Latest Financial Results Investors
FY27.3 Q1
Q1 Results
Net sales and profit declined due to internal and external factors
Net sales for FY2027.3 Q1 (April to June) came in at 23,592 million yen (98.8% YoY), weighed down by the reactionary decline from the partial pull-forward of deliveries to wholesale channels at the end of the previous fiscal year and by sluggish sales of summer merchandise in June, when low temperatures persisted. Because these factors affected our business segments across the board, net sales declined in all segments.
Operating profit came in at 371 million yen (17.9% YoY), as the decline in net sales was compounded by an increase in growth-related SG & A expenses, such as those for strengthening our retail business, promoting Goldwin500, and enhancing human capital. The operating profit margin fell 7.1 percentage points YoY to 1.6%.
Ordinary profit was 2,598 million yen, supported by an increase in the share of profit of entities accounted for using the equity method from YOUNGONE OUTDOOR Corporation (South Korea), with net income reaching 2,249 million yen.
| FY25.3 Q1 results |
FY26.3 Q1 results |
FY27.3 Q1 | Plan ratio | YoY | ||||
|---|---|---|---|---|---|---|---|---|
| Plan | Results | Ratio | Difference | Ratio | Difference | |||
| Net sales | 24,601 | 23,878 | 25,462 | 23,592 | 92.7% | (1,869) | 98.8% | (285) |
| Gross profit | 12,433 | 12,646 | 14,032 | 12,746 | 90.8% | (1,286) | 100.8% | 99 |
| % | 50.5% | 53.0% | 55.1% | 54.0% | (1.1)pt | ― | 1.1pt | ― |
| SG & A expenses | 10,594 | 10,567 | 12,298 | 12,374 | 100.6% | 76 | 117.1% | 1,806 |
| % | 43.1% | 44.3% | 48.3% | 52.4% | 4.2pt | ― | 8.2pt | ― |
| Operating profit | 1,839 | 2,079 | 1,734 | 371 | 21.4% | (1,362) | 17.9% | (1,707) |
| % | 7.5% | 8.7% | 6.80% | 1.60% | (5.2)pt | ― | (7.1)pt | ― |
| Ordinary profit | 4,258 | 3,759 | 3,369 | 2,598 | 77.1% | (771) | 69.1% | (1,160) |
| % | 17.3% | 15.7% | 13.2% | 11.0% | (2.2)pt | ― | (4.7)pt | ― |
| Net income | 3,660 | 3,189 | 2,870 | 2,249 | 78.4% | (621) | 70.5% | (939) |
| % | 14.9% | 13.4% | 11.3% | 9.5% | (1.7)pt | ― | (3.8)pt | ― |
| FY23.3 Q1 | FY24.3 Q1 | FY25.3 Q1 | FY26.3 Q1 | FY27.3 Q1 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Results | YoY | Results | YoY | Results | YoY | Results | YoY | Results | YoY | |
| Performance | 7,880 | ― | 8,424 | 106.9% | 8,187 | 97.2% | 7,846 | 95.8% | 7,605 | 96.9% |
| Lifestyle | 12,192 | ― | 13,366 | 109.6% | 14,668 | 109.7% | 13,751 | 93.7% | 13,370 | 97.2% |
| Fashion | 994 | ― | 1,318 | 132.6% | 1,698 | 128.8% | 1,947 | 114.7% | 1,932 | 99.2% |
| Other | 31 | ― | 40 | 129.0% | 47 | 117.5% | 331 | 704.3% | 684 | 206.6% |
| Total | 21,099 | ― | 23,150 | 109.7% | 24,601 | 106.3% | 23,878 | 97.1% | 23,592 | 98.8% |
Trends in Sales Composition (Unit: million yen)
Monthly Sales Trends
In Q1 (April to June), monthly net sales reached 93% of the internal plan and 95% of the same period a year earlier.
