SAC'S BAR HOLDINGS INC.
9990・Prime Market・Retail Trade
Sac's Bar Holdings, Inc. (single segment: sale of merchandise centered on bags and handbags)
A single-segment business operating Japan's largest specialty bag and handbag store chain
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full year) | ¥51,270 million | ¥52,289 million | ↓ |
| Operating profit (full year) | ¥3,163 million | ¥4,044 million | ↓ |
| Ordinary profit (full year) | ¥3,261 million | ¥4,130 million | ↓ |
| Profit attributable to owners of parent | ¥1,907 million | ¥2,545 million | ↓ |
| Operating margin | 6.2% | 7.7% | ↓ |
| Gross margin (retail business) | 49.9% | 50.2% | ↓ |
| Number of stores at fiscal year-end | 567 stores | 573 stores | ↓ |
| Equity ratio | 74.1% | 73.3% | ↑ |
| Earnings per share | ¥65.64 | ¥87.59 | ↓ |
| Book value per share | ¥1,063.12 | ¥1,016.71 | ↑ |
| Operating cash flow | ¥2,674 million | ¥3,125 million | ↓ |
| Cash and cash equivalents at fiscal year-end | ¥5,756 million | ¥5,733 million | — |
| Annual dividend per share | ¥35.00 | ¥30.00 | ↑ |
| Payout ratio | 53.3% | 34.3% | ↑ |
Business Details
The Group operates as a single segment comprising retail sales of bags, handbags, and wallets/accessories (Tokyo Delica Co., Ltd., Gears Jam Co., Ltd., Sankodo Co., Ltd.), planning and manufacturing of men's bags and travel bags (Aishin Tsusho Co., Ltd.), and wholesale sales (Sukairu Co., Ltd.). The Group operates 567 stores (as of the end of March 2026) at shopping centers, station buildings, and other locations nationwide, running multiple shop brands including SAC'S BAR and GRAN SAC'S. It holds the No. 1 domestic share in the specialty bag store market.
Recent Overview
Both sales and profit declined significantly year on year, with a lower gross margin and higher SG&A expenses weighing on profit
In FY2026 (ending March 2026), net sales were ¥51,270 million (down 1.9% year on year) and operating profit was ¥3,163 million (down 21.8% year on year), a significant decline in profit. While inbound sales remained solid, weak domestic demand and a decrease in store count (from 573 to 567 stores) had a negative impact. Gross margin declined 0.3 points year on year to 49.9%, while the SG&A ratio rose 1.2 points year on year to 44.2%. Character merchandise (up 37.7% year on year) performed well, while handbags (down 19.0% year on year) and import bags (down 19.0% year on year) declined sharply. Although results fell short of the company's forecast, the year-end dividend was increased to ¥35 per share (from ¥30 in the prior year). For the next fiscal year (FY2027, ending March 2027), the company forecasts net sales of ¥53,513 million (up 4.4%) and operating profit of ¥3,348 million (up 5.8%).
Key Products
Growth Drivers
- Continued high growth in character merchandise/accessories (up 37.7% year on year in FY2026, ending March 2026) and expansion of the Charactra Station format
- Enhanced product strength and sales growth from strengthened PB/NPB character collaborations (up 2.7% year on year)
- Acceleration of overseas wholesale business (establishment of Taiwan branch, exhibiting PB products at overseas trade shows), developing new revenue sources in Asian markets
- Improved purchase frequency among existing customers through enhanced OMO initiatives (app membership at approximately 1.4 million, advanced CRM measures)
- Strengthened coordination among product planning, EC, and digital marketing functions through the Creative Center scheduled to open in July 2026
- Projected increase of approximately 3% in existing-store sales and 0.4-point improvement in gross margin for the next fiscal year
- Capturing new customer segments through the new "Charactra & Sweets" store format
Risks
- Continued weakness in domestic consumption (price increases outpacing wage growth, keeping consumer defensive spending sentiment elevated)
- Downward pressure on gross margin (rising share of low-margin character merchandise and aggressive PB promotional discount sales)
- Increase in selling, general and administrative expenses (SG&A ratio rose 1.2 points year on year to 44.2% due to higher personnel costs)
- Structural decline in demand for handbags and leather goods (down 19.0% year on year in FY2026, ending March 2026)
- Rising import bag and procurement costs due to yen depreciation (import bags down 19.0% year on year, with reduced product handling)
- Declining store count trend (567 stores at end of March 2026, down 6 stores from the prior fiscal year-end) leading to shrinking sales scale
- Downward pressure on the economy from geopolitical risks such as US tariff policy, Middle East tensions, and China's economic slowdown
- Increase in impairment losses (¥164 million in FY2026, ending March 2026, up ¥98 million year on year), raising the risk of expanded extraordinary losses
Last updated: June 24, 2026