Kojima Co.,Ltd.
7513・Prime Market・Retail Trade
Business
Kojima Co., Ltd. was founded in 1963 and originated in Utsunomiya City, Tochigi Prefecture, as a specialty consumer electronics retailer. In 2012, the company entered into a capital and business alliance with Big Camera and became its consolidated subsidiary. Centered on co-branded "Kojima × Big Camera" stores, it operates 139 stores nationwide (as of the end of August 2025), selling home appliances, information and communication equipment, housing equipment-related products, and more. Its primary customers are general consumers (BtoC), and it upholds a vision of being a community-oriented "lifestyle support company." The company positions the E-Commerce Business, Corporate Business, and Housing Equipment Business as growth businesses, promoting a multifaceted business development in conjunction with physical store sales.
Business Model
The Merchandise Sales Business accounts for 99.5% of net sales, comprising four categories: home appliances (42.6% of composition), information and communication equipment (30.8%), audio-visual products (13.8%), and other (12.3%). While securing cost competitiveness through joint merchandise procurement and logistics collaboration with parent company Bic Camera, the company maintains gross margins by improving sales staff service quality and promoting high-value-added product sales. The structure aims to expand operating profit by curbing the SG&A ratio through improved labor productivity via the introduction of electronic shelf labels.
Company Strengths
Since the 2012 capital and business alliance, the company has advanced joint merchandise procurement, logistics system integration, and joint fixtures purchasing. Cost competitiveness leveraging parent company Bic Camera's scale advantages underpins the earnings base, and the cost of sales ratio for FY2025 (ended August 2025) was stably managed at 72.8% (net sales of ¥282,790 million, cost of sales of ¥205,959 million).
As of the end of FY2025 (ended August 2025), electronic shelf labels had been introduced in 101 stores (expanded to 133 stores by the end of February 2026). This has improved store operational efficiency, allowing sales staff to focus on customer service. The SG&A expense ratio for FY2025 (ended August 2025) declined significantly year on year, with operating profit growing 15.2% against a 4.8% increase in net sales, achieving profit growth exceeding revenue growth.
Construction revenue in the Housing Equipment Business continued to grow strongly, reaching ¥11,561 million (up 11.2% year on year). Water-related renovation sales floors have been introduced in 28 stores. In the E-Commerce Business, same-day delivery at the earliest (covering the three prefectures surrounding Tokyo and Osaka Prefecture) was launched, improving convenience. In the Corporate Business, new customer acquisition is being promoted through the establishment of new corporate business offices.
ENVALITH's Perspective
Performance Trend
Revenue recovered from a trough of ¥267,893 million in FY2023 to ¥282,790 million in FY2025. The full-year forecast for FY2026 (ending March 2026) is ¥294,000 million (up 4.0% year on year). Cumulative revenue for the first nine months was ¥222,824 million (up 6.0% year on year), representing 75.8% progress against the full-year forecast. Operating profit recovered from a trough of ¥4,819 million in FY2023 to ¥6,359 million in FY2024 and ¥7,325 million in FY2025, with a full-year forecast for FY2026 (ending March 2026) of ¥8,200 million (up 11.9% year on year). External tailwinds include air conditioner demand (Tokyo Metropolitan Government subsidy program and the 2027 problem), strong game console sales, and PC replacement demand. While reductions in utility costs held down SG&A expenses, personnel expenses and advertising expenses increased. The growth in revenue has significantly lowered the SG&A expense ratio, contributing to the improvement in profit margins.
Growth Strategy
Aiming for operating profit of ¥9,000 million in FY2029 through the two pillars of productivity improvement and expansion of growth businesses
Promoting acquisition of a broad customer base and enhancing recognition of the "Kojima" brand through the 70th anniversary commemorative sale and IP collaborations (Jujutsu Kaisen, Blue Lock, Sanrio, etc.). In May 2026, the Hashimoto store was replaced and reopened as COTOE Hashimoto store.
Electronic shelf labels have been rolled out to 138 stores as of the end of March 2026, achieving near-complete company-wide deployment. The newly established "Sales Support Department" during the current period is promoting expanded customer service training and standardization of store operations. The effect of reducing the SG&A expense ratio has been confirmed on a cumulative basis through the third quarter.
The E-Commerce Business is improving convenience through the expansion of same-day delivery items at Kojima Net. The Corporate Business opened new offices in Kobe (November 2025) and Himeji (May 2026). The Housing Equipment Business achieved strong growth, with construction sales up 33.2% year on year.
The annual dividend forecast for FY2026 (ending August 2026) has been raised to ¥28 (up from ¥22 in the previous fiscal year). At the Board of Directors meeting on July 13, 2026, a resolution was passed to acquire up to 500,000 shares with an upper limit of ¥900 million (acquisition period: July 15 to September 30, 2026). The shareholder benefit program has also been expanded.
Last updated: July 17, 2026