Japan retail and luxury earnings — latest reported results

H2O Retailing opened its new fiscal year (April–June 2026) with revenue essentially flat at ¥164.5bn (+0.5%), but operating profit jumped 32% to ¥7.3bn as its Hankyu Hanshin department-store segment rebounded — segment profit up nearly two-thirds to ¥5.8bn, more than offsetting a weaker supermarket business. Net income surged 158% to ¥10.3bn, though more than half of that gain came from a one-off ¥5.2bn sale of investment securities rather than trading strength.

Isetan Mitsukoshi opened its new fiscal year (April–June 2026) with revenue up 3.8% to ¥128.9bn, operating profit up 21% to ¥18.9bn and net income up 18.5% to ¥22.3bn. The domestic department-store segment led, with segment profit up 24% as its identified-spender base grew to 8.49mn and its overseas-customer base to 1.08mn. As in the prior year, a large one-off gain on selling affiliate shares (¥10.5bn) did much of the work on net income; the group raised its full-year operating-profit guidance but trimmed its net-income forecast, since it doesn't expect FY2026's outsized one-off gains to repeat.

The Daimaru Matsuzakaya owner opened its new year (March–May 2026) with revenue down 3.9% and reported operating profit off 11.7% — but that fall mirrors a one-off property gain a year earlier; its underlying 'business profit' edged up 1.7%. Personal-shopper (gaisho) and tax-free sales grew, offset by less selling floor during the Daimaru Umeda renovation.

Kintetsu Department Store — whose flagship occupies Abeno Harukas, Japan's tallest building — took revenue down 1.2% to ¥29.4bn in March–May 2026 while operating profit rose 79% to ¥1.93bn and ordinary profit 94% to ¥1.91bn. Net income of ¥1.33bn compares with a ¥604mn loss a year earlier, so no growth rate is meaningful. Earning nearly twice as much on slightly less trade is the shape of a cost base finally working; the company nonetheless cut its full-year revenue guidance to ¥116.0bn (−7.5%) while lifting the net-income line to ¥3.9bn.

Matsuya — the Ginza department store, with a second house in Asakusa — opened its year (March–May 2026) with revenue up 5.9% to ¥12.1bn, operating profit up 36% to ¥661mn and net income up 56% to ¥375mn. It is the smallest of Japan's listed department-store groups and the most concentrated: Ginza is effectively the whole business, which makes its quarter the cleanest read anywhere on how that one street is trading. The company left its full-year guidance unchanged and still expects the year to fall back — revenue of ¥44.0bn (−3.7%) and operating profit of ¥1.8bn (−31.7%).

Takashimaya began its new year (March–May 2026) strongly: net income jumped 58% to ¥11bn on a 6.4% revenue rise, as a weaker yen pulled inbound shoppers back to its floors and its domestic department-store segment lifted operating profit 44%. The clearest sign among the majors that the inbound tide turned up again in spring 2026.

Japan's biggest retailer by revenue opened its year (March–May 2026) with operating revenue up 15% to ¥2.9 trillion and operating profit up a third, swinging from a year-earlier quarterly loss to a ¥14bn profit. Its supermarket, drugstore and financial businesses carried the quarter.

Bic Camera's first nine months (September 2025–May 2026) set records on every line: revenue up 7.6% to ¥785.4bn, operating profit up 35.8% to ¥33.3bn and net income up 31.1% to ¥19.8bn. Duty-free sales also set a nine-month record, and the company credits a deliberate widening of its visitor base — a rising share from Southeast Asia and North America rather than any single country. It opened Bic Camera Select stores on Sapporo's Tanukikoji and Naha's Kokusai-dori and extended its Namba store's hours by an hour from November 2025. Full-year guidance is unchanged at ¥1,022.0bn revenue (+4.9%).

The Uniqlo owner stayed the standout: across the nine months to May 2026 revenue rose 17% to ¥3.1 trillion and operating profit 36% to a record ¥614bn, and it raised full-year guidance to a fresh record. Overseas Uniqlo — not Japan — is now the growth engine.

Marui — retailer and fintech in equal measure — opened its new fiscal year (April–June 2026) with a record first quarter: revenue rose 7.4% to ¥72.4bn, operating profit 10.5% to ¥15.4bn, and net income 14% to ¥9.0bn, its sixth straight quarter of revenue growth. The EPOS-card fintech arm stayed the bigger profit engine (¥14.0bn, +3%) on record card-credit transaction volume, but the 'shopping building' retail arm grew profit faster (¥3.4bn, +38%) as tenant reshuffling and 'oshi' fan events — their transaction value more than doubling — kept lifting store productivity.

Matsukiyococokara took revenue up 5.7% to ¥289.3bn in April–June 2026, operating profit up 8.5% to ¥21.5bn and net income up 14.9% to ¥14.9bn. Japan's largest drugstore group is also one of the largest single destinations for visitor spending — cosmetics and medicines are consistently among the categories inbound shoppers buy most — which makes it the cleanest listed read on that demand outside the department stores themselves. Full-year guidance stands at ¥1,155.0bn revenue (+3.4%).

