Kurogane Kosakusho Ltd.
7997・Standard Market・Other Products
Furniture-Related Business
Core business manufacturing and selling office furniture and educational furniture in the domestic market
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (first half) | ¥2,775 million (H1 FY2026, ending November 2026) | ¥2,537 million (H1 FY2025, ending November 2025) | ↑ |
| Segment profit (operating profit, first half) | ¥154 million (H1 FY2026, ending November 2026) | ¥234 million (H1 FY2025, ending November 2025) | ↓ |
| Net sales (full year) | － | ¥4,721 million (FY2025, ending November 2025) | — |
| Segment profit (full year) | － | ¥295 million (FY2025, ending November 2025) | — |
Business Details
Consists of the Office Furniture Division (Office Furniture, Custom-Order Fixtures for Logistics Facilities) and the Home Furniture Division (study desks, work-from-home desks, Delivery Box). The Company and its subsidiaries and affiliates handle manufacturing and sales, selling directly to customers nationwide and through distributors. The company is strengthening solution sales through its sales partnership with Steelcase Inc. of the United States, with growth centered on capturing office demand in the Tokyo metropolitan area and expanding Custom-Order Fixtures for Logistics Facilities.
Recent Overview
Net sales rose 9.4% year-on-year in the first half, but segment profit fell 34.0% due to higher SG&A expenses
In the first half of FY2026 (ending November 2026) (December 2025 to May 2026), the Furniture-Related Business segment achieved net sales of ¥2,775 million (up 9.4% year on year). In the Office Furniture Division, inquiries and orders in the Tokyo metropolitan area remained firm, and sales recognition of projects whose delivery had been delayed in the prior period also contributed. On the other hand, SG&A expenses increased due to a decline in factory utilization rates from the termination of production for certain Custom-Order Fixtures for Logistics Facilities, higher personnel expenses accompanying the strengthening of sales capabilities, and increased advertising expenses from the publication of a comprehensive catalog, among other factors, resulting in segment profit of only ¥154 million (down 34.0% year on year). In the Home Furniture Division, the shrinkage of the educational furniture market continued, and net sales fell below the same period of the prior fiscal year.
Key Products
Growth Drivers
- Expansion of office furniture orders driven by demand for a return to offices and workplace reconfiguration in the Tokyo metropolitan area
- Deepening of solution sales through strengthened sales partnership with Steelcase Inc. of the United States
- Recovery in orders backed by an increase in design and quotation requests for Custom-Order Fixtures for Logistics Facilities
- Rollout of new products (Linea Mio, Delivery Box) capturing work-from-home and reskilling demand
- Strengthening of cost competitiveness in variable-type, variable-volume production through strategic renewal of production facilities
Risks
- Decline in factory utilization rates and deterioration of gross margin due to termination of production of certain Custom-Order Fixtures for Logistics Facilities
- Upward pressure on SG&A expenses from increased personnel costs associated with strengthening sales capabilities and publication of a comprehensive catalog
- Structural shrinkage of the educational furniture market due to declining numbers of school-age children and lifestyle changes
- Rising import procurement costs due to yen depreciation and buyer reluctance amid price pass-through to sales prices
- Risk of delivery delays for large-scale projects (multiple instances occurred in the prior period, hindering sales recognition)
Last updated: February 25, 2026