Nextage Co., Ltd., Japan's largest listed used-car retailer, told the Tokyo and Nagoya exchanges on July 6 that first-half sales and profit came in well above the numbers it gave investors in January. Net sales for the six months to May 31 hit ¥391.2bn against a forecast of ¥329.0bn, a beat of 18.9%. Operating profit reached ¥14.1bn versus a forecast of ¥10.5bn, a beat of 34.2%. Net income attributable to shareholders came in 30.6% above forecast, at ¥8.9bn.
Those gains built on a strong year already under way: operating profit was up 99.3% and net income up 108.3% from the same period a year earlier.
Two forces did the work, according to the company's own account. A buoyant wholesale purchasing market combined with higher per-employee productivity meant Nextage bought more vehicles than it had planned. Separately, the company shortened the time cars sit on the lot before resale and pushed more volume through wholesale dealer channels, both of which lifted the profit margin on each retail unit sold.
On the strength of that half, Nextage raised its full-year targets for the year ending November 2026.
| Metric | Previous Forecast | Revised Forecast | Change |
|---|---|---|---|
| Net sales | ¥684.0bn | ¥746.0bn | +9.1% |
| Operating profit | ¥24.0bn | ¥27.6bn | +15.0% |
| Ordinary profit | ¥22.6bn | ¥25.5bn | +12.8% |
| Net income attributable to owners | ¥15.0bn | ¥17.1bn | +14.0% |
The revised operating profit target of ¥27.6bn would mark growth of 40.8% over last year's ¥19.6bn, a figure the company states directly in its earnings release rather than one derived after the fact.
The dividend forecast is not moving in step with profit: Nextage's full-year payout guidance stays at ¥50.00 per share, up from ¥45.00 paid last year, unchanged from what it had already flagged.
The store network kept expanding too. Nextage ended the half with 248 locations (364 stores), up from 240 locations (351 stores) a year earlier, after opening comprehensive stores in Kishiwada, Maebashi, Toride, Chikugo and Tomisato, plus an SUV-focused outlet in Toyohashi.
One caveat sits inside the filing itself. Nextage says its second-half operating plan is unchanged from the start of the fiscal year, and management notes that "depending on progress in the second half, there may be further changes to the outlook." The company has banked the first-half beat. It has not yet promised the same pace for the next six months.