Nitori Holdings reported revenue down 2.3% to ¥226.3bn for April–June 2026, with operating profit down 1.1% to ¥36.5bn and profit attributable to owners down 1.5% to ¥25.8bn. Nitori matters to a floor map because it is the tenant that increasingly takes the space department stores give up — its city-centre formats sit inside buildings that used to sell clothing. Full-year guidance is unchanged and still points up: ¥957.0bn revenue (+4.9%) and ¥130.3bn operating profit (+3.8%).

Don Quijote's parent closed its fiscal year to June 2026 with net sales up 8.8% to ¥2.45tn and net income up 21.6% to ¥110.1bn, both records, as its domestic discount stores kept drawing inbound visitors to duty-free counters. Ordinary profit rose faster than operating profit (+12.0% vs +7.7%) and comprehensive income jumped 41%, pointing to gains beyond the core store business on top of an already solid retail year.

MUJI's operator kept compounding: operating revenue rose 17% and operating profit 36% across the nine months to May 2026, and it lifted its full-year forecast. Steady global store growth and firm domestic demand kept the no-brand brand among the season's clearest winners.

Seven & i's headline revenue fell 14% in March–May 2026, but that reflects spinning off its superstore and banking arms, not a weaker business: operating profit jumped 61% to ¥105bn as its overseas 7-Eleven convenience business rode fatter North American fuel margins and a weak yen. The group has slimmed to its convenience-store core.

ZOZO grew revenue 3.9% to ¥56.1bn in April–June 2026, operating profit 5.7% to ¥17.9bn and net income 4.6% to ¥11.9bn. ZOZOTOWN is the channel the physical floor competes with directly — the same brands, the same season, no rent — so its growth rate is a useful counterweight to every department-store number on this page. Full-year guidance is unchanged at ¥241.9bn revenue (+5.9%) and ¥74.4bn operating profit (+7.3%).

AND ST Holdings — the group behind GLOBAL WORK, niko and… and LOWRYS FARM, renamed from Adastria — grew revenue 3.7% to ¥80.3bn in March–May 2026 and lifted operating profit 40.5% to ¥7.9bn. Net income fell 10.6% to ¥3.9bn against a prior year that carried a one-off gain. This is the volume tier of the Japanese floor: a few hundred shops in the malls and station buildings that department stores compete with. Full-year guidance was left at ¥314.0bn revenue (+3.2%).

Onward Holdings grew revenue 5.5% to ¥63.5bn in March–May 2026, with operating profit also up 5.5% to ¥5.6bn and net income up 18.1% to ¥5.0bn. Onward is the classic department-store apparel supplier — 23-ku, ICB, Jiyu-ku and Kashiyama — so its quarter is a direct read on whether the clothing floors are selling. The company guides to ¥247.0bn revenue (+4.3%) and ¥12.8bn operating profit (+10.3%) for the full year.

United Arrows took revenue up 4.2% to ¥39.8bn in April–June 2026, operating profit up 27.5% to ¥3.2bn and net income up 44.8% to ¥2.1bn, ending the quarter with 219 retail stores and 246 including outlets. It occupies the tier between the mass chains and the maisons — the select-shop floor that department stores use to hold a younger, higher-spending customer. Full-year guidance is unchanged at ¥166.2bn revenue (+1.0%) and ¥10.0bn operating profit (+9.6%).

KOSÉ Holdings grew revenue 2.7% to ¥164.9bn in the first half of 2026 while operating profit fell 41.5% to ¥6.6bn and net income 19.9% to ¥5.7bn. The split by region is the story: Japan — still nearly two-thirds of sales — fell 3.4% to ¥101.2bn, while Asia rose 24.0% to ¥26.1bn and North America 5.9% to ¥32.7bn. The company kept full-year guidance of ¥350.0bn revenue (+6.0%) and ¥20.0bn operating profit (+8.3%), which asks a great deal of the second half.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

The Japan line here is the one to read: L'Oréal says it grew in Japan, but that Japan was "penalised by a decline in tourism" — the same inbound softness Japan's own railway and department-store operators are reporting this quarter, seen from Paris. Its North Asia zone turned over €5.51bn, up 4.6% on an adjusted like-for-like basis. Group sales rose 5.8% to €23.78bn (+6.8% like-for-like) and operating profit 6.8% to €5.06bn, a record first-half margin of 21.3%. Net profit attributable to owners was €3.55bn; the company did not state its reported growth, and gives €3.96bn excluding non-recurring items, up 4.7%.

Pola Orbis grew revenue 1.3% to ¥84.3bn in the first half of 2026, with operating profit up 21.1% to ¥9.95bn and net income up 40.8% to ¥6.5bn. The two house brands moved in opposite directions at home: POLA's domestic sales fell — the company names weaker inbound purchasing and tighter control of stock reaching the resale market — while its overseas business grew on strong China demand for its B.A line; ORBIS grew domestically on new customers and its cleansing oil relaunch. Full-year guidance is unchanged at ¥173.0bn revenue (+1.6%).

