NAIGAI CO.,LTD.
8013・Standard Market・Textiles & Apparels
Wholesale Business
Core segment centered on business-to-business transactions, encompassing socks/underwear wholesale, homewear, OEM, and other operations
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (external customers), Q1 FY2027 (ending March 2027) cumulative | ¥2,513 million | ¥2,000 million (Q1 FY2026 (ending March 2026) cumulative) | ↑ |
| Operating loss, Q1 FY2027 (ending March 2027) cumulative | -¥156 million | -¥160 million (Q1 FY2026 (ending March 2026) cumulative) | ↑ |
| Year-on-year sales growth rate | +25.6% | — | ↑ |
Business Details
A business-facing segment operating the socks/underwear wholesale business, homewear business, OEM business, overseas sales business, RONDEX business, and others. Centered on wholesale sales to department stores, mass retailers, and specialty stores, it plans, arranges manufacturing of, and sells in-house and licensed brand products. From the current first quarter, the segment classification was changed from the former "Wholesale Business" to "BtoB Business." It accounts for approximately 73% of consolidated net sales.
Recent Overview
Net sales rose 25.6% on full-scale rollout of "Champion" at mass retailers and e-commerce growth; loss narrowed slightly
BtoB business net sales for Q1 FY2027 (ending March 2027) (February to April 2026) were ¥2,513 million (up 25.6% year on year). Growth was driven by the full-scale operation of "Champion" products in the mass retailer channel and strong sales of character brand products. Homewear performed well on an existing-store basis and saw improved profitability due to the effects of the prior period's structural reforms. Meanwhile, department store wholesale remained challenging due to the impact of returns and weak in-store sales. The operating loss was ¥156 million, only slightly narrower than the ¥160 million recorded in the same quarter of the prior year.
Key Products
Growth Drivers
- Expansion of new sales channels through the full-scale operation of "Champion" brand sock and underwear sales in the mass retailer channel
- Growth in profitability in the mass retailer channel driven by strong sales of character brand products (such as "Pokémon")
- Continued profitability improvement in the homewear business due to the effects of the prior period's structural reforms (withdrawal from unprofitable stores)
- Expansion of company-led sales floors within department stores and improved market share through transition to a sales-floor production business model
- Promotion of profitability improvement measures tailored to the characteristics of the OEM business, overseas sales business, and RONDEX business
Risks
- Structural contraction of the department store sales channel: continued decline in sales due to ongoing consumer thrift, the impact of returns, and weak in-store sales
- Increase in SG&A expenses: risk of continued operating losses due to upfront investment in growth areas (higher personnel costs and sales commissions)
- Inventory valuation losses: risk of additional inventory valuation losses due to weather fluctuations and sudden changes in consumer behavior (merchandise and finished goods increased by ¥879 million at the end of the current first quarter)
- Foreign exchange risk: risk of rising procurement costs due to yen depreciation, given overseas manufacturing outsourcing and overseas exports
- Material events regarding going concern assumption: continued negative operating cash flow and an operating loss recorded again in the current quarter
Last updated: April 22, 2026