Misawa & Co.,Ltd.
3169・Standard Market・Retail Trade
unico Business
Business of planning, manufacturing, and directly selling furniture, interior goods, and sundries under the "unico" brand
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (Q1 cumulative, FY2027 ending January 2027) | ¥3,061 million | ¥2,985 million (Q1, FY2026 ending January 2026) | ↑ |
| Operating income/loss (Q1 cumulative, FY2027 ending January 2027) | -¥25 million (operating loss) | ¥17 million (Q1, FY2026 ending January 2026, operating income) | ↓ |
| Ordinary income/loss (Q1 cumulative, FY2027 ending January 2027) | -¥39 million (ordinary loss) | ¥31 million (Q1, FY2026 ending January 2026, ordinary income) | ↓ |
| Quarterly net income/loss (Q1 cumulative, FY2027 ending January 2027) | -¥29 million (quarterly net loss) | ¥13 million (Q1, FY2026 ending January 2026, quarterly net income) | ↓ |
| Net sales (full year, FY2026 ending January 2026) | ¥12,159 million | ¥12,606 million (FY2025 ending January 2025) | ↓ |
| Operating income (full year, FY2026 ending January 2026) | ¥235 million | ¥330 million (FY2025 ending January 2025) | ↓ |
| EC sales (Q1 cumulative, FY2027 ending January 2027) | ¥638 million | ¥552 million (Q1, FY2026 ending January 2026) | ↑ |
| Store sales (Q1 cumulative, FY2027 ending January 2027) | ¥2,423 million | ¥2,434 million (Q1, FY2026 ending January 2026) | ↓ |
| Depreciation (Q1 cumulative, FY2027 ending January 2027) | ¥51 million | ¥29 million (Q1, FY2026 ending January 2026) | ↑ |
| Equity ratio (end of Q1, FY2027 ending January 2027) | 57.3% | 58.7% (end of FY2026 ending January 2026) | ↓ |
Business Details
The company's core and sole business, operating under the concept of "proposing a relaxed, individual lifestyle," through the planning and sale of furniture, fabric, interior goods, and sundries. Nearly all products are planned in-house and manufacturing is outsourced to partner factories in Japan and overseas. The company operates directly-managed stores nationwide and an Online Shop (EC) under two brands, "unico" and "unico loom." The main target demographic is sensibility- and individuality-conscious consumers in their mid-20s to 40s. This constitutes the company's entire business as a single reportable segment.
Recent Overview
Net sales rose 2.5% year-on-year but the company fell into an operating loss due to increased SG&A expenses
In Q1 of FY2027 (ending January 2027) (February to April 2026), net sales rose 2.5% year-on-year to ¥3,061 million, securing an increase in sales; however, selling, general and administrative expenses ballooned to ¥1,556 million (year prior: ¥1,467 million), resulting in an operating loss of ¥25 million. Increased depreciation expenses associated with the introduction of a new core system (up ¥21 million year-on-year to ¥51 million) weighed on earnings. A foreign exchange loss of ¥15 million was also a factor behind the ordinary loss of ¥39 million. As part of the company's selection-and-concentration strategy, the unico Shizuoka store and unico Kawasaki store were closed. EC sales performed strongly, rising 15.6% year-on-year to ¥638 million. There has been no change to the full-year earnings forecast (net sales of ¥12,752 million, operating income of ¥246 million).
Key Products
Growth Drivers
- Expansion of online sales through strengthening of the EC channel (expanded SNS video content, enhanced digital marketing)
- Improved operational efficiency and productivity through the introduction of a new core system (implemented at the start of FY2027 ending January 2027)
- Increased customer spend and sales through a higher proportion of fabric and sundry products in the sales mix
- Expansion of the product lineup through the introduction of new series (ALKU, DWELI, etc.)
- Improved profitability through closure of underperforming stores as part of selection and concentration
- Strengthened digital initiatives through the start of AI adoption efforts and collaboration with external consultants
Risks
- Pressure on SG&A expenses from continued increases in rent, delivery costs, and labor costs (which became apparent in Q1)
- Short-term downward pressure on earnings from increased depreciation expenses associated with the introduction of the new core system
- Risk of rising import costs and foreign exchange losses due to currency fluctuations (yen depreciation)
- Uncertainty in procurement costs due to geopolitical risks such as US trade policy and Middle East tensions
- Cautious consumer sentiment and sluggish personal consumption amid rising prices
- Intensifying competition in the interior and furniture industry (competition with major players and EC specialists)
- Risk of impairment losses at stores with declining profitability
- Increased recruitment and training costs due to labor shortages
Last updated: April 24, 2026