Shiseido's first half (January–June 2026) put revenue up 6.2% to ¥499.0bn and operating profit up 132% to ¥41.9bn; core operating profit, the measure the company leads on, nearly doubled to ¥44.4bn and net income tripled to ¥29.7bn. The Japan business, though, went backwards — revenue of ¥144.7bn, down 0.8% — even as its core operating profit rose 7.2% to ¥20.9bn. Growth came from China and travel retail (+10.0%), Europe (+12.4%) and Asia-Pacific (+10.1%). For the department-store floors floortok maps, that is the number that matters: the recovery is real, and it is not happening at home.

Converted from USD at this period's average rate. The change is as the company reported it, in USD.

Estée Lauder does not publish a Japan figure — it reports Japan only as market-share commentary, citing value-share gains through the year led by fragrance and makeup. What it does give is Asia/Pacific: net sales of $3.75bn, up 4%, with segment operating income of $823mn against $180mn a year earlier. Group net sales rose 5% to $15.05bn (organic +3%) and operating income swung to $780mn from a $785mn loss, so no growth rate is meaningful on that line; adjusted operating income rose 47% to $1.69bn. It guides FY2027 to organic growth of 3–5%.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

The Italian 'quiet luxury' label kept compounding: first-half revenue rose 13.3% at constant currency (9.5% as reported, to €749mn) and its EBIT margin improved to 17.1% from 16.6%, with EBIT up 12.6% to €128mn. Net profit grew a more modest 2% to €78mn as a swing in currency gains raised financing costs. Asia — the region that houses Japan — grew 14.1% at constant currency to 28.7% of sales, led by China; Japan isn't broken out separately, but the company said local demand there stayed positive, roughly in line with the first quarter, and it raised full-year guidance to 10–11% constant-currency growth.

Converted from GBP at this period's average rate. The change is as the company reported it, in GBP.

Burberry's turnaround kept building momentum into its new fiscal year: Q1 retail revenue rose 5% to £455m (4% at constant currency) with comparable sales up 5% — the first quarter in three years with all four product divisions growing at once. The Americas (+12%) and Greater China (+9%) led; Japan was the exception, down 2% as inbound Chinese tourist numbers kept falling.

Converted from USD at this period's average rate. The change is as the company reported it, in USD.

Chanel Limited's 2025 results — the group's first full year under new Artistic Director of Fashion Activities Matthieu Blazy — showed revenue up 3.0% as reported to $19.3bn, a slower 1.8% on a comparable, constant-currency basis. Operating profit rose 5.2% to $4.7bn, but a jump in the effective tax rate (27.7% to 33.5%) pulled profit after tax down 14.3% to $2.9bn; free cash flow rose 44%. The private house doesn't break out Japan, folding it into an Asia Pacific region that slipped slightly (-0.6% reported, -0.8% comparable) even as it kept investing there — completing a new boutique in Fukuoka and hosting its first High Jewellery collection launch in Kyoto.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

The Birkin maker grew first-half revenue 6% at constant currency, though the strong euro held the reported rise to 1.6% and eased its recurring operating margin to 41.0%. Japan was a standout, up 11% at constant currency and accelerating through the second quarter on loyal local customers and tourist traffic.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

Asia/Pacific held up better than anywhere else for Hugo Boss — down 5% currency-adjusted in the quarter and 2% across the half — but the company does not break Japan out of it. Group sales fell 10% to €905mn (−9% currency-adjusted) as its strategic realignment ran into soft demand, and EBIT fell 28% to €59mn at a 6.5% margin, with net income down 32% to €34mn. Gross margin nonetheless improved 200 basis points to 64.9% on better sourcing and fewer markdowns. Full-year guidance is reaffirmed: a mid- to high-single-digit currency-adjusted sales decline and EBIT of €300–350mn.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

Gucci's owner edged back to growth — first-half revenue rose 1% on a comparable basis (−3% reported on the strong euro) and recurring operating margin improved. Group net profit fell to €0.2bn, dragged by disposal and one-off effects (continuing-operations net profit excluding those was €0.4bn); the Kering Beauté sale to L'Oréal slashed debt. Its jewellery houses cited particularly strong momentum in Japan.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

The world's largest luxury group grew organic revenue 2% in the first half (and 3% in the second quarter), but a strong euro pulled reported revenue down 3% and recurring profit down 4%. Japan posted growth for the half, and Watches & Jewellery (+9%) and its retail arm led; net profit held flat at €5.7bn.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

The down-jacket maker grew first-half revenue 9% at constant currency and lifted its EBIT margin to 19.0%. It doesn't break out Japan, folding it into an Asia region that rose 19% for the Moncler brand — led, the group said, by China and Korea.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

