TOKYO BASE put up a brisk first quarter, but investors should separate the operating story from the foreign-exchange story. Revenue in the three months to April 30 rose 24.1% to ¥6,134 million, operating profit increased 10.1% to ¥415 million, and ordinary profit jumped 89.1% to ¥480 million. The company also said sales and operating profit beat its internal first-quarter plan, yet it left full-year guidance unchanged.
| Metric | Figure | Change or status |
|---|---|---|
| Revenue | ¥6,134m | +24.1% |
| Operating profit | ¥415m | +10.1% |
| Ordinary profit | ¥480m | +89.1% |
| Net profit | ¥235m | +23.7% |
| Full-year sales target | ¥28,000m | Unchanged |
| Full-year operating profit target | ¥2,500m | Unchanged |
| Full-year ordinary profit target | ¥2,200m | Unchanged |
| Full-year net profit target | ¥1,500m | Unchanged |
| Year-end dividend forecast | ¥7.00 per share | Unchanged |
The top line was powered by new stores, inbound traffic and newer formats. In Japan, store sales rose 121.4% year on year, but existing-store sales were only 100.4%, so the quarter was not a broad same-store boom. Inbound sales in Japan climbed 147.4%, overseas sales grew 137.2%, and management said KEY TIMEZ, launched in March, made only a limited contribution because it had been open for only a short period.
The cleaner operating picture was less dramatic than the ordinary-profit headline. Gross margin was 53.5%, slightly below a year earlier as product mix shifted with new formats, while expansion pushed up rent and personnel costs. TOKYO BASE's presentation also flagged ¥100 million in upfront selling, general and administrative expenses tied to preparations for four Hong Kong stores, costs it says were already built into plan.
Net profit rose 23.7% to ¥235 million, tempered by ¥38.4 million in special losses, mainly impairment linked to store exits.
For fast readers, the bottom line is simple: strong quarter, no reset. TOKYO BASE kept its full-year targets at ¥28,000 million in sales, ¥2,500 million in operating profit, ¥2,200 million in ordinary profit and ¥1,500 million in net profit. It also left its dividend outlook unchanged, with a ¥7 year-end payout forecast.