YAMADA HOLDINGS CO., LTD.
9831・Prime Market・Retail Trade
Denki (Electronics) Segment
Yamada HD's core segment centered on home appliance and information appliance sales
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment revenue (external customers) | ¥1,321,135 million | ¥1,301,783 million | ↑ |
| Segment revenue (including internal, total) | ¥1,329,426 million | ¥1,312,017 million | ↑ |
| Segment profit (operating income) | ¥2,492 million | ¥30,204 million | ↓ |
| Segment assets | ¥990,057 million | ¥1,016,507 million | ↓ |
| Depreciation and amortization | ¥23,981 million | ¥22,256 million | ↑ |
| Increase in tangible and intangible fixed assets | ¥36,234 million | ¥47,231 million | ↓ |
| Number of LIFE SELECT stores | 41 stores (as of end of March 2026) | 41 stores (as of end of December 2025) | — |
| Directly-operated store floor area | 2,922,990 sqm (101.7% YoY) | 102.4% YoY | ↑ |
| Revenue excluding point program impact | ¥1,353,742 million (up 2.0% YoY) | － | ↑ |
Business Details
In addition to sales of home appliances such as TVs, refrigerators, and washing machines, and information appliances such as PCs and mobile phones, this segment handles sales of home-related products including renovation, furniture, and interior goods. The main subsidiary is Yamada Denki. In FY2026 (ending March 2026), external customer revenue was ¥1,321,135 million, accounting for approximately 78% of total group revenue, making it the largest segment. The company is promoting a transition to experience-based large-format stores centered on LIFE SELECT. As of end of March 2026, 41 LIFE SELECT stores were operating nationwide, with directly-operated store floor area of 2,922,990 sqm (101.7% YoY).
Recent Overview
Sales recovered significantly in the second half, but operating income fell sharply by 91.7% YoY due to strategic inventory clearance, among other factors
In the Denki segment for FY2026 (ending March 2026), the first half saw a sluggish performance at 98.1% YoY due to closures of large-format stores such as LABI Tsudanuma, LABI Sendai, and LABI Nagoya (impact of approximately 1.5% decline in total store sales) and an advance profit burden from revenue recognition associated with strengthened point program measures. The second half saw a significant recovery to 104.6% YoY, driven by increased demand for PCs and air conditioners and results from the "Kurashi Marugoto" strategy. On the other hand, strategic inventory clearance conducted in the fourth quarter to achieve medium-term plan targets (increasing cost of sales by ¥1,762 million due to a change in inventory valuation method) significantly weighed on profit, with operating income reaching only ¥2,492 million (down 91.7% YoY). Excluding the impact of inventory clearance, the estimated final profit for the group as a whole would be up approximately 14.4% YoY. From the next period onward, the revenue recognition impact of the point program is expected to be fully resolved, and progress in profit generation is expected through accelerated sales floor rollout of high-margin PB/SPA products.
Key Products
Growth Drivers
- Promotion of area store development centered on LIFE SELECT flagship stores (system for opening 10 stores annually, 41 stores nationwide as of end of March 2026)
- Significant growth in PCs and mobile phones throughout the year, and emergence of early-replacement demand for air conditioners related to the "2027 problem"
- Improved product profit margins and differentiation through aggressive development of Yamada original PB/SPA products (accelerated sales floor rollout following strategic inventory clearance)
- Normalization of profit levels as the revenue recognition impact of point program measures is fully resolved from the next period onward
- Improved store efficiency and profitability through store consolidation (directly-operated floor area up 101.7% YoY)
- Improved inventory turnover through promotion of sell-out product strategy and optimization of inventory management
- Optimization and maximization of measures through digital shift in sales promotion and DX driven by strengthened digital membership acquisition
- Improved profitability of e-commerce business through maximum utilization of group infrastructure
- Improved profitability through expansion of renovation, furniture/interior, and reuse businesses
Risks
- Impact of declining sales due to closure of large-format stores (LABI Tsudanuma, LABI Sendai, LABI Nagoya, etc.), affecting approximately 1.5% of total store sales
- Impact on profit from application of revenue recognition standards associated with strengthened point program measures (expected to be resolved from the next period onward)
- Risk of increased cost of sales due to changes in inventory valuation methods (formulation of new sales promotion rules) associated with strategic inventory clearance
- Risk of downward pressure from consumers' saving-oriented mindset due to continued price increases
- Risk of economic downturn due to geopolitical risks (Middle East situation, etc.) and impact of U.S. trade policy
- Impairment losses on fixed assets in the Denki segment (FY2026: ¥5,244 million)
- Risk of increased procurement costs due to rising market interest rates
- Risk of demand slowdown for white goods (refrigerators, washing machines, etc.) amid saving-oriented consumer sentiment
Last updated: June 25, 2026