The private group behind Diesel, Maison Margiela and Marni reported 2025 turnover of €1.7bn, down about 5% in a slowing luxury market, with EBITDA of €0.2bn (a 15% margin). Japan was a bright spot — the group calls it 'resilient' and its single biggest market at 27% of business — and it has just put its Korea operation under Japanese coordination.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

The Prada and Miu Miu owner grew first-half net revenue 5% organically (16% at constant currency once newly-consolidated Versace, which added €305mn, is counted; +11% as reported). EBIT Adjusted margin held steady on an organic basis but fell to 17.4% including Versace and a weaker euro, and net income slipped to €327mn. Japan turned positive — retail sales there rose 6% at constant currency (2% organic) on firmer local spending and returning travellers, even as a weaker yen cut the euro-reported figure by 7%.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

Cartier's owner opened its new financial year (April–June 2026) with group sales up 20% at constant exchange rates to €6.3bn (+17% as reported) — a revenue-only trading update, no profit figures disclosed. Japan was the standout region, surging 36% at constant currency, a sharp reversal from a 15% decline a year earlier, as local demand and tourist spending strengthened; Jewellery Maisons (+24%) led globally.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

Salvatore Ferragamo turned a corner in the six months to June 2026: revenue eased 1.3% to €468m as reported (+1.9% at constant exchange rates), but the Florence house swung to a positive €20.9m operating profit (EBIT) — from an adjusted €3m loss a year earlier — and a thin €1.5m net profit, its first profitable half since the turnaround began. Its own stores (DTC) grew 6.1% at constant currency across every region except Japan, while a disciplined pullback in wholesale (-11.2%) weighed on the top line. Japan sales fell 13.0% as reported for the half (-1.0% at constant currency, largely a weak-yen translation effect), though the quarter alone improved to +2.8% at constant currency as local DTC picked up.

Converted from CHF at this period's average rate. The change is as the company reported it, in CHF.

The Omega-to-Swatch watchmaker grew first-half sales 8.5% at constant currency (+2% reported), with Japan a standout at +20%. Profitability stayed thin, though — a 1.7% operating margin and just CHF16m of net income — in a soft watch market; management said a strong May–June points to a better second half.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

Zegna names Japan but does not size it: its Thom Browne direct-to-consumer revenues of €51.8mn, up 11.8%, are credited to "strong momentum driven by the Americas, Korea and Japan", with the rest of Asia-Pacific described as continuing to strengthen. This is a revenue-only half-year release, so there is no profit figure yet. Group revenues rose 6.4% to €987.3mn (+9.3% organic), with the second quarter accelerating to €517.1mn (+10.3%). The ZEGNA brand led at €324.3mn in the quarter, up 16.9%, and direct-to-consumer reached €410.9mn (+16.4%).

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

Adidas posted its strongest quarter and half-year on record: Q2 2026 net sales rose 14% at constant currency (13.3% as reported) to €6.74bn, but heavier World Cup-related marketing spend (+€212mn) held operating profit growth to 5% (€574mn) and net income to 6% (€398mn) — enough of a profit miss to send the stock sharply lower even as management raised full-year revenue guidance to 9–10% constant-currency growth. Japan, reported jointly with South Korea, was among the strongest regions: combined sales rose 18% at constant currency in the quarter (21% for the half), with direct-to-consumer sales across the pair up 25%.

Converted from USD at this period's average rate. The change is as the company reported it, in USD.

Capri's first full quarter as a two-brand company (since completing the Versace sale to Prada in December 2025) split cleanly by name: revenue fell 3.5% to $769m, but adjusted operating income jumped 40% to $28m as Jimmy Choo's margin nearly tripled to 7.3% (revenue +10.5%) while Michael Kors kept sliding (revenue −7.1%, margin down to 9.3%). It doesn't disclose Japan, reporting an Asia region that was the only market where Michael Kors grew.

Converted from USD at this period's average rate. The change is as the company reported it, in USD.

Deckers reports international as one line and does not break out Japan, where HOKA and UGG both sell hard through department-store and select-shop floors. International net sales rose 8.4% to $502mn against domestic growth of 3.2%, so the growth is coming from outside the United States. Group net sales rose 5.7% to $1.02bn — its first billion-dollar first quarter — with HOKA up 7.7% to $704mn. Operating income fell 6.0% to $155mn and net income 6.6% to $130mn as spending rose faster than sales.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

Inditex's fiscal first half (Feb–Jul 2026) sales rose 9.2% at constant exchange rates, but a firmer euro pared the reported gain to 7.6%, to €19.76bn. EBIT climbed 7.6% to €3.84bn (19.5% margin, gross margin 58.7%) and net profit rose 6.8% to €2.98bn. It is on this page because Zara competes for the same Japanese floors as Uniqlo and the same customer as every apparel group above it — but Inditex still gives no Japan or Asia figure to test that against, only a combined "Asia and Rest of World" line that slipped to 15.0% of group sales from 16.0%. The group operated 5,444 stores at period-end, three fewer than at Q1.

