BOOKOFF GROUP HOLDINGS LIMITED
9278・Prime Market・Retail Trade
Business
BOOKOFF Group Holdings is a holding company that operates multi-category reuse retail centered on "BOOKOFF," covering books, software media, apparel, trading cards, brand items, and precious metals. With 846 directly-operated and franchise stores in total (as of the end of May 2025), the company positions its Domestic BOOKOFF Business (87.5% of sales composition) as a "deepening area" to secure stable earnings, while cultivating a two-axis structure that nurtures the Premium Service Business—which targets the upper-mass segment through department stores and urban street-level locations—and the Overseas Business, which spans the USA, Malaysia, and Kazakhstan, as "exploration areas." The company also promotes CRM initiatives based on its official smartphone app membership base of over 9.32 million users, along with an omnichannel strategy including the BOOKOFF Official Online Store.
Business Model
The company's main source of merchandise is purchases from general customers (total purchase amount of ¥51,261 million in FY2025 (ending May 2025)), covering inventory risk through low-cost acquisition of used goods. In addition to sales at directly operated stores, royalty income from franchise stores is also a revenue source. The cost of sales ratio is approximately 43% (cost of sales of ¥51,454 million / net sales of ¥119,205 million), with the remainder covered by SG&A expenses such as personnel costs and rent. Non-operating income also includes ¥825 million from sources such as recycling income from waste paper and installation fee income from vending machines, etc.
Company Strengths
As of May 2025, official smartphone app membership surpassed 9.32 million. It is utilized to increase store visit frequency and promote buyback usage through CRM initiatives and loyalty programs, functioning as core infrastructure for the omnichannel strategy connecting stores and e-commerce.
As of the end of May 2025, the company operated a total of 846 stores, comprising 470 directly-operated stores and 376 franchise stores. Centered on BOOKOFF SUPER BAZAAR, which handles a wide range of items including trading cards, hobby goods, apparel, precious metals, and brand bags in addition to books and software media, the company has captured a broad customer base.
The Overseas Business achieved net sales of ¥6,176 million (up 32.3% year on year) in FY2025 (ended May 2025). BOOKOFF (USA) recorded ordinary profit exceeding ¥300 million, while Jalan Jalan Japan (Malaysia) recorded ordinary profit exceeding ¥500 million, maintaining high profitability against the backdrop of the uniqueness of its product offerings and the inflationary environment.
ENVALITH's Perspective
Performance Trend
Revenue expanded 42% over five fiscal years, from ¥91,538 million in FY2022 (ending May 2022) to ¥130,123 million in FY2026 (ending May 2026). Operating profit grew 2.5x over the same period, from ¥1,766 million to ¥4,405 million, with profit growth outpacing revenue growth. The main driver in FY2026 (ending May 2026) was that same-store sales in the Domestic BOOKOFF Business exceeded the previous fiscal year, led by growth across multiple categories including trading cards/hobby items, precious metals/watches/brand bags, and apparel. As an external factor, the sustained high level of precious metal prices contributed to expanded purchasing and gross profit in the Premium Service Business. Operating cash flow improved to ¥4,894 million (from ¥3,062 million in the previous fiscal year), and financial strength also improved, with debt repayment years of 4.4 years and an interest coverage ratio of 14.6x. For FY2027 (ending May 2027), the company forecasts revenue of ¥139,000 million (up 6.8%) and ordinary profit of ¥5,000 million (up 5.9%), aiming to achieve the medium-term management policy targets one year ahead of schedule.
Growth Strategy
Using stable earnings from the deepening domain (domestic operations) as a funding source, the company is aggressively investing in exploratory domains (Overseas and Premium) to expand its business scale.
The company continues to open new BOOKOFF SUPER BAZAAR and BOOKOFF stores while actively conducting existing store renewals. It is also promoting strategic IT investment to improve convenience and secure stable earnings. In FY2026 (ended May 2026), the company took over 9 stores from franchise operators to expand its directly-managed network, achieving segment profit of ¥6,369 million (up 19.1% year on year).
The company continues to open new hugall and aidect stores, expanding customer touchpoints with the upper-mass segment. In FY2026 (ended May 2026), it opened 6 hugall stores and 1 aidect store, achieving net sales of ¥8,527 million (up 18.8% year on year) and segment profit of ¥160 million (up 258.0% year on year). In FY2027 (ending May 2027), the company will focus on improving Rehello's profitability.
The company continues to open new BOOKOFF (USA) stores (3 stores opened in FY2026, ended May 2026) and is strengthening investment in the renewal of Jalan Jalan Japan (Malaysia) and the expansion of product supply for the domestic market. In FY2027 (ending May 2027), the company plans to enter a new business in Taiwan, expanding its overseas footprint. Overseas Business net sales for FY2026 (ended May 2026) were ¥7,153 million (up 15.8% year on year).
In February 2026, the company entered into a capital and business alliance agreement with ITOCHU Corporation. Through collaboration with ITOCHU Group's business infrastructure and customer touchpoints both in Japan and overseas, the company is pursuing initiatives to strengthen its existing businesses and expand future business opportunities. Details of specific collaborative measures are pending future disclosure.
The company has announced its aim to achieve the final-year target of the medium-term management policy—ordinary profit of ¥5,000 million, originally targeted for FY2028 (ending May 2028)—one year ahead of schedule, in FY2027 (ending May 2027). Ordinary profit for FY2026 (ended May 2026) reached ¥4,720 million (up 20.9% year on year), leaving a remaining gap of ¥280 million to the target. Forecast ordinary profit for FY2027 (ending May 2027) is ¥5,000 million.
Last updated: July 17, 2026