Shirohato Co.,Ltd.
3192・Standard Market・Retail Trade
Inner Shop Business (Single Segment)
An e-commerce specialist focused on innerwear, operating across multiple domestic and overseas channels.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (H1 FY2026, 6 months) | ¥3,083 million | ¥2,693 million (H1 FY2025, 6 months, different period covered) | ↑ |
| Operating loss (H1 FY2026, 6 months) | -¥55 million | -¥82 million (H1 FY2025, 6 months, different period covered) | ↑ |
| Ordinary loss (H1 FY2026, 6 months) | -¥69 million | -¥95 million (H1 FY2025, 6 months, different period covered) | ↑ |
| Net loss for the interim period (H1 FY2026, 6 months) | -¥70 million | ¥365 million (H1 FY2025, includes gain on sale of fixed assets) | ↓ |
| Gross profit (H1 FY2026, 6 months) | ¥1,102 million | ¥993 million (H1 FY2025, 6 months, different period covered) | ↑ |
| Total assets (end of H1 FY2026) | ¥5,121 million | ¥5,786 million (end of FY2025) | ↓ |
| Net assets (end of H1 FY2026) | ¥2,450 million | ¥2,520 million (end of FY2025) | ↓ |
| Equity ratio (end of H1 FY2026) | 47.8% | 43.6% (end of FY2025) | ↑ |
| Cash and cash equivalents (end of H1 FY2026) | ¥381 million | ¥643 million (end of FY2025) | ↓ |
| Net loss per share for the interim period (H1 FY2026) | -¥10.55 | ¥54.84 (H1 FY2025, includes gain on sale of fixed assets) | ↓ |
| Full-year forecast - Net sales (FY2026) | ¥6,750 million | ¥4,208 million (FY2025, irregular 9-month fiscal period) | ↑ |
| Full-year forecast - Operating profit (FY2026) | ¥50 million | -¥131 million (FY2025, irregular 9-month fiscal period) | ↑ |
| PB/CB product sales ratio (FY2025) | 27.2% | – | — |
Business Details
An e-commerce business that primarily sources innerwear from innerwear manufacturers and sells it to individual customers through its own flagship site, domestic marketplaces such as Rakuten Ichiba, Yahoo! Shopping, Amazon, au PAY Market, and Qoo10, as well as overseas marketplaces including Tmall Global and Shopee. The company handles approximately 140 brands, with roughly 11,000 SKUs combined across women's and men's items. At its head office distribution center, the company has built a one-stop operating system utilizing AutoStore and material-handling systems. Its proprietary core system, the "Raku Raku Tsuhan System," manages everything from order placement to customer management in an integrated manner. The company is pursuing differentiation through raising the sales ratio of PB/CB (private brand/collaboration brand) products and strengthening its flagship site.
Recent Overview
Net sales increased to ¥3,083 million in the interim period, but the company recorded an operating loss of ¥55 million due to higher promotional expenses.
Net sales for H1 FY2026 (December 1, 2025 to May 31, 2026) were ¥3,083 million. While sales of national brand products remained solid, pricing measures for the company's own private brand products and rising unit costs for advertising and sales promotion expenses pressured profitability, resulting in an operating loss of ¥55 million, an ordinary loss of ¥69 million, and a net loss for the interim period of ¥70 million. The company worked to expand customer touchpoints, including opening a department store pop-up shop in March 2026 and exhibiting at a fashion event in April. On the financial side, cash balances declined to ¥381 million (down ¥262 million from the end of the previous fiscal year) due to repayment of ¥400 million in short-term borrowings. The full-year forecast (net sales of ¥6,750 million, operating profit of ¥50 million) remains unchanged.
Key Products
Growth Drivers
- Solid sales growth in overseas e-commerce (East Asian markets)
- Differentiation through same-day shipping service including Sundays and holidays
- Enhanced search functionality by concern/scenario and new customer acquisition through flagship site renewal
- Higher value-added positioning through improved product planning precision and appropriate pricing of PB/CB brands (27.2% of sales)
- Improved second-half earnings through strengthened solution-oriented categories and expanded national brand product lineup
- Sales channel expansion leveraging the distribution networks of the Air Water Group and Shiai Medical
Risks
- Sluggish personal consumption due to continued price increases and consumers' thrift-oriented mindset
- Rising procurement costs and logistics costs due to exchange rate fluctuations and yen depreciation
- Intensifying competition from new entrants into the e-commerce market, leading to higher unit costs for advertising and sales promotion expenses
- Top-line pressure from declining site visits and purchase volumes
- Continued profit pressure from pricing measures aimed at promoting sales of PB products
- Demand fluctuation risk for seasonal products (due to temperature variation, etc.)
- Risk of recording valuation losses on inventory in the event of slow-moving stock
- Liquidity risk from declining cash balances while carrying ¥1,200 million in short-term borrowings
Last updated: February 27, 2026