Kojima Co.,Ltd.

Business Details

A consumer electronics retailer whose core business is the sale of audio-visual products, home appliances, information and communication equipment, and other merchandise. The parent company is BicCamera Inc. The company operates 139 stores nationwide (as of end-May 2026), centered on the "Kojima × BicCamera" store format, and positions the E-Commerce Business, Corporate Business, and Housing Equipment Business as growth businesses. Under the vision of "Kojima, Supporting Everyday Life" (Kurashi Ouen Kojima), the company seeks to differentiate itself through community-focused electronics retailing and high-value-added proposals.

Recent Overview

Revenue and profit both increased in the cumulative third quarter. Operating profit rose sharply, up 34.1% year on year.

For the cumulative third quarter of FY2026 (ending August 2026) (September 2025 to May 2026), revenue was ¥222,824 million (up 6.0% year on year) and operating profit was ¥7,402 million (up 34.1% year on year). Growth was driven by air conditioners (boosted by expanded Tokyo Metropolitan Government subsidy programs and demand related to the "2027 issue"), mobile phones (up 9.5%), games (up 47.2%), and construction and housing equipment (up 33.2%). Gross profit margin exceeded the same period of the prior year, and the SG&A expense ratio also declined significantly. Electronic shelf labels had been introduced at 138 stores as of end-March 2026, covering nearly all stores. As a subsequent event, on July 13, 2026, the company resolved to conduct a share buyback of up to 500,000 shares and ¥900,000,000. The dividend forecast was revised upward to ¥28.00 per share (an increase of ¥6.00 from the previous fiscal year).

Key Products

Growth Drivers

• Strong air conditioner sales (continued growth in sales within Tokyo due to expanded Tokyo Metropolitan Government subsidy programs, with rising demand outside Tokyo as well related to the "2027 issue")
• Growing demand for PC replacement (driven by the end of Windows 10 support and concerns over rising semiconductor prices) (PC unit sales up 12.5% year on year)
• Replacement demand for mobile phones (smartphones) driven by residual-value-based contracts (up 9.5% year on year)
• Substantial growth in game console sales (up 47.2% year on year)
• High growth in the Housing Equipment Business (construction revenue up 33.2% year on year)
• Improved labor productivity and reduced SG&A expense ratio from the near-complete rollout of electronic shelf labels (138 stores as of end-March 2026)
• New customer acquisition through the opening of new corporate business offices (Kobe and Himeji)
• Enhanced customer traffic through rebranding initiatives, including the 70th anniversary commemorative sale and IP collaborations (such as Jujutsu Kaisen and Blue Lock)
• Enhanced brand value from being selected for CDP's Climate Change "A List" and as a Supplier Engagement Leader

Risks

• Risk of deteriorating consumer sentiment due to heightened cost-consciousness amid rising prices
• Decline in gross profit margin due to an increasing proportion of sales from lower-margin products such as mobile phones and game consoles
• Intensifying competition with rivals (consumer electronics retailers and e-commerce operators)
• Risk of revenue fluctuation due to seasonal factors (such as air conditioners)
• Deterioration of the economic environment due to geopolitical risks such as the situation in the Middle East
• Risk of economic downturn due to the impact of U.S. trade policy
• Risk of continued weakness in major categories such as televisions, refrigerators, and recorders (televisions down 6.1% year on year, refrigerators down 5.4%)
• Risk of rising SG&A expenses due to increased personnel costs (ongoing investment in human capital)