Joshin Denki Co.,Ltd.
8173・Prime Market・Retail Trade
Business
Joshin Denki Co., Ltd. (to be renamed Joshin Co., Ltd. in April 2026) is a home appliance specialty retail chain founded in 1948. It operates 217 stores (as of the end of FY2026 (ending March 2026)) centered on the Kansai, Tokai, Kanto, and Hokushinetsu areas, dealing in home appliances, information and communication equipment, entertainment products, and housing equipment. In addition to its two channels of Physical Store Sales and Internet Sales (Joshin web), the Service Infrastructure (Delivery, Installation, Repair) business supports operations in a three-way integrated structure. Multiple consolidated subsidiaries, including Joshin Service Co., Ltd., handle ancillary operations such as delivery, insurance, and remodeling, building a group-wide system that supports customers' living infrastructure.
Business Model
Physical Store Sales account for approximately 81.4% of net sales (¥354,911 million), while Internet Sales (EC) account for approximately 18.1% (¥79,004 million). In addition to product sales, ancillary services such as repair and construction revenue (¥20,515 million), a long-term repair warranty program, and non-life insurance agency operations supplement revenue. Rather than relying on new store openings, the company employs scrap-and-build of existing stores and deepens penetration in existing trading areas (dominant strategy), maintaining profitability while restraining capital expenditure and operating costs.
Company Strengths
Osaka Prefecture (¥185,630 million) and Hyogo Prefecture (¥58,921 million) alone account for over 56% of net sales, concentrated in just two Kansai prefectures. Avoiding an over-reliance on new store openings, the company pursues a dominant strategy based on scrap-and-build of existing stores and deepening market share within trade areas, concentrating management resources—including logistics and Service Infrastructure (Delivery, Installation, Repair)—to differentiate itself from competitors.
Internet Sales (EC) reached ¥79,004 million (114.2% year-on-year) in FY2026 (ending March 2026), accounting for 18.1% of net sales, building a complementary relationship with physical stores. Leveraging its first-mover advantage from launching mail-order sales in 1974, the company continues to build stores carefully by expanding its product lineup and strengthening cooperation with the merchandising department.
Repair and installation work revenue continued to grow steadily, reaching ¥20,515 million (107.3% year-on-year) in FY2026 (ending March 2026). Delivery, installation, and repair services provided by Joshin Service Co., Ltd., along with extended repair warranty and insurance agency operations handled by Joshin Tech Co., Ltd., form a recurring revenue source tied to product sales, complementing a revenue base that is less susceptible to economic fluctuations.
ENVALITH's Perspective
Performance Trend
Net sales peaked at ¥409,508 million in FY2022 (ended March 2022) and had been gradually declining since, but in FY2026 (ending March 2026) recovered to ¥436,650 million (up 8.3% year on year), the highest level in the past five fiscal years. External factors provided tailwinds, including demand for air conditioners driven by the intense summer heat (¥46,523 million, up 10.9%), the mobile phone replacement cycle (¥55,904 million, up 13.8%), and new video game product launches (¥69,066 million, up 22.5%). Operating income recovered to ¥5,422 million (up 47.0% year on year), but still fell short of the ¥8,884 million recorded in FY2022 (ended March 2022). Net income attributable to owners of the parent came to ¥3,280 million (down 3.7% year on year), impacted by a reduction in gains on sales of investment securities (from ¥3,007 million in the previous period to ¥1,629 million in the current period). For FY2027 (ending March 2027), net sales are forecast at ¥438,000 million and operating income at ¥6,000 million, with a gradual improvement expected to continue.
Growth Strategy
Under the new medium-term plan 'JT-2028 Management Plan,' the company is advancing private-brand entry, marketing function rebuilding, and strengthening of physical store profitability
Continuing store openings with high investment efficiency under a scrap-and-build policy. In FY2026 (ending March 2026), 4 stores were opened and 2 were closed, resulting in a network of 217 stores. Positioned as a key strategy under the new medium-term plan 'JT-2028 Management Plan,' the company aims to improve per-store profitability.
A newly established key strategy under the new medium-term management plan. The company aims to improve gross margins and differentiate from competitors through the development and sale of its own brand products. The plan is currently at the formulation stage, and specific product rollouts await future disclosure.
With the aim of creating customer lifetime value, the company plans to strengthen digital marketing and the utilization of customer data. The share of Internet Sales (EC) expanded to 18.1% (¥79,004 million) in FY2026 (ending March 2026), and the company will promote the sophistication of customer touchpoints leveraging its EC infrastructure.
EC sales expanded from ¥64,618 million in FY2024 (ended March 2024) to ¥79,004 million in FY2026 (ending March 2026), with the share rising from 16.0% to 18.1%. The company will deepen its omnichannel strategy while enhancing synergies with in-store sales.
Last updated: July 19, 2026