HIMARAYA Co., Ltd.
7514・Standard Market・Retail Trade
Business
HIMARAYA Co., Ltd. was founded in 1976 in Gifu Prefecture and is a specialty sporting goods retail chain handling a broad range of ski, golf, outdoor, and General Sporting Goods products. As of the end of August 2025, the company operated 101 stores across 29 prefectures nationwide, with a total sales floor area of 219,506 sq. m, running both general leisure and sporting goods stores (91 stores) and specialty sporting goods stores (10 stores). The company is also actively expanding its e-commerce business, with its subsidiary Core Brain Co., Ltd. handling fulfillment operations. The core product category is General Sporting Goods (63.0% of sales composition), capturing demand related to school club activities, running, and casual town shoes. The company is listed on the Standard Market of the Tokyo Stock Exchange and the Premier Market of the Nagoya Stock Exchange.
Business Model
The company adopts a retail model that procures sports and leisure goods and sells them to consumers through physical stores nationwide and EC (internet sales). Against net sales of ¥60,447 million in FY2025 (ending August 2025), gross profit was ¥21,202 million (gross margin of approximately 35.1%). Selling, general and administrative expenses remained at a high level of ¥20,916 million, and operating income was limited to ¥285 million (operating margin of 0.5%). In the EC business, the subsidiary Corebrain has internalized logistics and fulfillment operations, and the company aims to improve profitability by expanding EC-exclusive products and reuse products.
Company Strengths
As of the end of August 2025, the company operated 101 stores across 29 prefectures nationwide, with total sales floor area of 219,506㎡. In FY2025 (ending August 2025), 3 stores were opened and 1 store was closed, resulting in a net increase of 2 stores and a 6,679㎡ increase in sales floor area compared to the previous period. The company has a regionally concentrated, community-based sales base with clusters in Gifu Prefecture (10 stores), Aichi Prefecture (10 stores), Fukuoka Prefecture (8 stores), and other areas.
Sales composition is diversified across multiple product categories: General Sporting Goods at ¥38,064 million (63.0%), Golf Equipment at ¥10,055 million (16.6%), Outdoor Gear at ¥8,177 million (13.5%), and Ski & Snowboard Equipment at ¥3,112 million (5.2%). Steady demand for school club activity-related products and running shoes, among others, supports the General Sporting Goods category.
Subsidiary Core Brain Co., Ltd. handles fulfillment operations for EC sales on an integrated basis, including order processing, packing, shipping, payment collection, and customer management. The company continues to promote efficiency improvements at its dedicated EC logistics center, and is working to enhance the profitability of the EC business alongside the expansion of EC-exclusive products and reuse (secondhand) products.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥62,133 million in FY2021, declined to ¥58,512 million in FY2024, then recovered slightly to ¥60,447 million in FY2025. The full-year FY2026 (ending March 2026) forecast calls for revenue growth to ¥62,000 million, but cumulative 3Q results stood at only ¥45,248 million (up 1.2% year on year). Meanwhile, operating profit fell approximately 86% over five years, from ¥2,024 million in FY2021 to ¥285 million in FY2025, and deteriorated further to ¥136 million (down 47.8% year on year) in cumulative 3Q FY2026. External factors—winter apparel inventory disposal due to a trend toward warmer winters, higher logistics costs from rising energy prices, and increased personnel expenses—have weighed on profitability. With the addition of extraordinary losses (impairment loss of ¥123 million), cumulative 3Q profit attributable to owners of the parent stood at an extremely low ¥19 million (down 89.5% year on year).
Growth Strategy
Rebuilding the earnings base through existing-store improvement, EC expansion, reuse products, and logistics efficiency gains
Priority is given to renovating existing stores and controlling sales floor allocation over opening new stores. In FY2026 (ending August 2026), the company plans to close 2 stores (bringing the total to 99 stores), streamlining underperforming stores while improving the profitability of existing stores. Selling, general and administrative expenses were reduced compared to the same period of the previous year.
The company aims to improve gross margin by strengthening its lineup of EC-exclusive products leveraging its dedicated EC logistics center, and by expanding its reuse product offerings. It is promoting cost-efficient EC business expansion by utilizing its existing in-house fulfillment system.
By improving logistics warehouse operations, the company aims to absorb the impact of rising energy prices and increasing labor costs, thereby containing logistics costs. Depreciation expense increased slightly from ¥605 million in the same period of the previous year to ¥619 million, and realizing the effects of capital investment remains a challenge.
The company has positioned the promotion of digitalization as an urgent priority and aims to strengthen its ability to respond to changing customer needs. It is also strengthening customer touchpoints through public relations and promotional activities toward the "50th Anniversary Grand Thanksgiving Sale". An improving trend in gross profit margin was confirmed from March through May.
Last updated: July 17, 2026