Mr Max Holdings, the Tokyo- and Fukuoka-listed discount retailer, has lowered the final-year targets of its medium-term plan. Its board resolved the change on 8 October 2026 for the year ending February 2029, the last year of the plan first published on 11 April 2024.
What moved
Company-wide sales are now targeted at ¥185bn, down ¥15bn from ¥200bn. The operating margin target falls to 4.5% from 5.0%, a drop of 0.5 percentage points. Operating profit is targeted at ¥8.3bn rather than ¥10bn, a ¥1.7bn reduction. The company describes the new profit figure as an estimate: revised sales multiplied by the revised margin.
These are medium-term targets, not a change to guidance for the current year.
Existing stores untouched
The cut comes entirely from new stores. Mr Max Holdings says renovations, revised opening hours and gross-margin measures are on plan, and that existing stores should still reach sales of ¥160bn and a 5.0% operating margin. Those targets are unchanged.
New-store sales are now targeted at about ¥25bn rather than ¥40bn, and openings at around 16 stores rather than 25.
Why fewer openings
The company blames higher construction and real estate costs, which it says have outrun its original assumptions and left fewer sites that meet the investment-return standard it has always applied. It says it has not loosened that standard and will pick sites that can recover their cost.
Candidate sites under review exceed the original 25-store target, and the company says it will firm up those that look profitable first. It also says stronger existing-store earnings should widen the pool of viable sites and let it speed up openings again.