Net sales declined in April and May, due mainly to the reactionary decline from the partial pull-forward of deliveries to wholesale channels at the end of the previous fiscal year. In June, when low temperatures persisted, net sales fell as summer items such as T-shirts and shorts underperformed.
Please note that as the monthly trends reflect “monthly net sales,” the figures do not match the amounts or ratios of consolidated net sales.
| Monthly | Plan ratio | YoY | Status |
|---|---|---|---|
| Apr. | 104% | 92% | Despite the decline in sales, we met our internal plan, which took into account the expected decline driven by the advance shipments to our wholesale operations at the end of the previous fiscal year. |
| May | 92% | 99% | In addition to a decline in inbound demand from mainland China, we failed to meet our internal plan due to sluggish sales at retail outlets, particularly in the wholesale sector. |
| Jun. | 84% | 96% | Due to the high number of days with cool weather, sales of summer merchandise got off to a slow start. Combined with the ongoing decline in inbound demand from mainland China, we fell short of our internal plan. |
| Q1 Total | 93% | 95% | Although the retail division maintained revenue growth, primarily driven by self-operated stores, struggles in the wholesale channel weighed on results, causing revenue to fall short of internal plan and versus the same period last year. |
Revision of the H1 Earnings Forecast
Earnings forecast revised downward in light of the Q1 results
Given the decline in net sales and profit in Q1, we have revised down our first-half earnings forecast for FY27.3. Net sales has been revised to 55.6 billion yen, down 4.3 billion yen from the initial plan, and operating profit has been revised to 4.2 billion yen, down 2.8 billion yen.
For Q2 (July to September), the forecast has been revised down from the initial plan by 2.4 billion yen for net sales and by 1.4 billion yen for operating profit.
| FY25.3 H1 results |
FY26.3 H1 results |
FY27.3 H1 | Compared to initial plan | Revised plan YoY | ||||
|---|---|---|---|---|---|---|---|---|
| Initial Plan | Revised Plan | Ratio | Difference | Ratio | Difference | |||
| Net sales | 53,367 | 55,589 | 59,900 | 55,600 | 92.8% | (4,300) | 100.0% | 11 |
| Gross profit | 26,638 | 28,554 | 32,100 | 29,400 | 91.6% | (2,700) | 103.0% | 846 |
| % | 49.9% | 51.4% | 53.6% | 52.9% | (0.7)pt | ― | 1.5pt | ― |
| SG & A expenses | 21,424 | 21,594 | 25,100 | 25,200 | 100.4% | 100 | 116.7% | 3,606 |
| % | 40.1% | 38.8% | 41.9% | 45.3% | 3.4pt | ― | 6.5pt | ― |
| Operating profit | 5,214 | 6,959 | 7,000 | 4,200 | 60.0% | (2,800) | 60.4% | (2,759) |
| % | 9.8% | 12.5% | 11.7% | 7.6% | (4.1)pt | ― | (5.0)pt | ― |
| Ordinary profit | 9,917 | 9,093 | 9,200 | 7,000 | 76.1% | (2,200) | 77.0% | (2,093) |
| % | 18.6% | 16.4% | 15.4% | 12.6% | (2.8)pt | ― | (3.8)pt | ― |
| Initial Plan | Actual results and revised plan | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 Plan | Q2 Plan | H1 Plan | Q1 results | Q1 difference | |||||
| Q2 revised plan | Q2 revised plan difference | H1 revised plan | H1 revised plan difference | ||||||
| Net sales | 25,462 | 34,437 | 59,900 | 23,592 | (1,869) | 32,007 | (2,430) | 55,600 | (4,300) |
| Gross profit | 14,032 | 18,067 | 32,100 | 12,746 | (1,286) | 16,653 | (1,413) | 29,400 | (2,700) |
| % | 55.1% | 52.5% | 53.6% | 54.0% | (1.1)pt | 52.0% | (0.4)pt | 52.9% | (0.7)pt |
| SG & A expenses | 12,298 | 12,801 | 25,100 | 12,374 | 76 | 12,825 | 23 | 25,200 | 100 |
| % | 48.3% | 37.2% | 41.9% | 52.4% | 4.2pt | 40.1% | 2.9pt | 45.3% | 3.4pt |
| Operating profit | 1,734 | 5,265 | 7,000 | 371 | (1,362) | 3,828 | (1,437) | 4,200 | (2,800) |
| % | 6.8% | 15.3% | 11.7% | 1.6% | (5.2)pt | 12.0% | (3.3)pt | 7.6% | (4.1)pt |
| Ordinary profit | 3,369 | 5,830 | 9,200 | 2,598 | (771) | 4,401 | (1,428) | 7,000 | (2,200) |
| % | 13.2% | 16.9% | 15.4% | 11.0% | (2.2)pt | 13.8% | (3.2)pt | 12.6% | (2.8)pt |
The second-half and full-year earnings forecasts for FY27.3, as well as the Five-Year Medium-Term Management Plan running through FY29.3, remain unchanged at this time, but we will continue to review them closely in light of the Q1 results.