Converted from USD at this period's average rate. The change is as the company reported it, in USD.

Nike folds Japan into Asia Pacific & Latin America and gives no separate figure. That region turned over $6.24bn for the year, flat as reported and down 1% currency-neutral. Group revenues were flat at $46.4bn (−2% currency-neutral) and net income fell 3% to $3.1bn, at a gross margin of 42.9%. The release publishes no operating-income line. The shape of the year is in the channels: wholesale grew 6% to $27.5bn while Nike Direct fell 6% to $17.7bn, and Converse fell 31% to $1.2bn.

Converted from EUR at this period's average rate. The change is as the company reported it, in EUR.

Puma does not disclose Japan separately, but its Asia/Pacific region is the one part of the business growing: sales there rose 8.6% currency-adjusted to €416mn, with the rest of Asia/Pacific outside Greater China up 12.5%. Everywhere else pulled the group down — sales fell 9.7% to €1.69bn (−9.4% currency-adjusted) in a quarter the company frames as a reset. The losses narrowed: EBIT was −€53.1mn against −€109.1mn, and the net loss from continuing operations −€72.8mn against −€247.1mn, with gross margin up to 48.0%. Full-year guidance is confirmed at a low- to mid-single-digit sales decline and EBIT between −€50mn and −€150mn.

Converted from USD at this period's average rate. The change is as the company reported it, in USD.

Ralph Lauren opened fiscal 2027 (quarter to June 2026) with revenue up 14% (+13% at constant currency) to $1.96bn, on continued full-price selling and lighter promotions; GAAP operating margin held at 17.5% and adjusted operating margin rose 170bp to 18.7%. Asia again led growth, up 24% (+25% constant currency) with China alone up more than 40%, prompting the group to raise its full-year constant-currency revenue and margin outlook. Japan isn't broken out separately.

Converted from USD at this period's average rate. The change is as the company reported it, in USD.

Coach's owner closed fiscal 2026 with revenue up 14% to $8.00bn and GAAP net income more than eightfold higher, lifted by the absence of the prior year's Capri-deal termination charge. Japan was the one region to shrink for the year, down 7% in constant currency, even as Greater China grew 35%.

JR East is on this page as a landlord: its retail & services segment is LUMINE, atré and GRANSTA — the station buildings that compete directly with department stores for the same commuter, and often beat them. That segment grew revenue 6.1% to ¥110.6bn and segment profit 7.6% to ¥15.3bn in April–June 2026. Real estate and hotels grew revenue 5.6% but segment profit fell 32.9%. Group revenue rose 8.0% to ¥772.7bn and operating profit 9.4% to ¥125.5bn, while net income fell 13.6% to ¥68.0bn. Most of the group is trains; read the segment, not the total.

Keio's life-service segment — Keio Department Store, Keio Mall and the Shinjuku station retail — went backwards: revenue down 0.4% to ¥34.7bn and segment profit down 35.3% to ¥937mn, the sharpest fall in the group. Property carried the quarter instead, revenue up 44.2% to ¥33.4bn and profit up 20.8%. Group operating revenue rose 8.3% to ¥123.2bn while operating profit fell 2.9% to ¥16.2bn and net income 2.2% to ¥11.7bn. Full-year guidance is unchanged at ¥504.0bn revenue (+1.4%).

Kintetsu's retail segment — Kintetsu Department Store, whose flagship fills Abeno Harukas — took revenue down 0.6% to ¥54.3bn but lifted segment profit 37.5% to ¥2.3bn. The company attributes that to floor renovations and in-store events, plus firm duty-free sales, offsetting what it calls the reaction against last year's Osaka-Kansai Expo. Its hotel and leisure arm had no such offset: revenue down 0.6% and segment profit down 48.4%, on the same Expo reaction plus Chinese travel restraint. Group operating revenue rose 7.7% to ¥460.5bn, operating profit 5.2% to ¥23.1bn and net income 9.1% to ¥11.8bn.

Marunouchi — the district Mitsubishi Estate effectively owns, and the one that sets the tone for Tokyo's most expensive retail — grew revenue 4.6% to ¥101.6bn and segment profit 10.6% to ¥27.2bn. The wider commercial-property segment nearly doubled its profit, up 84.4% to ¥30.0bn on revenue up 39.1%. Group operating revenue rose 39.4% to ¥497.7bn, operating profit 94.3% to ¥121.2bn and net income 198.3% to ¥95.4bn. Full-year guidance is unchanged at ¥2,000.0bn revenue (+14.5%).

Read the segments, not the headline. Mitsui Fudosan's leasing business — the malls, the Ginza and Nihonbashi buildings, LaLaport and the outlets — grew revenue 6.8% to ¥241.4bn and segment profit 18.9% to ¥54.7bn. Group revenue nonetheless fell 23.1% to ¥616.9bn and operating profit 35.4% to ¥103.5bn, because property sales are lumpy and last year's first quarter booked ¥331.8bn of them against ¥123.2bn this time. Full-year guidance is unchanged at ¥2,800.0bn revenue (+3.3%) and ¥410.0bn operating profit (+3.1%).

