Ryohin Keikaku, which runs the Muji chain, booked operating profit of ¥103.4bn in the year to August 2026, its first result above ¥100bn, on revenue of ¥923.6bn. Operating profit rose 40.1% from ¥73.8bn and revenue rose 17.7%, lifting the operating margin to 11.2% from 9.4%.
Where operating profit came from
The company credits overseas sales growth and a weaker yen, along with more stores. Gross margin improved because of in-house production cost savings and fewer markdowns. Every segment grew, but East Asia and Southeast Asia and Oceania grew fastest.
| Segment | Revenue | Revenue change | Segment profit | Profit change |
|---|---|---|---|---|
| Domestic | ¥511.0bn | +8.7% | ¥63.4bn | +21.6% |
| East Asia | ¥293.8bn | +32.2% | ¥61.7bn | +44.2% |
| Southeast Asia and Oceania | ¥66.5bn | +32.8% | ¥9.2bn | +64.1% |
| Europe and the Americas | ¥52.3bn | +24.1% | ¥8.1bn | +17.0% |
At year-end Muji had 1,486 stores including licensed ones: 723 in Japan (50 opened, 10 closed) and 763 overseas (71 opened, 37 closed). The company said it resumed openings in North America. In Europe and the Americas, costs for a flagship store planned for the year to August 2027 came early, yet segment profit still rose.
What sits under net profit
Net profit attributable to owners of the parent rose 50.3% to ¥76.4bn, faster than operating profit. The company said that, besides higher operating profit, the increase came from foreign-exchange gains, a gain on selling policy-held shares, and deferred tax assets booked at overseas subsidiaries on expected future taxable income. The income statement shows a ¥3.2bn foreign-exchange gain in non-operating income, a ¥2.4bn securities-sale gain in extraordinary gains, and income-tax adjustments that were a ¥6.1bn credit. The commentary does not put an amount on the deferred-tax item.
The forecast gap
For the year to August 2027, the company guides to revenue of ¥1.014tn (up 9.8%), operating profit of ¥114.0bn (up 10.2%), ordinary profit of ¥111.0bn (up 6.0%) and net profit of ¥73.0bn (down 4.5%). It expects record revenue and operating profit for a fourth straight year.
Management expects the yen, higher raw-material prices and upfront investment in Europe and the Americas to weigh on operating profit, offset by in-house production savings and a larger overseas share of sales. The net-profit decline, it said, reflects the reversal of this year's one-off gains. The company also cites geopolitical instability, rising prices and uncertain fuel and materials supply, and notes that actual results may differ materially from its projections.
Dividend
The board resolved on 14 October to put a year-end dividend of ¥22 a share to the 23 November shareholders' meeting, up from the ¥16 forecast on 10 April. The annual dividend becomes ¥38 against an earlier forecast of ¥32. Because Muji split its shares two-for-one on 1 September 2025, the company converts last year's ¥50 payout to ¥25, making the increase ¥13. The year-end payment totals ¥12.2bn and takes effect on 24 November. The company forecasts another ¥38 for the coming year, split ¥19 and ¥19. The results statement is not audited.