From our President and CEO Investors

To our shareholders and investors

We would like to express our sincere gratitude to our shareholders and investors for their continued support and consideration.

For the fiscal year ended March 2026, we achieved record highs in net sales, operating profit, and ordinary profit. This was all made possible by your longstanding support, for which I would like to express my sincere gratitude.
At the same time, our sales environment faced headwinds starting in the third quarter, as inbound demand from mainland China declined sharply from November 2025 onward and demand for fall/winter products shifted due to warmer weather. As a result, net sales fell short of our plan. The uncertain outlook for inbound demand continues to weigh on our forecast for the fiscal year ending March 2027, and we will continue to monitor the situation closely.
YOUNGONE OUTDOOR Corporation, our joint venture that operates THE NORTH FACE in Korea, also achieved record-high net sales. However, our share of profit of entities accounted for using the equity method decreased due to the significant impact of foreign exchange rates, resulting in a year-on-year decline in consolidated net income.

Despite this adversity, the Goldwin500 project—a key pillar of our medium-term management plan that aims to grow our in-house brand, Goldwin, to 50 billion yen in net sales by the fiscal year ending March 2033—is on track.
In the fiscal year ended March 2026, we opened two self-operated stores in Japan and nine in mainland China. To strengthen our global marketing efforts, we also opened stores in London, Seoul, and New York City (the New York store opened in April 2026), thereby expanding Goldwin’s global presence. Our self-operated stores in mainland China have not experienced the same impact from declining inbound demand seen in Japan and are steadily delivering results, supported by Goldwin’s strong local reputation as a premium sports brand. In the fiscal year ending March 2027, we plan to open two additional stores in Japan and six in mainland China, and we aim to significantly increase our net sales through both our new and existing stores.

As we continue to navigate an unpredictable global environment and face a growing need for more accurate demand forecasting amid climate change and other factors, our Group will consistently implement management strategies that prioritize securing gross profit margins and enhancing brand value over short-term net sales growth, thereby increasing the likelihood of achieving our medium-term management plan. We sincerely ask for your continued understanding and support.