Mori Building is privately held and not listed, but it publishes its results twice a year — and the year to March 2026 set records for revenue and operating profit. Leasing and property management, the business behind the Hills' offices, shops and homes, grew revenue 8.2% to ¥255.9bn on rising rent at Azabudai Hills and Toranomon Hills Station Tower, and the hotels, members' clubs and golf arm rose 6.8% to ¥54.6bn. Group operating revenue rose 6.5% to ¥411.1bn, operating profit 16.2% to ¥98.0bn and net income 5.1% to ¥53.1bn; for the year to March 2027 the company guides to ¥437.0bn of revenue (+6.3%) and ¥106.5bn of operating profit (+8.7%).

Nankai's retail segment — the Namba shopping centres and its station businesses — grew revenue 5.1% to ¥8.0bn, which the company credits to higher rents as tenant sales rose; segment profit still fell 4.4% to ¥1.2bn on higher running costs. On the railway side the company names the reaction against last year's Osaka-Kansai Expo directly. Group operating revenue rose 12.6% to ¥70.6bn on property sales, operating profit was flat at ¥11.3bn (+0.1%) and net income rose 2.6% to ¥7.8bn. Full-year guidance is unchanged at ¥287.5bn revenue (+8.6%).

Odakyu's life-service segment — Odakyu Department Store, the Shinjuku retail estate and the group's shops — grew revenue 3.6% to ¥39.1bn in April–June 2026 and segment profit 16.9% to ¥1.6bn, the group's fastest-improving line. Property was flat: revenue up 1.6%, profit down 4.0%. Group operating revenue rose 3.5% to ¥101.7bn and operating profit 6.9% to ¥16.3bn, while net income fell 16.6% to ¥11.6bn. Full-year guidance is unchanged at ¥461.3bn revenue (+10.2%).

Tobu's retail segment — Tobu Department Store in Ikebukuro and the Solamachi shops under Skytree — grew revenue 2.4% to ¥44.3bn in April–June 2026 and segment profit 24.4% to ¥2.4bn. Leisure, which includes Skytree itself, grew revenue 7.4% and profit 10.4%; property grew profit 22.3%. Group operating revenue rose 5.2% to ¥156.3bn, operating profit 10.6% to ¥21.0bn and net income 1.5% to ¥14.2bn. Full-year guidance is unchanged at ¥673.0bn revenue (+2.7%).

Tokyu's life-service segment — the Tokyu Store chain, the station retail and the Shibuya commercial estate — grew revenue 2.4% to ¥130.1bn in April–June 2026 but saw segment profit fall 33.9% to ¥3.4bn, easily the weakest line in the group. Real estate went the other way, revenue up 15.5% and profit up 13.2% to ¥15.2bn. Group operating revenue rose 4.6% to ¥273.5bn, operating profit fell 2.8% to ¥31.4bn, and net income rose 43.4% to ¥36.3bn. Full-year guidance is unchanged at ¥1,140.0bn revenue (+5.0%).

Tokyu Fudosan's urban-development arm — the Shibuya towers and the commercial property around them — had a hard quarter: segment revenue fell 26.4% to ¥72.3bn and segment profit 46.2% to ¥11.6bn, on the timing of property sales. Property management, which now includes its hotels and resorts, more than made up for it, with profit of ¥21.2bn against ¥4.5bn. Group revenue was flat at ¥285.8bn (−0.8%) while operating profit rose 12.7% to ¥46.6bn and net income fell 16.8% to ¥25.5bn. Full-year guidance is unchanged and points sharply up: ¥1,400.0bn revenue (+12.4%).

JR West is the clearest read on the Kansai comedown. Its retail segment — LUCUA and the Osaka Station City shops — fell 4.8% to ¥55.1bn with segment profit down 26.4% to ¥3.8bn, and property fell 7.8% with profit down 16.6%. Group revenue slipped 0.6% to ¥424.4bn, operating profit 11.7% to ¥56.0bn and net income 20.1% to ¥39.0bn. The company guides the full year lower still: revenue −0.9%, operating profit −16.7%. Kintetsu and Nankai both name the reaction against last year's Osaka-Kansai Expo in their own filings; JR West's numbers are the same quarter from the biggest operator in the region.

Centrair, the unlisted company behind Chubu Centrair International Airport near Nagoya, is the clearest example of what happens to an airport floor when Chinese traffic thins: net sales edged up 2.4% to ¥54.1bn in the year to March 2026, but the commercial segment slipped to ¥22.5bn from ¥23.2bn as duty-free sales fell with cuts to China routes, even as the general shops grew. Operating profit fell 8.9% to ¥7.1bn and net income 55.7% to ¥3.0bn. Passengers reached 11.59m, up 5.0%, but the company guides to 11.0m passengers and ¥51.0bn of sales for the year to March 2027, with net income near zero.

