H2O Retailing (Hankyu Hanshin)

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.

The Hankyu Hanshin operator's year to March 2026 went the other way: net income fell 14% to ¥30bn as its department-store arm absorbed a near-20% drop in inbound sales — driven by fewer Chinese visitors — and a remodel of the Hankyu Umeda flagship temporarily shrank its selling floor. A prior-year gain on securities also flattered the comparison.