Scroll Corporation
8005・Prime Market・Retail Trade
Business
Scroll Corporation is a company listed on the Tokyo Stock Exchange Prime Market, founded in 1943 and headquartered in Hamamatsu City, Shizuoka Prefecture. The group consists of 18 companies, with two core revenue pillars: the "Solutions Business," which provides EC and mail-order operators with one-stop logistics outsourcing, payment processing, BPO, and marketing support services, and the "Mail Order Business," which sells apparel, innerwear, general merchandise, and other items via its own catalogs and the internet. In addition, the group operates the "E-Commerce Business," which targets individual consumers, and the "Group Management Business," which handles group logistics and real estate leasing. Consolidated net sales for FY2026 (ending March 2026) reached ¥88,548 million. Major customers include EC and mail-order operators as well as consumer cooperatives (CO-OP Deli Consumers' Co-operative Union accounts for 10.9% of net sales).
Business Model
In the Solutions Business, the company undertakes logistics outsourcing, payment processing, BPO, and marketing support—all essential to the operations of EC and mail-order businesses—on an integrated basis, earning service fees and revenue linked to transaction volume. In the Mail Order Business, the company sells apparel and other products directly through its own catalogs and EC sites, earning product margins as its revenue source. Synergies between the two businesses (leveraging the know-how cultivated in its own mail-order operations to enhance its solutions offerings) form a competitive advantage. The company maintains interest-bearing debt of ¥7 million and effectively debt-free management, with a financial structure that relies on operating cash flow as its primary funding source.
Company Strengths
Built a system capable of providing Logistics Outsourcing Service, Payment Processing Service, BPO, and Marketing Support on a one-stop basis within a single group. In FY2026 (ending March 2026), Solutions Business net sales expanded rapidly to ¥37,605 million (up 20.4% year on year), with segment profit reaching ¥1,570 million (up 76.5% year on year), and efforts to develop customers outside the direct marketing market have also proven successful.
Interest-bearing debt (including borrowings and lease obligations) stood at ¥7 million at the end of FY2026 (ending March 2026), representing virtually debt-free status. The equity ratio was 63.9%, and cash and cash equivalents totaled ¥10,721 million. Operating cash flow secured was ¥6,939 million, reflecting a stable financial structure that does not depend on external fundraising.
Transactions with CO-OP Deli Consumers' Co-operative Federation continued as a major customer, amounting to ¥9,616 million (10.9% of net sales) in FY2026 (ending March 2026). Since the start of dealings with the Japanese Consumers' Co-operative Union in December 1971, the relationship with the co-op channel has been maintained for over 50 years, forming a stable earnings base for the Mail Order Business.
ENVALITH's Perspective
Performance Trend
Revenue temporarily declined from ¥81,391 million in FY2022 (ending March 2022) to ¥79,826 million in FY2024 (ending March 2024), but then rose for two consecutive periods to ¥84,030 million in FY2025 (ending March 2025) and ¥88,548 million in FY2026 (ending March 2026), marking the highest level in five periods. Meanwhile, operating profit has continued to decline from a peak of ¥7,000 million in FY2022 (ending March 2022) to ¥5,727 million in FY2026 (ending March 2026). Net income of ¥2,768 million in FY2026 (ending March 2026) was the lowest in five periods, mainly due to extraordinary losses totaling ¥1,615 million, comprising ¥548 million in goodwill impairment and ¥1,006 million in business restructuring losses. In the external environment, entrenched cost-conscious consumer behavior stemming from soaring prices and yen depreciation has led to a slowdown in the growth rate of the EC and mail order markets. For FY2027 (ending March 2027), the company forecasts revenue of ¥90,000 million and net income of ¥4,300 million (up 55.3% year on year), anticipating a profit recovery following the completion of unprofitable business restructuring.
Growth Strategy
Concentration of management resources on LPB and transformation of the business portfolio toward becoming a Direct Solution Company
Leveraging its strength in providing one-stop logistics outsourcing, payment processing, and BPO services, the company is expanding beyond the direct marketing market to target all types of businesses. In FY2026 (ending March 2026), segment sales reached ¥37,605 million (up 20.4% year on year) and profit reached ¥1,570 million (up 76.5% year on year), establishing the segment's position as a growth driver.
The company resolved to withdraw from parallel-import EC sales and the travel package sales business in FY2026 (ending March 2026), recording a business restructuring loss of ¥1,006 million. It is shifting its business model while focusing on growth products such as disaster-preparedness goods. Segment profit expanded to ¥385 million (up 136.0% year on year) in FY2026 (ending March 2026).
The company recorded a goodwill impairment (ZonExpert Co., Ltd., ¥548 million) from a capital profitability perspective, advancing the disposal of unprofitable assets. It is accelerating the concentration of management resources on growth areas, aiming for a medium- to long-term improvement in ROE (which declined to 7.5% in FY2026 (ending March 2026) from 12.2% in the prior period). This recovery is premised on a forecast net profit of ¥4,300 million for FY2027 (ending March 2027).
The company has adopted a new corporate identity as a "Direct Solution Company that solves every 'want'", aiming to leverage its mail order and solutions expertise to provide direct solutions for business, daily life, and society. Its strategy is to capture the steady expansion in BPO demand, driven by favorable external conditions such as labor shortages and rising personnel costs.
Last updated: July 19, 2026