Second Retailing's luxury resale arm grows 38% as 2nd Street expands past 960 Japan shops

Second Retailing Co., Ltd. (セカンドリテイリング), renamed from GEO Holdings on 1 October 2026, said consolidated net sales rose 13.7% to ¥246.8bn and operating profit rose 64.8% to ¥8.38bn in the April–September 2026 half, with net income up 48.6% to ¥4.80bn, according to H1 FY2027 results published 5 November.

Its luxury resale business, OKURA (おお蔵) -- 24 shops, up one in the half -- grew sales 38.1% to ¥33.9bn, which the company credits to faster inventory turnover and a recovery in overseas wholesale after the prior year had been hit by US tariffs.

The core secondhand chain 2nd Street reached 968 shops in Japan, up 37 in the half (44 openings, 7 closures, including 56 franchised stores); its clothing, furniture and appliance sales grew 22.7% to ¥84.7bn. The GEO reuse business -- mainly phones, tablets and secondhand Nintendo Switch 2 consoles -- grew 13.5% to ¥47.6bn.

New-goods sales were the weak spot, falling 5.8% to ¥50.9bn: game software and trading cards sold well, but game-console sales lapped the prior year's launch rush and pre-price-rise buying. Total group stores rose 59 to 2,333, while the new-goods-focused GEO chain shrank by 24 to 1,003.

Full-year guidance was raised after every stage of profit ran ahead of plan: net sales to ¥510.0bn (+6.0%), operating profit to ¥17.0bn (+19.4%) and recurring profit to ¥16.5bn (+7.5%). Net income guidance, though, was set at ¥8.2bn -- still 6.2% below last year -- so the revised forecast implies the second half won't match the first half's pace of growth.

OKURA's 38% growth came with almost no new stores, so it reads as an operations bet -- faster turnover, a rebuilt overseas wholesale channel -- rather than an expansion story, and a sign that pre-owned luxury is holding its place as a retail category in Japan.