Vega corporation Co.,Ltd.
3542・Growth Market・Retail Trade
E-commerce Business
Single-segment OMO-type D2C business centered on e-commerce sales of furniture and interior goods
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales | ¥18,129 million | ¥15,935 million | ↑ |
| Operating Profit | ¥1,353 million | ¥926 million | ↑ |
| Ordinary Profit | ¥1,366 million | ¥938 million | ↑ |
| Net Income | ¥884 million | ¥591 million | ↑ |
| Operating Profit Margin | 7.5% | 5.8% | ↑ |
| Equity Ratio | 77.1% | 73.8% | ↑ |
| Number of Physical Stores (end of period) | 13 stores | 8 stores | ↑ |
| Earnings Per Share | ¥84.09 | ¥57.23 | ↑ |
| OMO-type D2C Business Sales | ¥17,789 million | ¥15,589 million | ↑ |
| Platform Business Sales | ¥340 million | ¥346 million | ↓ |
Business Details
The core business is internet mail-order sales of furniture, interior goods, and related products through the company's own site (LOWYA flagship store) and major e-commerce malls. The company also operates wholesale sales and directly-managed physical stores, promoting the establishment of an OMO-type D2C business model. As a new business, it also operates DOKODEMO (Cross-border E-commerce Platform). Through an integrated system spanning product planning through retail, the company conducts direct trade with factories in China, Southeast Asia, and other regions, achieving high quality at low prices.
Recent Overview
In FY2026 (ending March 2026), the company achieved substantial growth in both revenue and profit, with net sales up 13.8% and operating profit up 46.0%
Net sales reached ¥18,129 million (up 13.8% year on year), operating profit reached ¥1,353 million (up 46.0% year on year), and net income reached ¥884 million (up 49.5% year on year), with significant increases across all profit line items. During the period, the company newly opened 5 stores, expanding the number of physical stores at period-end to 13. Optimization of marketing costs, development of high-margin products, and cost-ratio control through active use of forward exchange contracts all contributed to the results. For the cross-border e-commerce business (DOKODEMO), gross merchandise value declined slightly due to the impact of the abolition of the U.S. de minimis rule. For FY2027 (ending March 2027), the company forecasts net sales of ¥20,800 million and operating profit of ¥1,500 million, and targets the opening of 6 new stores.
Key Products
Growth Drivers
- Establishment of an OMO-type D2C model through physical store expansion (13 stores at end of FY2026 (ending March 2026); target of 6 new store openings in FY2027 (ending March 2027))
- Expansion of distribution through strengthened SNS presence and promotion of mobile app membership at the LOWYA flagship store
- Expansion of private-brand product categories (sundries, home appliances, etc.) and development of high-margin products
- Stable cost-ratio control through active use of forward exchange contracts
- Improved profit efficiency through optimization of marketing costs
- Continued expansion of the BtoC e-commerce market for sundries, furniture, and interior goods (2024 market size: up 3.6% year on year)
- Room for further e-commerce penetration, as the e-commerce usage rate in the furniture and interior goods industry remains lower than in other industries
Risks
- Impact on the cross-border e-commerce business (DOKODEMO) from U.S. tariff policy (including abolition of the de minimis rule)
- Risk of rising procurement costs due to exchange rate fluctuations, including yen depreciation
- Rising raw material prices and logistics costs
- Intensifying cross-format sales competition
- Short-term pressure on profits from upfront investment in physical store openings
- Deterioration of consumer sentiment due to rising prices
- Rising crude oil prices and supply chain disruption amid heightened geopolitical risk
Last updated: June 24, 2026