AXAS HOLDINGS CO.,LTD.
3536・Standard Market・Retail Trade
Business
AXAS Holdings is a comprehensive lifestyle company that operates a core Retail Business (37 physical stores and EC) for cosmetics, household goods, sports gear, outdoor gear, and alcoholic beverages, alongside a Wholesale Business for imported Western liquor and other products—which includes the Rokkosan Distillery—and a Real Estate Leasing Business covering offices, commercial facilities, and the like. Based in the Keihanshin region, the company has been expanding its store network into Hokkaido, the greater Tokyo metropolitan area, and Kyushu. In October 2024 (Reiwa 6), it made GIVERS (OEM manufacturing and supplement planning) a grandchild company, strengthening vertical integration within the group. Its main customers are general consumers seeking to improve the quality of their lifestyle culture, as well as alcoholic beverage and cosmetics retailers nationwide.
Business Model
The Retail Business (approximately 61% of net sales composition) serves as the core driver of customer acquisition and sales, while the Wholesale Business (approximately 36%) drives growth through sales of imported wholesale and Rokkosan Distillery products. The Real Estate Business (approximately 6%) functions as a stable revenue source with a segment profit margin of approximately 37.8%. Within the group, the Trading Business Division and the retail division promote vertical collaboration by jointly developing products, and logistics cost reductions are also progressing through the operation of the company's own logistics center. Capital gains from the Sale of Real Estate for Sale also contribute to earnings.
Company Strengths
In the real estate segment for FY2025 (ending August 2025), sales revenue was ¥690 million against segment profit of ¥261 million (profit margin of approximately 37.8%). In July 2025, the company sold a property in Chuo Ward, Kobe City for ¥2,850,000 thousand, realizing a gain on sale of fixed assets of ¥463 million. The company employs a strategy that flexibly combines review of asset utilization with property transactions aimed at capital gains.
The company adopts a strategy of multi-format deployment of multiple brands—drugstores, lifestyle, sports, and whisky specialty stores—within the same area. From FY2024 (ending August 2024) to FY2025 (ending August 2025), it opened new stores in Nagasaki, Hokkaido, Tokyo, and other locations, maintaining a group store count of 37 stores (as of the end of FY2025, ending August 2025). It seeks differentiation through business format selection tailored to regional needs.
The company owns its own distillery in Rokkosan, Kobe, and manufactures and sells Rokkosan Pure Malt Whisky using natural water from Mt. Rokko. In FY2024 (ending August 2024), it developed canned highballs and expanded sales channels to convenience stores and supermarkets. It has also begun exporting overseas, primarily to ASEAN countries, simultaneously pursuing reduction of foreign exchange risk and cultivation of a high-value-added brand.
ENVALITH's Perspective
Performance Trend
For the cumulative nine months of Q3 FY2026 (ending August 2026), net sales were ¥9,530 million (up 3.0% year on year), operating profit was ¥214 million (up 37.9% year on year), and ordinary profit was ¥55 million (up 108.8% year on year). The company swung from a quarterly net loss of ¥29 million in the same period of the prior year to quarterly net profit of ¥262 million. Looking at annual results over the past five fiscal years, net sales bottomed out at ¥11,064 million in FY2023 and have been on a recovery trend, recovering to ¥12,134 million in FY2025. Operating profit also improved from ¥15 million in FY2024 to ¥165 million in FY2025, and the cumulative Q3 figure of ¥214 million represents approximately 50% progress against the full-year forecast of ¥432 million. As an external factor, rising prices have strengthened consumers' savings mindset, creating headwinds for the Retail Business, while favorable conditions in the real estate market supported the recording of gains on property sales. There is no change to the full-year earnings forecast (net sales of ¥13,172 million, operating profit of ¥432 million), and the focus will be on profit accumulation in the fourth quarter.
Growth Strategy
Four-pronged growth strategy combining store expansion, cultivation of proprietary alcoholic beverage brands, real estate utilization, and EC reinforcement to enhance corporate value
In April, Reiwa 8, the company opened Arec Comfort Foreo Otsu Ichirīyama (Otsu City, Shiga Prefecture), expanding the group's store count to 42. The complex-type format offering a wide range of cosmetics, food, sundries, fashion, and alcoholic beverages aims to capture regional customers.
Sales in the Wholesale Business grew due to the launch of in-house distilled whisky and expanded sales of highball cans. By cultivating proprietary brands, the company aims to reduce reliance on imports and improve profit margins. In the cumulative third quarter of the current fiscal year, segment profit increased 23.0% year on year, with results beginning to show.
The company flexibly sells properties where the expected transfer price exceeds the projected future cash flows over the assumed holding period. In the cumulative third quarter of the current fiscal year, gain on sale of fixed assets of ¥238 million was recorded, contributing significantly to the improvement in net income. The company aims to maintain the high profitability of the Real Estate Business by combining this with stable income from leasing revenue.
Popular staple products such as cleansing water, shoes, and outdoor brand outerwear performed well. On the other hand, price revisions in the alcohol category due to the impact of the weak yen have been a challenge, making optimization of the product mix an issue. The company aims to reduce reliance on physical stores by expanding digital sales channels.
Last updated: July 17, 2026