JADE GROUP, Inc.
3558・Growth Market・Retail Trade
JADE GROUP, Inc. (Single Segment)
A single-segment company developing platform and brand businesses centered on fashion e-commerce
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (Q1 cumulative) | ¥5,734 million | ¥4,548 million (same period prior year) | ↑ |
| Operating profit (Q1 cumulative) | ¥897 million | ¥557 million (same period prior year) | ↑ |
| EBITDA (Q1 cumulative) | ¥1,039 million | ¥735 million (same period prior year) | ↑ |
| Ordinary profit (Q1 cumulative) | ¥961 million | ¥593 million (same period prior year) | ↑ |
| Quarterly net profit attributable to owners of parent (Q1 cumulative) | ¥581 million | ¥359 million (same period prior year) | ↑ |
| Merchandise handling volume (before offsetting, Q1 cumulative) | ¥11,869 million | ¥11,713 million (same period prior year) | ↑ |
| Gross profit (Q1 cumulative) | ¥4,452 million | ¥3,701 million (same period prior year) | ↑ |
| Total assets | ¥15,053 million | ¥15,586 million (end of prior fiscal year) | ↓ |
| Net assets | ¥8,904 million | ¥8,560 million (end of prior fiscal year) | ↑ |
| Equity ratio | 51.8% | 48.2% (end of prior fiscal year) | ↑ |
| Quarterly net profit per share | ¥55.36 | ¥36.66 (same period prior year) | ↑ |
| Full-year net sales forecast | ¥25,000 million | ¥19,441 million (prior fiscal year actual) | ↑ |
| Full-year operating profit forecast | ¥2,500 million | ¥2,403 million (prior fiscal year actual) | ↑ |
Business Details
Under its management philosophy of "HAPPY FOR ALL," the company operates three mutually complementary businesses: the EC Mall Business (operating 7 malls) centered on the footwear and fashion e-commerce site LOCONDO.jp, the Platform (DX) Business (including BOEM/ECS, e-3PL, LOCOCHOC, LOCOPOS, etc.) which provides EC infrastructure to external brands, and the Brand Business operating Reebok, FASCINATE, MANGO, and others. In the first quarter of FY2027 (ending February 2027), the company recorded net sales of ¥5,734 million and operating profit of ¥897 million, achieving a significant year-on-year profit increase. As this is a single segment, segment-by-segment financial disclosure is omitted.
Recent Overview
In Q1 of FY2027 (ending March 2027), net sales grew 26% and operating profit grew 61%, achieving a significant profit increase
In the first quarter of FY2027 (ending February 2027) (March to May 2026), the company recorded net sales of ¥5,734 million (up 26.1% year on year), operating profit of ¥897 million (up 61.2% year on year), and quarterly net profit attributable to owners of parent of ¥581 million (up 61.5% year on year). The Brand Business was the key driver, with handling volume up 90.0% and net sales up 91.7%, driven by M&A including the new consolidation of ROYAL. Selling, general and administrative expenses were kept to ¥3,554 million (up 13.0% year on year), as logistics efficiency improvements, advertising efficiency improvements, and consolidation of the head office warehouse proved effective. In April 2026, the company introduced a stock-granting ESOP trust (300,000 shares; ¥441,900 thousand). There is no change to the full-year earnings forecast (net sales of ¥25,000 million; operating profit of ¥2,500 million).
Key Products
Growth Drivers
- The Brand Business's M&A accumulation (including the new consolidation of ROYAL) driving a 90.0% increase in handling volume and a 91.7% increase in net sales
- Suppression of the rate of increase in SG&A expenses (13% increase against a 26% increase in net sales) through logistics flow efficiency improvements, web advertising efficiency improvements, various fee reductions, and head office warehouse consolidation
- Expansion of the e-commerce penetration rate in the fashion EC market (up 4.7% year on year in FY2024, with an EC penetration rate of 23.4%) and continued growth in demand for DX investment (domestic DX investment expected to grow 5.6-fold from 2020 to 2030)
- Strengthening of efficient multi-mall operations through the completion of unified IT infrastructure for d fashion
- Expansion of the Platform Business's client brand base through the migration and integration of MAGASEEK ECS into BOEM (scheduled for completion within the current fiscal year)
- Continuation of the brand M&A strategy through ANBUR LEAGUE (intermediate holding company) and rapid realization of group synergies
- Strengthening of employee incentives and talent retention through the introduction of a stock-granting ESOP trust
Risks
- Structural contraction in the Platform Business, with a 19.9% decline in merchandise handling volume and a 3.6% decline in net sales due to the cancellation of the MAGASEEK ECS transaction (expected to continue until the BOEM migration is completed)
- A 9.2% decline in merchandise handling volume and a 3.5% decline in net sales in the EC Mall Business (affected by the MAGASEEK ECS cancellation), along with a 9.8% decline in handling volume for the company's own malls
- Deterioration in consumer sentiment and uncertainty over personal consumption due to price increases, US tariff policy, and Middle East geopolitical risk
- Risk of continued increases in goodwill amortization burden (¥60 million in Q1) associated with the accumulation of M&A deals
- The full-year net profit attributable to owners of parent forecast for FY2027 (ending February 2027) remains undetermined (due to significant potential variation in extraordinary gains/losses and tax expenses associated with M&A and PMI progress), resulting in limited forward guidance disclosure to investors
- PMI progress risk related to M&A deals such as ROYAL, and integration costs for brands under ANBUR LEAGUE
- Sustainability of profit contribution from the Reebok business (handling volume ¥1,270 million) and risks related to the joint venture scheme with ITOCHU Corporation
Last updated: May 27, 2026