TSI HOLDINGS CO.,LTD.
3608・Prime Market・Textiles & Apparels
Apparel-related Business
TSI Group's core segment. Responsible for the planning, manufacturing, and sale of apparel.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (external customers) | ¥43,775 million (Q1 FY2027, ending March 2027) | ¥34,122 million (Q1 FY2026, ending March 2026) | ↑ |
| Segment profit (operating income basis) | ¥2,499 million (Q1 FY2027, ending March 2027) | ¥1,679 million (Q1 FY2026, ending March 2026) | ↑ |
| Segment sales year-on-year change | +28.3% (Q1 FY2027, ending March 2027) | － | ↑ |
| Goodwill balance | ¥31,665 million (as of May 31, 2026) | ¥32,238 million (as of February 28, 2026) | ↓ |
| Depreciation expense (excluding goodwill) | ¥953 million (Q1 FY2027, ending March 2027) | ¥734 million (Q1 FY2026, ending March 2026) | ↑ |
| Goodwill amortization | ¥574 million (Q1 FY2027, ending March 2027) | ¥114 million (Q1 FY2026, ending March 2026) | ↑ |
Business Details
This segment centers on the planning, manufacturing, and sale of apparel, licensed brand business, and production/logistics operations. It operates through multiple channels, including department store and non-department store physical stores, EC (mix.tokyo), and wholesale, and holds a diverse brand portfolio spanning men's, women's, outdoor, golf, and other categories. In the first quarter of FY2027 (ending March 2027) (March–May 2026), external customer sales were ¥43,775 million, accounting for approximately 94.6% of the Group's consolidated sales of ¥46,279 million, making it the core business.
Recent Overview
Sales up 28.3% due to full contribution of two newly consolidated companies; margin pressured structurally, but existing businesses improved
Apparel-related Business sales for the first quarter of FY2027 (ending March 2027) (March–May 2026) were ¥43,775 million (up 28.3% year on year). The main factor was full-period contribution from Daytona International Co., Ltd. and Waterfront Co., Ltd. from the start of the fiscal year. Men's casual brands (AVIREX, Schott, Stussy) continued to perform well. Meanwhile, gross profit margin deteriorated by 1.2 percentage points year on year due to pressure from the structurally lower profit margin levels of the two newly consolidated companies, although on an existing-business basis, profitability improvement proceeded as planned. The SG&A expense ratio improved by 2.4 percentage points year on year.
Key Products
Growth Drivers
- Sales expansion from full consolidation contribution of Daytona International Co., Ltd. (FREAK'S STORE) from the start of the fiscal year
- Continued strong performance of men's casual brands such as AVIREX's Daily Wear series and Schott's Old Hickory series
- Steady growth of the proprietary EC site "mix.tokyo," with sales up more than 20% year on year
- Capture of inbound demand through outdoor brands such as "and wander"
- Recovery trend in women's brands such as "JILL by JILL STUART"
- Profit structure reform under the medium-term management plan TIP27 (SG&A expense ratio improved by 2.4 percentage points year on year)
Risks
- Consolidated margin pressure from the structurally low gross profit margins of the two newly consolidated companies (Daytona International, Waterfront)
- Impairment risk on goodwill (¥31,665 million) related to the acquisition of Daytona International Co., Ltd. and profit pressure from a significant increase in goodwill amortization (up ¥460 million year on year)
- Instability in consumer sentiment due to heightened defensive spending awareness amid a weak yen and rising prices
- Risk of regional imbalance in inbound demand, including a roughly 50% decline in visitors from China
- Adverse impact on consumer sentiment from geopolitical risks such as conflict in the Middle East
- Risk of increased costs due to continued wage increases and price hikes
Last updated: May 20, 2026