ZETT CORPORATION
8135・Standard Market・Wholesale Trade
Business
ゼット株式会社は1920年創業のスポーツ用品専門企業で、当社及び連結子会社6社で構成される。卸売部門（主力）では全国スポーツ用品小売店・量販店向けに野球・サッカー・テニス・バドミントン・卓球・ランニング等の幅広いカテゴリーを取り扱う。
製造部門（ゼットクリエイト）では野球バット・グラブ等を自社工場で製造し、コンバースブランドのスポーツウェアも手掛ける。小売部門（ロッジ）では直営店舗を運営し、物流部門（ザイロ・ジャスプロ）ではグループ内外の物流業務を担う。
東京証券取引所スタンダード市場上場。
Business Model
The wholesale division accounts for approximately 97% of net sales (FY2026: ¥57,106 million), with the wholesale function—purchasing merchandise from domestic and overseas brands and selling to retailers and mass merchandisers nationwide—forming the core of earnings. The manufacturing division produces high-value-added products under the in-house brand ZETT Baseball, and also handles licensed production of the Converse brand. The logistics subsidiary internalizes group logistics operations to enhance cost efficiency, while directly operated retail stores secure touchpoints with consumers, forming a vertically integrated business model.
Company Strengths
"ZETT Baseball", handled by the manufacturing subsidiary Z-Create, has received high acclaim for its hard baseball metal bats compliant with new high school baseball standards, white spikes, and custom-order gloves. Sustained demand, supported by the performance of professional staff, drove manufacturing division production value to ¥1,021 million in FY2026 (ending March 2026) (up 12.0% year on year).
The company handles a diverse range of categories including baseball, soccer, tennis, badminton, table tennis, running, and outdoor products, and possesses a wide-ranging wholesale network selling to sporting goods retailers and mass merchandisers nationwide. It has a track record of expanding its category and customer base through business transfers via M&A in 2018 and 2021.
The two logistics subsidiaries, Zyro and Jusupro, have internalized logistics operations for the group's wholesale and manufacturing divisions, and are advancing capital investment aimed at labor savings (logistics division capital investment in FY2026 (ending March 2026): ¥4 million, up 468% year on year). The company has also carried out ongoing logistics infrastructure improvements, such as the relocation of the Kansai Logistics Center to Yao City in 2023.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, from ¥44,762 million in FY2022 (ended March 2022) to ¥58,655 million in FY2026 (ending March 2026), representing an average annual growth rate of approximately 7%. However, the growth rate has shown a decelerating trend: 11.4% in FY2023 (ended March 2023) → 4.1% in FY2024 (ended March 2024) → 6.5% in FY2025 (ended March 2025) → 6.1% in FY2026 (ending March 2026). Operating profit bottomed out at ¥876 million in FY2024 (ended March 2024) and has since recovered, reaching ¥1,251 million in FY2026 (ending March 2026), up 16.7% year on year, indicating an improving trend. External factors such as rising health consciousness, inbound demand, and growing demand for sports brands in everyday use have provided tailwinds, while higher raw material costs, yen depreciation, and rising logistics costs have constrained the improvement in profit margins. For FY2027 (ending March 2027), the company forecasts revenue of ¥59,500 million (up 1.4%) and operating profit of ¥980 million (down 21.7%), an outlook of revenue growth alongside profit decline, suggesting the possibility of entering a phase in which a deteriorating cost environment begins to weigh more substantially on performance.
Growth Strategy
Three pillars of strengthening proposal-based sales as a comprehensive sports trading company, logistics DX, and expansion into the lifestyle market
Continued efforts to strengthen relationships with business partners and expand handling of core brands. In addition to competitive sporting goods such as baseball, soccer, tennis, and badminton equipment, the company is strengthening its expansion into the lifestyle market, including running, outdoor, and high-performance footwear. Results are showing, with wholesale segment sales for FY2026 (ending March 2026) up 6.3% year on year to ¥57,106 million.
Promoting capital investment aimed at labor saving to address rising logistics costs and improve productivity. Expenditures for acquisition of tangible and intangible fixed assets under investing cash flow for FY2026 (ending March 2026) totaled ¥103 million. This initiative is positioned under the basic policy of the medium-term management plan, "strengthening management infrastructure (human resources, logistics, DX)," and continues to be an ongoing effort.
Through thorough management of appropriate inventory flow, the company is achieving both efficient utilization of inventory assets and maximization of sales opportunities. In FY2026 (ending March 2026), the increase in inventory assets was kept to ¥97 million while sales expanded by ¥3,346 million, indicating improved inventory efficiency. The policy is to continue thorough inventory management in FY2027 (ending March 2027) as well.
Promotion of ESG management is set forth as one of the basic policies of the medium-term management plan, aiming to enhance long-term corporate value. The equity ratio has been on an improving trend, reaching 45.5% in FY2026 (ending March 2026), up 1.1 points year on year, but has not yet reached the target level of 50%. Dividends were maintained at an ordinary dividend of ¥18.00 per share, and the payout ratio rose to 36.1% (from 11.8% in the previous period).
Last updated: July 19, 2026