ENVALITH
株式会社千趣会 logo

SENSHUKAI CO.,LTD.

8165・Standard Market・Retail Trade

Official website
株式会社千趣会 logo
SENSHUKAI CO.,LTD.8165

Business

Senshukai Co., Ltd. was founded in 1953 and operates as a diversified service company whose core business is EC and catalog mail order under the "Bellemaison" brand, alongside corporate solutions (logistics outsourcing, shareholder benefit fulfillment, etc.), insurance intermediation, and childcare support (operation of childcare and after-school facilities). The company is composed of the reporting company and 7 subsidiaries. Its main customers are individual consumers centered on the childcare generation and senior demographics, as well as corporate clients related to logistics and gifts. It is listed on the Standard Market of the Tokyo Stock Exchange. In February 2025, the company announced a revitalization plan (2025–2027) and is currently promoting a shift from a catalog-centric business structure to one centered on EC as the main battlefield.

Business Model

The Mail Order Business (revenue of ¥35,989 million) serves as the core revenue driver, selling products through EC and catalogs. The Corporate Business (revenue of ¥4,007 million, operating profit of ¥253 million), which opens up the accumulated logistics and call center infrastructure to corporate clients, functions as a stable revenue source. Insurance brokerage (operating profit margin of 36.4%) leveraging the Bellemaison member base, as well as Childcare Facility Operations, also contribute to earnings.

Company Strengths

The company holds the Bellemaison brand and customer base cultivated over more than 70 years since its founding in 1953. Long-term relationships with member customers, centered on the child-rearing generation and senior demographics, enable cross-selling into the Insurance Business and childcare support business, supporting revenue diversification across the group as a whole.

Logistics outsourcing and shareholder benefit fulfillment utilizing Senshukai Logistics Service (formerly Bellemaison Logisco) and the Senshukai Call Center have progressed steadily. In FY2025, Corporate Business net sales were ¥4,007 million (up 2.4% year on year), and operating profit was ¥253 million (up 56.9% year on year), reflecting significant profitability improvement.

In July 2025, the company sold the Osaka head office (land and building), recording a gain on sale of fixed assets of ¥7,054 million. Interest-bearing debt was reduced to ¥306 million, and cash and cash equivalents increased to ¥6,937 million. The equity ratio improved substantially to 65.2%, significantly strengthening the financial base.

ENVALITH's Perspective

Operating loss for Q1 of FY2026 (ending December 2026) was ¥988 million, an improvement of ¥170 million year on year, and the narrowing of the loss indicates progress in the restructuring plan. However, revenue was ¥9,166 million, down 7.1% year on year, and achieving the full-year forecast of ¥45,000 million (up 7.0% year on year) will require a substantial revenue recovery over the remaining three quarters. Amid an ongoing decline in customer numbers in the Mail Order Business (a structural factor stemming from target clarification), the emergence of results from the new business model holds the key to achieving full-year profitability.

In addition to significant operating losses recorded for four consecutive fiscal years through the previous consolidated fiscal year, an operating loss of ¥988 million was also recorded in the current Q1, and material uncertainty regarding the going concern assumption continues. Cash and deposits at the end of Q1 stood at ¥4,185 million, down ¥2,752 million from the end of the previous fiscal year (¥6,937 million). Borrowings increased to ¥775 million (versus ¥300 million at the end of the previous fiscal year), and it remains uncertain whether additional financing from financial institutions could be secured if further support becomes necessary. Extraordinary gains from the sale of idle assets (to be transferred in April 2026) appear to be the main driver of the full-year net income forecast of ¥1,350 million, making it important to continue monitoring the underlying improvement on an operating basis.

The Insurance Business saw a significant deterioration, with revenue of ¥100 million (down 19.0% year on year) and operating profit of ¥17 million (down 72.9% year on year), due to a decline in new policies acquired through conventional channels. Building new channels is taking time, making a short-term recovery difficult to foresee. Meanwhile, the Childcare Support Business (Other) maintained growth, with revenue of ¥514 million (up 9.4% year on year), supported by steady nursery operations. Operating profit was limited to ¥48 million (down 39.2% year on year) due to upfront costs associated with the opening of new nurseries, but the resilient external demand for childcare services provides a tailwind, and medium- to long-term earnings contributions are expected.

Growth Strategy

Based on the turnaround plan (2025–2027), the company aims to achieve full-year operating profitability in FY2026 (ending December 2026) through EC shift and diversification

Building on the restructuring into generation-specific business domains with clearly defined targets, the company has fully launched an EC-focused business model. It has begun agile product launches aligned with seasons and trends, focusing on improving profitability. In 1Q FY2026, Mail Order Business sales were ¥7,688 million (down 8.4% year on year), continuing to decline, but the operating loss narrowed to ¥1,078 million (versus ¥1,352 million in the same period of the previous year).

The company is diversifying its revenue base by maximizing sales potential through EC Mall and physical store expansion, and by strengthening BtoB businesses such as Logistics Outsourcing Service, insurance, and corporate contracting. In the Corporate Business, logistics outsourcing has remained solid, securing 1Q FY2026 sales of ¥863 million and operating profit of ¥24 million. Sales through EC Mall Owned Stores & Physical Stores continue to grow.

The company is cultivating new customer segments through original product development leveraging popular content and multifaceted initiatives linking events with EC. This is being strengthened as a priority area where results were confirmed in the previous fiscal year. The company aims for early business expansion and profit contribution by expanding collaborations with major IP.

Following the transfer of fixed assets announced on March 30, 2026 (property handover date: April 17, 2026), the company recorded extraordinary income, maintaining financial soundness. This serves as a key underpinning of the full-year net income forecast of ¥1,350 million. Securing liquidity on hand and maintaining capacity to repay borrowings contribute to mitigating going-concern risk.

Last updated: July 17, 2026