Fukuoka's airport company, the Nishitetsu–Mitsubishi–Changi consortium that took over the concession in 2019, reports once a year and has just posted its first annual profit: sales rose 20% to ¥71.1bn in the year to March 2026, operating profit 61% to ¥12.0bn, and net income came in at ¥5.7bn against a ¥1.0bn loss a year earlier. The retail read is unusually direct because the company runs its own shops: the own-operated merchandise segment sold ¥29.4bn and earned ¥5.2bn, the largest of its segments by sales, lifted by inbound duty-free demand and 13 new international-area shops opened in December. Passengers hit a record 28.83m, with international up 10% to 9.39m.

Hiroshima's airport company, led by Mitsui Fudosan and Tokyu, is still loss-making five years into its concession, but the losses are shrinking: consolidated operating revenue rose 9.4% to ¥5.3bn in the year to March 2026 (floortok's arithmetic on the company's own figures), the operating loss narrowed to ¥945m from ¥1.18bn and the net loss to ¥1.3bn from ¥1.5bn. Passengers were about 2.95m, with international traffic up 31.6% to a record 480,000 and, the company said, duty-free sales up by a similar margin to a record. The facilities segment, which holds the domestic and duty-free shops and tenant rents, took ¥3.3bn of revenue; the company also runs an airport hotel.

Hokkaido Airports, the Mitsubishi Estate-led consortium that took over New Chitose and six other Hokkaido airports in 2020, is still paying for the concession: consolidated sales rose 8.6% to ¥60.9bn in the year to March 2026 and operating profit nearly doubled to ¥5.2bn, but interest on the concession debt left a net loss of ¥3.9bn, narrower than the ¥5.8bn loss a year earlier. New Chitose handled a record 26.02m passengers and the seven airports 31.84m. Rent from tenants, ¥28.9bn, is the largest revenue line, with the company's own shop and service sales at ¥12.8bn. Growth rates are floortok's arithmetic on the two years of figures in the company's own report.

Haneda's terminals are a shopping centre with runways attached, and merchandise sales are the company's largest segment: ¥39.4bn in April–June 2026, up 6.5%, ahead of facility management at ¥30.2bn (+9.0%) and food and drink at ¥4.5bn (+5.1%). Group revenue rose 7.4% to ¥74.1bn, operating profit 40.7% to ¥14.4bn and net income 34.4% to ¥8.4bn. It is the cleanest listed read on what arriving and departing travellers actually buy. Full-year guidance is unchanged at ¥296.7bn revenue (+2.4%).

Kagoshima's terminal company reports once a year and, like Naha's, earns from tenants rather than selling itself: operating revenue rose 6.2% to ¥3.2bn in the year to March 2026 as passengers reached 5.93m, with international traffic up 39.9% to 265,000 on the return of Shanghai flights and daily Seoul services. Operating profit fell 14.4% to ¥266m on higher costs, while net income rose 13.0% to ¥378m. The prefecture, the Yamakataya department-store group and Nangoku Kotsu are the largest shareholders. Growth rates are floortok's arithmetic on the company's own figures for the two years.

Kansai Airports, the ORIX–VINCI company that runs Kansai International, Itami and Kobe, is unlisted but reports audited half-year and full-year results. The year to March 2026 was a record: operating revenue up 11% to ¥271.3bn, operating profit up 8% to ¥69.6bn and net income up 9% to ¥40.2bn, carried by a record year for international passengers at Kansai International and by the Expo in Osaka; the three airports handled 54.01m passengers, up 6%. The company does not break out retail sales, so this card reads as the whole airport business.

Kumamoto's airport company, led by Mitsui Fudosan with Japan Airport Terminal holding 15%, posted its first net profit since it was formed: consolidated operating revenue rose 16.9% to ¥8.7bn in the year to March 2026, operating profit nearly doubled to ¥889m and net income came in at ¥131m against a ¥353m loss. The company runs its own duty-free shops, which sold ¥1.7bn, alongside ¥2.0bn of tenant rent; passengers reached 3.81m (+4.5%), with international traffic up 34.8% to 642,000.

Naha's terminal company is a landlord rather than a retailer, but a landlord whose rent rises with its tenants' takings: sales rose 12.9% to ¥17.2bn in the year to March 2026 as the airport handled a record 23.46m passengers (+8.0%), with international traffic up 28.5% to 4.13m, and facility-use income climbed to ¥8.1bn alongside ¥5.5bn of building rent. Operating profit rose to ¥8.2bn and net income to ¥5.7bn; those growth rates are floortok's arithmetic on the two years of figures in the company's own report. Okinawa Prefecture holds a quarter of the shares and DFS, the duty-free operator, 14.6%.

