ENVALITH
株式会社ベルーナ logo

BELLUNA CO.,LTD.

9997・Prime Market・Retail Trade

Official website
株式会社ベルーナ logo
BELLUNA CO.,LTD.9997

Business

Beluna Co., Ltd. is a diversified corporate group founded in 1968, headquartered in Ageo City, Saitama Prefecture, and listed on the Prime Market of the Tokyo Stock Exchange (with 59 consolidated subsidiaries). Starting from catalog and internet mail-order sales targeting the Mrs. demographic, the group operates eight segments: hotels/real estate/power generation (Property business), cosmetics and health food mail-order, gourmet food mail-order, nurse-targeted mail-order and staffing/placement services, kimono and formal wear rental, apparel and general merchandise mail-order, and database utilization (logistics outsourcing and finance). Its primary customers span a wide range, including the Mrs. demographic, nurses, travelers, and mail-order enthusiasts, with the group's member database serving as a common platform that organically links each business. Consolidated net sales for FY2026 (ending March 2026) were ¥218,098 million.

Business Model

Utilizing a group-wide common customer database, the company holds diverse revenue sources including merchandise sales via catalog and online mail order (apparel, gourmet foods, cosmetics, etc.), hotel and real estate development and operation, outsourced logistics and call center services, and consumer finance (finance business). It classifies its 8 segments into a growth-focused "Growth Domain" and a revenue-stability-focused "Sustainable Domain," enhancing resilience to changes in the external environment through optimal allocation of management resources.

Company Strengths

The Database Utilization segment posted net sales of ¥17,949 million and segment profit of ¥4,514 million in FY2026 (ending March 2026), with a profit margin of 25.1%, the highest profitability among all segments. In the finance business leveraging the group's member database, new applications via the internet increased, while the outsourced logistics and call center business also steadily acquired new clients. The company is building an external revenue base that does not depend on demand within the group.

The Property segment expanded rapidly in FY2026 (ending March 2026), with net sales of ¥49,701 million (up 38.3% year on year) and segment profit of ¥8,553 million (up 62.7% year on year). Urban hotels in Sapporo, Otaru, Osaka and elsewhere came into full operation, and the company continued aggressive real estate and hotel investment, including the acquisition of the Akiu Onsen properties "Hotel Zuihou" and "Akiu Grand Hotel" in September 2025. Of the total capital expenditure of ¥35,871 million in FY2026 (ending March 2026), ¥34,200 million was allocated to hotel-related investment, rapidly expanding the company's asset base.

In the Apparel & Accessories segment, the company discontinued its fashion e-commerce mall and imported brand goods e-commerce site, significantly narrowing the segment loss from ¥1,696 million in the prior period to ¥408 million. In the nursing-related business, "Nurse Career Next" was discontinued in June 2025, and segment profit improved 60.6% year on year to ¥651 million. The company demonstrates management discipline in flexibly withdrawing from unprofitable businesses, autonomously improving profitability across the group as a whole.

ENVALITH's Perspective

FY2026 (ending March 2026) operating profit of ¥16,478 million (up 38.6% year-on-year) reflects the combined effect of rapid expansion in the Property business and cost reductions from the withdrawal from unprofitable businesses. However, capital expenditures on tangible fixed assets reached ¥33,307 million (more than double the previous period's ¥15,031 million), and the long-term borrowings balance also expanded to ¥127,178 million (from ¥102,853 million in the previous period). The payback period for hotel investments and the trend in interest expense amid rising interest rates (¥1,417 million in the current period, sharply up from ¥783 million in the previous period) will be the key focus determining the sustainability of profits.

The Apparel & Sundries business, the group's largest segment by sales (revenue of ¥68,910 million), posted a segment loss of ¥408 million again in FY2026 (ending March 2026). While this represents a significant improvement from the previous period's loss of ¥1,696 million, revenue continued to shrink, down 7.9% year-on-year. Behind this are external factors such as higher DM (direct mail) delivery costs and persistently high raw material prices, as well as a structural contraction in the mail-order catalog market targeting middle-aged women (Mrs. segment). The timing and scale of a return to profitability remain unclear. This continues to warrant close attention as a constraint on the improvement of the group's overall profit margin.

The company's forecast for FY2027 (ending March 2027) calls for revenue of ¥221,000 million (up 1.3% year-on-year) and operating profit of ¥17,500 million (up 6.2%), projecting both higher revenue and profit. However, this represents a conservative plan with growth rates significantly decelerating from FY2026 (ending March 2026) actual results (revenue up 3.4%, operating profit up 38.6%). Amid expectations for continued expansion in inbound demand as an external factor, the full-year contribution from newly opened properties such as Otaru Grand Bell Hotel and the presence or absence of additional M&A will determine the scope for upside. The company maintains its policy of increasing dividends, from an annual ¥38 (FY2026, ending March 2026) to a projected ¥39 (FY2027, ending March 2027), with a payout ratio of 31.3% representing a stable level.

Growth Strategy

Expansion of the hotel-led Property Business and profit growth in the specialized mail-order Growth segment

The company is promoting continuous capital investment in urban and resort hotels along with real estate acquisitions. It opened the Otaru Grand Bell Hotel in July 2025 and acquired two properties in Akiu Onsen in September 2025. Capital expenditure for property, plant and equipment reached ¥33,307 million, a 2.2x increase year on year, and the balance of construction in progress has accumulated to ¥8,845 million, raising expectations for opening effects from the next fiscal period onward.

The company is actively expanding these specialized business areas, which are relatively resistant to consumer sentiment fluctuations. In Cosmetics and Health Foods, profit increased (¥735 million) through more efficient advertising; in Gourmet, revenue and profit both grew (¥1,316 million), driven by food subscription and wine mail-order sales; in the Nurse-Related business, profitability improved after withdrawing from unprofitable operations (¥651 million, up 60.6% year on year). Improved profitability was confirmed across each business.

In the Apparel and Accessories business, the company discontinued its fashion e-commerce mall and import brand goods e-commerce site, narrowing losses from ¥1,696 million to ¥408 million. In other businesses, the company decided to withdraw from the consignment sales model in apparel wholesale. In the Nurse-Related business, it ended Nurse Career Next in June 2025. Restructuring of unprofitable businesses is progressing steadily.

The fulfillment outsourcing service steadily acquired new external clients, driving revenue growth. The Finance business saw increased revenue and profit through growth in applications via the internet and efficient acquisition of target customers. However, due to rising personnel expenses and initial costs from establishing a new call center, segment profit temporarily declined to ¥4,514 million (down 12.5% year on year).

Last updated: July 19, 2026