ENVALITH
株式会社コメリ logo

KOMERI CO.,LTD.

8218Prime MarketRetail Trade

株式会社コメリ logo
KOMERI CO.,LTD.8218

Business

KOMERI CO., LTD. entered the home center business in 1977 and is now a home-center-focused company based in Niigata Prefecture, operating 1,234 stores nationwide (PowerCOMERI 120, PRO 24, H&G 1,088, Athena 2). Its core categories are hardware/tools, materials/building supplies, and gardening/agricultural products, with farmers, construction businesses, and general consumers as its main customer segments. The company employs a "fleet method" that combines three formats according to regional characteristics: the large-format comprehensive store "PowerCOMERI," the specialty store for construction businesses "PRO," and the neighborhood-type small store "H&G." It has overseas procurement bases in Taiwan, China, and Southeast Asia, and has internalized its entire supply chain through 12 domestic distribution centers.

Business Model

Komeri's revenue model is based on low-cost operations achieved through overseas procurement bases and in-house domestic logistics, differentiating itself by expanding high-margin Private Brand Products (CRUZARD, Natural Season, SOLVIC, etc.) (accounting for 48.7% of sales composition). It promotes customer loyalty through its proprietary cards (6 types) and FSP point program (up to 10x points), improving store visit frequency and purchase quantity. Through BOPIS (in-store pickup ratio exceeding 80%) on its e-commerce site "Komeri.com," the company is also expanding omni-channel revenue that leverages its store infrastructure.

Company Strengths

As of the end of March 2026, the company operates 1,234 stores nationwide, boasting the largest store count in the industry. It executes a fleet format strategy that combines the three formats—PowerCOMERI, PRO, and H&G—according to trade area characteristics, intensively raising sales share in specific areas. During the fiscal year under review, 22 new stores were opened, expanding total sales floor area to 101.8% of the previous fiscal year-end level.

The sales composition ratio of Private Brand Products reached 48.7% (up 0.4pt year on year), with category brands such as the automotive goods brand "CRUZARD" and outdoor goods brand "Natural Season" being cultivated. Through world-best-source procurement leveraging overseas procurement bases in Taiwan, China, and Southeast Asia as well as 12 domestic distribution centers, the company has built a lineup of Private Brand Products offering low prices and high quality that are difficult for other companies to replicate.

As of the end of March 2026, the company collaborates with eight agricultural cooperatives (JA), including JA Akita Obako and JA Yamagata Okitama, and handles JA products at 47 stores. The industry-leading store count is the reason the company can serve as a receiving base for JA materials stores, realizing a "triple-win" model of improved JA profitability, enhanced convenience for farmers, and increased customer numbers for Komeri. Furthermore, discussions with JA Okinawa, JA Kita Biwako, and JA Hyogo Rokko are also underway, with the farmer customer base continuing to expand.

ENVALITH's Perspective

Operating profit for FY2026 (ending March 2025) was ¥23,055 million (up 2.9% year on year), and net income was ¥14,645 million (up 6.7% year on year), marking two consecutive years of profit growth. However, compared to FY2022 (ending March 2022)'s operating profit of ¥27,825 million and net income of ¥17,897 million, a gap of approximately 17% and 18% respectively still remains. External factors such as heightened consumer defensive spending amid price increases, along with rising labor costs, logistics costs, and construction costs, continue to weigh on the recovery in profitability. Returning to peak levels will require efficiency improvements in SG&A expenses and sustained improvement in existing-store sales.

The Gardening, Agriculture, and Pet Supplies segment (sales of ¥116,313 million, up 3.3% year on year) led as the largest segment, capturing demand through expanded collaboration with JA (Japan Agricultural Cooperatives) and products such as pest-deterrent goods and rice cold-storage units. The E-commerce Business continued its high growth trajectory, up 112.8% year on year, with the BOPIS (Komeri.com, BOPIS) store pickup ratio exceeding 80%, indicating progress in omnichannel development. External factors such as agricultural promotion policies and mandatory heatstroke prevention measures (driving strong sales of fan-equipped workwear) have provided tailwinds from regulatory and social changes. This combined growth underpins the structure supporting the achievement of the FY2027 (ending March 2027) forecast (operating revenue of ¥400,800 million, operating profit of ¥24,000 million).

Cash flow from financing activities for FY2026 (ending March 2025) was ¥(9,973) million (compared to ¥(5,250) million in the previous period), with the outflow expanding, and the fiscal year-end balance of cash and cash equivalents decreased to ¥12,002 million (from ¥16,216 million in the previous period). For FY2027 (ending March 2027), the company plans to open a total of 42 stores, consisting of 8 PowerCOMERI stores, 8 PRO stores, and 26 H&G stores, and the high level of investing cash flow (¥(18,066) million in FY2026 (ending March 2025)), centered on acquisition of property, plant and equipment, is expected to continue. The decline in the interest coverage ratio to 133.8 times (from 208.3 times in the previous period) warrants close attention as a risk of increasing financial costs amid a rising interest rate environment.

Growth Strategy

Acceleration of distribution modernization through store expansion, logistics enhancement, PB deepening, agricultural B2B, and DX promotion

For FY2027 (ending March 2027), the company plans to open 42 new stores in total, comprising 8 PowerCOMERI, 8 PRO, and 26 H&G stores. The company aims to improve sales share within trading areas through dominant area formation, and also plans approximately 100,000 tsubo of sales floor renovation for existing stores. The long-term target is 3,000 stores domestically and internationally.

The new Kansai Distribution Center, the largest of its kind domestically, began operations in February 2026. Low-cost operation has been achieved through the introduction of labor-saving and workforce-reduction systems. Loading and handling efficiency has improved with the start of palletization of imported Private Brand Products. The company plans to further expand its 12 domestic logistics hubs.

Category brands such as the automotive goods brand "CRUZARD" and outdoor brand "Natural Season" are being cultivated through focused sales efforts utilizing TV commercials and SNS. The Private Brand Products sales composition ratio reached 48.7% (up 0.4pt year on year), and the company continues to promote "product development that protects and nurtures daily life."

As of the end of March 2026, the collaboration had expanded to 8 JA partnerships covering 47 stores. Collaboration with JA Akita Obako, JA Oigawa, JA Yamanashi Mirai, and others has improved convenience for farmers and increased customer counts. Discussions are also underway with JA Okinawa, JA Kita Biwako, and JA Hyogo Rokko, accelerating the horizontal expansion of the "benefit for all three parties" model.

The E-commerce Business continued its high growth, up 112.8% year on year. The BOPIS in-store pickup ratio was maintained at over 80%, and expansion of the service area for the last-mile delivery service "Kokko Bin" is also being promoted. DX investments such as the introduction of self-checkout registers at 167 stores and cleaning robots at 26 stores are promoting labor-saving and workforce reduction in store operations.

Last updated: July 19, 2026