Narita is government-owned and unlisted, but it publishes audited results, and its retail line is the largest airport shopping figure in Japan after Haneda's: the retail segment took ¥126.8bn in the year to March 2026, up 2.6%, of which ¥95.7bn was shop and restaurant sales (+1.0%), and it earned ¥41.3bn of operating profit against ¥42.5bn for the whole group. Group operating revenue rose 5.9% to ¥279.4bn, a fifth straight record, on 42.58m passengers including a record 24.1m foreign travellers; net income fell 23.0% to ¥27.0bn on asset write-offs from the terminal rebuild. For the year to March 2027 the company guides to ¥281.4bn of revenue but expects retail to slip to ¥124.2bn as shops close for refurbishment.

Sendai's airport company, the Tokyu-led concession that took over the airport in 2016, grew again in the year to March 2026: operating revenue rose 7.9% to ¥5.1bn and operating profit 12.7% to ¥458m, with net income of ¥811m against ¥552m a year earlier (floortok's arithmetic on the company's own figures). Passengers passed four million for the first time since privatisation (4.00m, +5.8%), with international traffic up 27.3% to 661,000. The facilities segment, which holds the domestic and duty-free shops and tenant rents, took ¥3.5bn of the revenue.

Fujita Kanko — Hotel Chinzanso Tokyo, the Gracery chain and Taiyo-no-Sato — grew revenue 2.0% to ¥40.8bn in the first half of 2026 while operating profit fell 8.8% to ¥6.3bn on refurbishment costs. Net income rose 77.4% to ¥8.0bn on gains from selling investment securities. The company raised its full-year net-income guidance to ¥12.5bn (+34.5%) while still expecting operating profit to fall 4.3%.

Hoshino Resorts REIT — the listed vehicle that owns hotels and ryokan run mostly by Hoshino Resorts, which is private and reports nothing itself — posted operating revenue of ¥9.3bn for the six months to April 2026, up 22.4% on the same period a year earlier, with operating profit up 41.3% to ¥4.9bn and net income up 43.1% to ¥4.0bn, on floortok's arithmetic from the REIT's own highlights. Against the period just before, revenue rose 7.5% and the distribution per unit reached ¥6,832, up 12.4%. Total assets stood at ¥257.3bn.

The Imperial grew revenue 9.0% to ¥14.8bn in April–June 2026, but operating profit slipped 6.1% to ¥716mn and net income fell 65.4% to ¥286mn against a prior year lifted by one-off items. Japan's most storied hotel is midway through rebuilding its main tower, so its costs will run ahead of its rooms for some years yet; the company guides to ¥61.4bn revenue (+9.1%) and ¥2.4bn operating profit (+12.8%) for the full year, with net income down 56.9%.

Kyoritsu Maintenance — Dormy Inn and the Kyoritsu Resort onsen ryokan — grew revenue 7.6% to ¥61.1bn in April–June 2026 and operating profit 8.2% to ¥4.9bn; net income fell 15.5% to ¥3.0bn. It opened its 100th domestic Dormy Inn in the quarter. The company reports that while some regions saw travel plans held back, visitor numbers held firm overall, citing JNTO's arrivals data. Full-year guidance is unchanged at ¥277.0bn revenue (+0.6%).

Hotels are Seibu's largest business, not a sideline: the hotel & leisure segment — Prince Hotels, including The Prince Gallery and the Takanawa estate — turned over ¥64.1bn in April–June 2026, up 8.2%, out of ¥154.6bn group operating revenue. Group revenue rose 16.7%, operating profit 41.5% to ¥26.1bn and net income 24.4% to ¥16.8bn, with real estate up 50.1% as the group keeps recycling property. Full-year guidance stands at ¥559.0bn revenue (+8.9%) with net income down 30.5%.

Create Restaurants is the operator whose fortunes track the floors most directly: the majority of its restaurants sit inside shopping centres, department stores and station buildings, so its trade is a read on footfall in the same buildings floortok maps. Revenue grew 3.5% to ¥43.3bn in March–May 2026, operating profit 10.8% to ¥3.4bn and net income 6.2% to ¥2.2bn. Full-year guidance is unchanged at ¥171.0bn revenue (+3.4%) and ¥9.0bn operating profit (+13.3%).

Hiramatsu is the smallest company floortok tracks and the only pure fine-dining operator — the restaurants and small luxury hotels that sit at the top of the Japanese dining market. Revenue grew 4.6% to ¥2.54bn in April–June 2026, but operating profit fell 62.3% to ¥26mn and net income 47.6% to ¥31mn: the business is profitable by a margin thin enough to vanish in any quarter. It is here for the signal rather than the scale — a listed window onto a segment otherwise made up of private restaurant groups.

Toridoll — Marugame Seimen at home, and the group's push to sell Japanese food abroad — grew revenue 3.5% to ¥72.3bn in April–June 2026, but operating profit fell 34.3% to ¥5.3bn and profit attributable to owners 31.0% to ¥3.0bn against a prior year that carried one-off gains. Business profit, the measure the company leads on, fell 9.3% to ¥5.8bn and EBITDA 2.4% to ¥13.4bn. Full-year guidance points to ¥287.0bn revenue (+3.0%).