AEON CO.,LTD.
8267・Prime Market・Retail Trade
GMS Business
AEON's largest retail segment centered on General Merchandise Stores
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating revenue (segment total, external customers) | ¥900,261 million (Q1 FY2027, ending March 2027) | ¥867,689 million (Q1 FY2026, ending March 2026) | ↑ |
| Operating income (loss) | -¥3,455 million (Q1 FY2027, ending March 2027) | -¥1,787 million (Q1 FY2026, ending March 2026) | ↓ |
| YoY change (operating revenue) | 103.9% | ― | ↑ |
| AEON Retail existing store sales | 102.4% YoY | ― | ↑ |
| AEON Retail existing store customer count | 101.1% YoY | ― | ↑ |
| AEON Retail foot traffic | 104.5% YoY | ― | ↑ |
| TOPVALU sales (AEON Retail) | ¥1,033 million, 20.4% composition ratio | ― | ↑ |
| Can Do sales | ¥22,789 million | 103.8% YoY | ↑ |
| Can Do operating income | ¥739 million | 112.0% YoY | ↑ |
| AEON Kyushu operating revenue | ¥135,893 million | 103.0% YoY | ↑ |
| AEON Kyushu operating income | ¥655 million | 118.3% YoY | ↑ |
Business Details
Comprising AEON Retail, AEON Hokkaido, AEON Kyushu, Can Do, and others, this segment operates General Merchandise Stores (GMS) and flat-price variety retail businesses. It handles the full range of food, apparel, household/leisure, and H&BC (Health & Beauty Care) products, while also managing shopping center operations in an integrated manner. Amid an inflationary environment, the segment is pursuing both PB expansion/price appeal and a value strategy as twin engines, while accelerating productivity improvements through DX investments such as self-checkout, electronic shelf labels, and AI tools.
Recent Overview
Revenue increased but operating loss widened, as strategic upfront investment and cost inflation pressured profit
In Q1 FY2027 (ending March 2027), the GMS Business secured revenue growth with operating revenue of ¥900,261 million (103.9% YoY), but operating loss widened to -¥3,455 million, a decline of ¥1,668 million from the prior-year period's -¥1,787 million. While AEON Retail saw improvement with existing store sales at 102.4% and customer count at 101.1%, continued inflation drove up raw material costs, food price appeals intensified, the prior-year reaction to high rice prices, and rising labor and logistics costs pressured profit. Non-food categories (apparel 106.0%, household/leisure 107.6%, H&BC 106.5%) performed well, and retail media revenue also grew substantially. AEON Kyushu achieved higher revenue and profit, and Can Do also achieved higher revenue and profit.
Key Products
Growth Drivers
- Increase in unit sales volume and cost reduction/customer growth through TOPVALU mega item expansion (100 → 300 items)
- Improved sales composition and gross margin through recovery in existing store sales of non-food items (apparel, household/leisure, H&BC)
- Rapid expansion of the retail media business (app advertising revenue up 254.6% YoY, signage revenue up 285.0% YoY)
- Promotion of DX and improved labor productivity through introduction of self-checkout, electronic shelf labels, and AI tools
- Scale expansion and higher revenue/profit at AEON Kyushu through new store openings (9 stores) and Joyfull Sun store transfers
- Building a highly efficient store network at Can Do centered on AEON Group locations and expansion of consignment stores
- Expansion of digital revenue through nearly double-digit EC sales growth at Online Supermarket / AEON Style Online
Risks
- Pressure on merchandise costs and SG&A from rising raw material prices and logistics costs amid continued inflation
- Increased personnel investment costs including wage hikes (AEON Retail posted an operating loss of -¥3,730 million, a profit decline of ¥1,961 million from the prior-year period)
- Suppression of per-customer spending and intensifying low-price competition due to continued consumer thrift-consciousness and defensive spending
- Decline in gross margin in food due to intensified price appeals and the reaction to the prior year's high rice prices
- Sluggish apparel segment and declining gross margin due to intensified competition at AEON Hokkaido
- Profit decline at Maxvalu Tokai due to suppressed per-customer spending and upfront investment (new store openings, existing store renovations, digital utilization)
Last updated: May 25, 2026