THE NORTH FACE
News
Rolling out a range of promotions to celebrate the brand’s 60th anniversary
THE NORTH FACE, founded in 1966, marks its 60th anniversary this year. We will launch a commemorative collection built around two key graphics: the brand’s origin, Long Distance Hiking (a return to nature and the pursuit of self-discovery), and the 60th-anniversary key graphic owned by Kenneth “Hap” Klopp (artwork themed around balance and coexistence with nature). Through our products, we will express the philosophy and worldview that the brand has long cherished.
In October, we plan to hold the “NEVER STOP EXPLORING EXHIBITION,” a 60th-anniversary event, in the event space on the first floor of Goldwin’s Aoyama head office.
60th Anniversary Graphic Collection
THE NORTH FACE is celebrating its 60th anniversary since its 1966 founding.
We are launching a commemorative collection centered on Long Distance Hiking—the brand’s origins (a return to nature and the pursuit of self-discovery)—and the 60th-anniversary key graphic owned by Kenneth “Hap” Klopp (artwork themed around balance and coexistence with nature).
The brand’s cherished philosophy and worldview are expressed through contemporary products.
60th SPECIAL GRAPHIC PRODUCTS
The collection features graphic designs incorporating artwork owned by “Hap” Klopp, which symbolizes the balance between nature and humanity.
60th LONG DISTANCE HIKING PRODUCTS
A project designed to reaffirm the brand’s identity, centered on the theme of “Long Distance Hiking”—a movement born from young people seeking freedom in the 1960s and 1970s.
Goldwin
News
Store openings in Japan and overseas are progressing as planned
In China, the mainstay of the Goldwin500 project, we plan to open a store in Guangzhou, a Tier 1 city representing southern China. We currently operate a pop-up store at the Parc Central shopping mall in Guangzhou, which is scheduled to become a permanent store in September 2026.
In Japan, we opened a self-operated store in Shinsaibashi, Osaka, at the end of July. The store is located in Shinsaibashi PARCO, a leading commercial district in Osaka’s Minami area where diverse sensibilities converge across fashion, culture, art, and food. This is our second store in the Kansai region, following the Kyoto store that opened in 2025.
Going forward, we will continue to accelerate store openings globally as we work to raise brand awareness and strengthen our business foundation.
Goldwin Guangzhou Pop-Up
(To become a permanent store from September 2026)
- Although Guangzhou is a Tier 1 city representative of southern China, it is also blessed with a natural environment—including parks and mountains—and is a place where outdoor activities are deeply embedded in daily life.
- We are currently operating a pop-up store at the “Parc Central” shopping mall. We plan to transition to a self-operated store from September 2026.
Goldwin Shinsaibashi
(To open July 31)
- This is our second self-operated store in the Kansai region, following the Kyoto store that opened in 2025.
- The store is located in Shinsaibashi PARCO, a leading commercial district in Osaka’s Minami area where diverse sensibilities converge across fashion, culture, art, and food.