KOKUYO CO., LTD.
7984・Prime Market・Other Products
Business
KOKUYO Co., Ltd. was founded in 1905 and is a comprehensive office supply group comprising 38 subsidiaries and 9 affiliated companies. It operates four segments: the Furniture Business (office furniture manufacturing and space construction), the Business Supply Distribution Business (office supplies wholesale and mail-order), the Stationery Business (domestic and overseas manufacturing and sales of Campus Brand Stationery), and the Interior Retail Business (furniture and household goods sales through ACTUS). Its main customers are domestic and overseas corporations (BtoB), while it is also expanding its BtoC channels. The company is listed on the Prime Market of the Tokyo Stock Exchange. Consolidated net sales for FY2025 (ending December 2025) were ¥359,876 million.
Business Model
In the Furniture Business, the company provides an integrated offering from Space Design & Consultation through furniture manufacturing and installation, achieving high added value. In the Business Supply Distribution Business, the platform-based procurement management system "Benrinet" underpins stable wholesale and mail-order revenue from office supplies for large corporations. The Stationery Business centers on the Campus Brand Stationery brand while diversifying revenue through BtoC, E-commerce (Online Sales), and global expansion. Cross-business synergies combining the knowledge of each business support the revenue base.
Company Strengths
In FY2025 (ending December 2025), the Furniture Business achieved net sales of ¥172,196 million and operating income of ¥26,175 million (operating margin of 15.2%). Robust demand for new office relocations and renovations continued domestically, with order intake up 22.2% year on year to ¥21,965 million and order backlog up 51.9% year on year to ¥4,688 million, both of which are strong drivers of business performance.
In the Business Supply Distribution Business, adoption of "Benrinet," a solution system for large-scale customers, has been steadily expanding. In FY2025 (ending December 2025), the segment achieved net sales of ¥108,369 million (up 9.5% year on year) and operating income of ¥5,463 million (up 22.2% year on year). Even amid logistics and system disruptions at competitors, the company maintained stable supply as a social infrastructure, demonstrating the resilience of its supply system in capturing substitute demand.
In the Stationery Business, penetration of price revisions, the rebranding of the Campus Brand Stationery, and expansion of BtoC e-commerce led to operating income improving 18.3% year on year to ¥7,092 million (operating margin of 8.5%), even as net sales remained nearly flat at ¥83,572 million. In China, the strategy targeting stationery for female consumers has been successful, and global manufacturing and sales networks have also been established in Vietnam, Thailand, India, and other regions.
ENVALITH's Perspective
Performance Trend
Revenue over the past five periods recovered from a trough of ¥300,929 million in FY2022, reaching a record high of ¥359,876 million in FY2025. Operating profit also achieved a five-year high of ¥26,247 million in FY2025. In the first quarter of FY2026 (fiscal year ending December 2026), revenue was ¥108,099 million (+8.7% year-on-year), operating profit was ¥13,848 million (+2.7% year-on-year), and ordinary profit was ¥14,517 million (+11.4% year-on-year), continuing the trend of higher revenue and higher profit. The fact that ordinary profit growth exceeded operating profit growth was due to the recording of ¥341 million in foreign exchange gains. As external factors, sustained robust domestic office demand and the yen-denominated revenue boost from overseas operations due to yen depreciation are supporting performance. On the other hand, a slight decline in the gross profit margin and the pace of increase in SG&A expenses are constraining improvement in the operating profit margin.
Growth Strategy
Under the 4th medium-term management plan "Unite for Growth 2027," the company aims to achieve net sales of ¥430,000 million, ROE of 9% or higher, and an overseas sales ratio of 20%
Domestically, the company is strengthening its work style proposals against a backdrop of strong demand for office relocation and renovation. Overseas, it continues its full-scale entry into India through the new consolidation of Kokuyo Workplace India Limited, while continuing to promote order acquisition in ASEAN and China. FY2026 Q1 net sales reached ¥57,257 million (up 6.4% year-on-year), progressing smoothly.
The company is promoting the expansion of adoption of the "Benrinet" purchasing management system for large enterprises and realizing a personalized customer purchasing experience through the use of technology. In FY2026 Q1, net sales achieved high growth of +12.7%, but a temporary decline in profitability due to responding to intensifying competition on the e-commerce site "Kaunet" remains a challenge.
The company is promoting BtoC expansion in Japan through the "Manabi Recipe" strategy, a girls' stationery strategy in China, and the introduction of value-added products in India. In FY2026 Q1, the Stationery Business achieved high growth with net sales up 8.8% and operating profit up 18.1%, and overseas sales expanded to ¥10,523 million (up 26.7% year-on-year).
The company is promoting the realization of cross-business synergies by combining the knowledge of each business. In the Interior Retail Business, it is expanding the domain of the Corporate Business through strengthened partnerships, aiming to transform its business portfolio. In FY2026 Q1, the Interior Retail Business progressed as planned with net sales up 2.7%.
Last updated: July 17, 2026