YAMATOINTERNATIONALINC.
8127・Standard Market・Textiles & Apparels
Business
Yamato International Inc., founded in 1947, is an apparel manufacturer that produces and sells cut-and-sewn knitwear, woven shirts, outerwear, bottoms, and other items centered on its core "Crocodile" brand. The Crocodile brand accounts for approximately 88% of group sales and is marketed through three channels: GMS (general merchandise stores), directly operated stores, and e-commerce. The company also operates licensing businesses for the online-focused "CITERA" brand, the U.S.-originated "Penfield" brand, and the Hawaii-originated "Lightning Bolt" brand. Its consolidated subsidiary, Yamato Fashion Service Co., Ltd., handles logistics operations, and the company also runs a Real Estate Leasing Business utilizing its own properties. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The core Textile Products Manufacturing and Sales business (net sales of ¥19,158 million, FY2025 (ending August 2025)) operates a model close to SPA, selling overseas-sourced products through GMS, directly-operated stores, and EC. While maintaining a high gross margin of 56.4%, the structure has selling, general and administrative expenses accounting for approximately 57% of net sales. The Real Estate Leasing Business (net sales of ¥287 million) generates stable rental income from company-owned properties, achieving a high profit margin of approximately 47.8%. The company is advancing EC and omni-channel initiatives based on a membership base of over 1.16 million Crocodile app members.
Company Strengths
Total membership of the Crocodile app exceeded 1.16 million, having continued double-digit annual growth every year since FY2016 (ending August 2016). Although EC sales in FY2025 (ending August 2025) declined 4% year on year, temporarily slowing, membership itself continued to expand steadily, forming the foundation for strengthening omnichannel capabilities through the app renewal and point integration planned in FY2026 (ending August 2026).
The equity ratio at the end of FY2025 (ending August 2025) was 74.3% (improved from 72.3% in the previous fiscal year). The company secured liquid funds on hand (cash and deposits plus securities) of ¥6,380 million, maintaining a near debt-free financial structure in which working capital and capital expenditures are funded from own resources. Self-owned properties in the Real Estate Leasing Business (segment assets of ¥3,848 million) also contribute to the thickness of assets.
The gross profit margin in FY2025 (ending August 2025) remained at a high level of 56.4% (down 0.3 percentage points year on year). While offering safe, secure, and high-quality products as a manufacturer-originated apparel brand, the gross margin during regular-priced sales periods has been on an improving trend. The strategic lines (Crocodile Code and Switch Motion Crocodile) continued to grow steadily even in FY2025 (ending August 2025), when overall sales struggled.
ENVALITH's Perspective
Performance Trend
Cumulative net sales for the first nine months of FY2026 (ending March 2026) [note: fiscal year ending August 2026] came to ¥15,345 million (up 1.2% year-on-year), securing a slight increase in revenue. However, the gross profit margin declined to 55.7% (from 57.3% in the same period of the previous year), and operating profit fell sharply to ¥60 million (down 51.5% year-on-year). Ordinary profit was ¥179 million (down 11.8%), while quarterly net income attributable to owners of the parent was ¥179 million (up 28.6%), supported by a gain of ¥95 million on the sale of investment securities. Looking at the trend over the past five fiscal years, the company fell into an operating loss (-¥202 million) in FY2025 (ending August 2025), and while FY2026 (ending August 2026) aims to return to profitability, profit levels remain low. External factors affecting performance include heightened consumer cost-consciousness amid price increases and changes in apparel purchasing behavior due to the severe summer heat and lingering warm weather into autumn. The full-year forecast (net sales of ¥20,500 million, operating profit of ¥180 million) remains unchanged, and a recovery in the fourth quarter is required.
Growth Strategy
Under "Yamato 2026," the company is pursuing next-generation customer acquisition, expansion of its strategic lines, and strengthening of its e-commerce capabilities.
The two strategic lines responsible for acquiring next-generation potential customers are growing steadily. The company continues to aim for expansion of sales floor space, growth in business scale, and increases in "gross profit amount and margin." Expanding brand awareness among new customer segments is expected to drive medium-term sales growth.
To maintain a product lineup that is affordable and easy for customers to choose even amid inflation, the company is promoting strategic pricing and building the supply systems needed to achieve it. It aims to maintain and improve gross margin by updating brands, products, and services in line with changing times.
Logistics Services (Yamato Fashion Service Co., Ltd.) has already introduced automated sorters, automated case sealing machines, and a camera recognition system. The company aims to improve productivity through active investment in automation and labor-saving measures while responding to the increase in small-lot deliveries accompanying growth in the e-commerce business.
The company is focusing on enhancing the brand awareness and value of "Penfield," an outdoor brand originating in the United States, and "Lightning Bolt," a casual surf brand originating in Hawaii, both of which it holds trademark rights to, and aims for further business expansion including licensing operations.
Last updated: July 17, 2026