.
The company operates a total of 9 stores overseas: 6 in Thailand (up from 5 at the end of the prior fiscal year) and 3 in Taiwan. One new store was opened in Thailand in Q1 of FY2027 (ending February 2027), continuing overseas expansion. The company aims to capture reuse demand across the Asian region.
Last updated: July 17, 2026