PIGEON CORPORATION
7956・Prime Market・Other Products
Japan Business
Pigeon's domestic business foundation segment, engaged in the manufacture and sale of domestic childcare and nursing care products and childcare support services
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (external customers) | ¥8,788 million (Q1 FY2026, ending December 2026) | ¥8,341 million (Q1 FY2025, ended December 2025) | ↑ |
| Segment profit | ¥815 million (Q1 FY2026, ending December 2026) | ¥441 million (Q1 FY2025, ended December 2025) | ↑ |
| Net sales (total including inter-segment) | ¥9,437 million (Q1 FY2026, ending December 2026) | ¥8,635 million (Q1 FY2025, ended December 2025) | ↑ |
| Net sales (full year, prior year results) | ¥37,806 million (full year FY2025, ended December 2025) | — | — |
| Segment profit (full year, prior year results) | ¥2,596 million (full year FY2025, ended December 2025) | — | — |
Business Details
Comprised of three domains within Japan: "Baby Care (Childcare & Women's Products)", "Childcare Support" (53 in-house childcare facilities, etc.), and "Healthcare & Nursing Care" (Habinurse brand). Centered on core products such as Nursing Bottles & Nipples, Baby Skin Care, and baby food & beverages, the segment is also expanding into new areas such as childcare appliances. The company is driving profitability improvement through expanded sales of high-value-added products and improved factory profit margins.
Recent Overview
In Q1 FY2026 (ending March 2026), net sales increased 9.3% year on year and segment profit increased significantly by 84.7% year on year
In the first quarter of FY2026 (ending December 2026), high-value-added products such as childcare appliances, baby food, and skin care performed well, with net sales to external customers reaching ¥8,788 million (up 9.3% year on year). Segment profit improved significantly to ¥815 million (up 84.7% year on year). In addition to the increase in gross profit driven by expanded sales of high-value-added products and improved factory profit margins, an improved ratio of selling, general and administrative expenses also contributed. The new product "Bonyu Jikkan® Sheer" and the strong growth of the company's own e-commerce channel also contributed.
Key Products
Growth Drivers
- Improvement in gross profit margin through expanded sales of high-value-added products such as childcare appliances, baby food, and skin care
- Manufacturing cost efficiency improvements through better factory profit margins, etc.
- Diversification of sales channels through strong growth in the company's own e-commerce and improved offline sales
- Strengthened product competitiveness through the new product "Bonyu Jikkan® Sheer" (using environmentally friendly silicone material), etc.
- Expansion of LTV (customer lifetime value) through Age Up products such as new Pigeon Kids products
- Continuous brand strengthening through new product preview events, SNS utilization, seminars for medical professionals, etc.
- Improved profitability through better selling, general and administrative expense ratio
Risks
- Structural contraction in total demand volume for childcare products due to the ongoing decline in the number of births in Japan
- Under the 9th Medium-Term Management Plan, the Japan Business is positioned for "stable growth," with growth investment priority subordinate to overseas businesses
- Risk of unforeseen accidents occurring at in-house childcare facilities and similar locations
- Impact on business performance from raw material trends due to the situation in the Middle East (difficult to forecast at this time)
- Changes in demand structure due to rising prices, changing consumption behavior, and evolving childcare styles
Last updated: March 19, 2026