TAY TWO CO., LTD.
7610・Standard Market・Retail Trade
Business
Teitsu Co., Ltd. was founded in 1990 in Okayama and is a reuse specialist company that buys and sells books, game software and hardware, trading cards, hobby items, smartphones, apparel, and other goods under store formats such as Furuhon Ichiba, Furuichi, and Trading Card Park. As of the end of February 2025, the company operated a total of 176 stores, including 135 directly-managed stores, and also runs the e-commerce site "Furuichi Online." Affiliate company Top Books Co., Ltd. operates stores as a franchise, while subsidiary Yamatoku Co., Ltd. supports EC logistics. Its main customers are a broad range of consumers centered on enthusiasts of games, trading cards, and books. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The core of earnings is a circular business model that generates margin by purchasing books, games, trading cards, and similar items from consumers and reselling them as used goods. Of the ¥42,233 million in net sales for FY2026 (ending March 2026), used goods account for more than half of the structure. By also combining new product sales (net sales of ¥10,014 million, up 49.0% year on year), the company enhances customer traffic and also uses this as a purchasing channel. It pursues low initial-cost expansion through shopping mall store openings, while diversifying revenue through EC sites and external sales of BtoB systems (such as TAYS).
Company Strengths
Revenue grew for 5 consecutive fiscal periods, from ¥26,848 million in FY2022 to ¥42,233 million in FY2026. As of the end of February 2025, the company operated 135 directly-managed stores and 176 stores in total including FC and others, and continues to expand new customer acquisition and buying channels through shopping mall store openings centered on AEON Mall (45 stores cumulatively).
The patent application for the trading card scanning and appraisal terminal "TAYS" was approved, with the first external sale commencing in January 2022. The Trading Card Inventory Search Terminal has been installed in approximately 80% of directly-managed stores, contributing to improved sales floor efficiency and merchandise diversification. The company is pursuing differentiation through the deployment of proprietary business tools in the BtoB domain.
Through cost structure reviews and revenue growth leveraging synergies from the business alliance with TORICO Inc., the EC segment achieved standalone profitability in FY2026. Subsidiary Yamatoku completed construction of a new headquarters building equipped with warehouse functions, establishing a foundation for improved logistics efficiency and expanded product offerings in the EC business.
ENVALITH's Perspective
Performance Trend
The company achieved five consecutive periods of revenue growth from FY2022 through FY2026. Operating profit peaked at ¥1,557 million in FY2023, declined to ¥912 million in FY2025, then recovered to ¥1,378 million in FY2026. In Q1 of FY2027 (ending February 2027) (March-May 2026), revenue was ¥11,721 million (up +36.9% year-on-year), operating profit was ¥792 million (up +257.7%), ordinary profit was ¥816 million (up +309.5%), and quarterly net profit was ¥475 million (up +421.8%), representing substantial growth in both revenue and profit. External factors such as the stabilization of supply for new-generation gaming hardware, last-minute demand ahead of price revisions, and expansion of the overall reuse market provided tailwinds. The gross profit margin declined to 34.7% from 37.7% in the same period of the previous year, but the operating profit margin improved significantly to 6.8% (versus 2.6% in the same period of the previous year) due to restraint in selling, general and administrative expenses. The full-year forecast (revenue of ¥42,500 million, operating profit of ¥1,600 million) remains unchanged.
Growth Strategy
Targeting ¥50,000 million in net sales for FY2029 (ending February 2029) through simultaneous expansion across five areas (stores, EC, BtoB, Global, and IP)
Priority is given to opening stores in shopping malls in view of their customer-drawing power and lower initial costs. Three new stores (AEON Mall Kobe Kita, Ibaraki, and Chikushino) opened in Q1 of FY2027 (ending February 2027), aiming to expand touchpoints with existing roadside customers.
As part of streamlining overlapping EC functions within the Group, Furuichi Online was discontinued in June 2026, concentrating EC management resources into the wholly owned subsidiary Yamatoku. Building on the consolidation of sales locations in the previous fiscal year, the Group will further strengthen its EC business.
External sales of the trading card scanning and appraisal terminal "TAYS" are expanding steadily. Proposals for operational efficiency through "POP×THREE" integration have also achieved certain results. The company has also begun preparing an external sales structure for the Trading Card Inventory Search Terminal and developing IoT-equipped vending machines, promoting revenue diversification.
The first store in Taiwan opened in July 2025. Preparations for a second overseas store are underway in FY2027 (ending February 2027). With an eye toward collaboration with business partner companies, the company aims to improve inventory turnover efficiency and expand its customer community through overseas expansion of domestically sourced products, joint events with local companies, and IP planning.
The company continues to handle IP products such as publications that have high synergy with its own business model. It will strengthen collaboration with related companies and pursue opportunities to develop IP-based products and services that align with its existing businesses.
Last updated: July 17, 2026