AJIS CO.,LTD.

Business Details

The core segment operated by Ages Inc. and Ages Merchandising Service Co., Ltd. Targeting domestic chain stores as primary customers, the segment provides physical inventory counting services (convenience stores, supermarkets, home centers/drug stores, GMS, specialty stores, etc.), centralized replenishment services after store closing hours, and merchandising services for new store openings and renovations. In FY2026 (ending March 2026), this is the largest segment, accounting for approximately 75% of consolidated net sales, and achieved increased revenue and profit, including the effect of the business transfer from Persol Marketing Co., Ltd. in September 2025.

Recent Overview

Net sales of ¥28,395 million and segment profit of ¥3,033 million, both increasing, aided by the PMK business transfer effect

In FY2026 (ending March 2026), the Retail Support Business achieved net sales of ¥28,395 million (up 12.4% year on year) and segment profit of ¥3,033 million (up 9.7% year on year), including the effect of the business transfer of inventory counting, retail, and light-duty operations from Persol Marketing Co., Ltd. executed on September 1, 2025 (acquisition consideration of ¥2,220 million, goodwill of ¥1,508 million). Inventory counting for convenience stores was particularly strong, up 28.8% year on year, and the Centralized Replenishment Service and Merchandising Service also saw increased revenue due to higher orders from major customers. Increased revenue from higher transaction volume and service fee increases exceeded increased costs such as rising labor wages, securing higher profit. On the other hand, depreciation and amortization (including goodwill and customer-related assets) associated with the PMK business transfer increased significantly year on year, and this impact on profit margins is expected to continue.

Key Products

Growth Drivers

• Expansion of customer base and sales scale through the business transfer of inventory counting, retail, and light-duty operations from Persol Marketing Co., Ltd. (executed September 2025)
• Increase in the number of contracted stores and higher sales unit price per store in domestic inventory counting services
• Increased orders from major customers in the Centralized Replenishment Service and Merchandising Service
• Improvement in gross profit through service fee increases
• Improved operational efficiency and productivity through introduction of a next-generation core system and digital investment based on the medium-term management plan "vision50"
• Steady expansion of inventory counting demand against the backdrop of five consecutive years of growth in retail sales value in the distribution and retail industry

Risks

• Risk of increased store operating costs and reduced order volume for customers due to rising labor, utility, and logistics costs in the distribution and retail industry
• Risk of profit pressure from increased amortization burden of goodwill (¥1,508 million, amortized equally over 5 years) and customer-related assets (¥1,362 million, amortized over 9 years) associated with the PMK business transfer
• Shrinking market size across the retail industry as a whole due to the declining birthrate and aging population
• Risk of deteriorating customer business performance due to intensifying price competition across industries and business formats
• Risk of profit pressure from rising SG&A expenses due to increased digital investment and depreciation, such as for the next-generation core system
• Risk of market contraction and reduced orders in some business formats such as bookstores and GMS
• Risk of changes in management policy following the completion of the tender offer and delisting resulting from the tender offer by Saito Holdings Co., Ltd.