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J. FRONT RETAILING Co., Ltd.

J. Front Retailing Co., Ltd. operates department stores together with its subsidiaries. It has four segments: Department Store Business, which runs Daimaru and Matsuzakaya stores and sells clothing, miscellaneous goods, household goods, and food; Shopping Center (SC) Business, which develops, manages, and operates shopping centers; Developer Business, which develops, manages, and operates interior decorating work of real estate; and Payment and Finance Business, which issues and operates credit cards. The company also provides product testing and quality control services, parking lot operations, outsourcing of administrative processing and leasing, information services, prepaid specific trading, and e-sports team management. It was incorporated in 2007 and is based in Tokyo, Japan.

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J. Front Retailing's SC Business Profit Margin of 20.7% Far Outpaces Department Store Business's 11.2%

In J. Front Retailing's full-year results for the fiscal year ending February 2026 under IFRS, of total revenue of 445 billion yen, the department store business accounted for 267.7 billion yen, or 60.2% of the total, while by segment the department store business's operating profit margin came in at just 11.2%, and the SC business, with revenue of 66 billion yen and a 14.8% share, posted 20.7%, exceeding the department store business by 9.6 percentage points. By segment, operating profit was 29.8 billion yen for the department store business, 13.6 billion yen for the SC business, 7 billion yen for the developer business, 900 million yen for the settlement and financial services business, and 400 million yen for other, with the SC business accounting for 14.8% of revenue but more than a quarter, 26.3%, of profit. The SC business's operating profit margin climbed over five fiscal years from 4.0% in the fiscal year ending February 2022 to 8.1%, 16.4%, 20.3%, and 20.7%, and its gap over the department store business's minus 2.4%, 3.5%, 9.8%, 11.3%, and 11.2% has settled in the 9-point range over the last two fiscal years. The group's highest margin is the settlement and financial services business at 21.5%, but with revenue of 4.2 billion yen and operating profit of 900 million yen its scale is small and its share of profit is just 1.8%. The share price fell from 3,139 yen on August 27 to 2,607 yen on September 11, a decline of just over 10% from August 14 and just under 20% from August 27, and as of September 11 the PER stood at 22.24 times, the PBR at 1.55 times, and ROE for the fiscal year ending February 2026 at 6.9%, below the median of 7.5% for 259 retail companies.
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3D Investment increases stake in J.Front to 10.32%

Singapore-based investment fund 3D Investment Partners has increased its stake in J. Front Retailing, raising its holding from 9.23% to 10.32%, according to a change report filed with the Kanto Finance Bureau on the 7th. The reporting obligation date was August 31. 3D stated that its purpose for holding the shares is not only pure investment but also engagement activities aimed at medium- to long-term corporate value improvement, and it has been in dialogue with the company's directors and others regarding business strategy, effective use of held assets, optimization of capital allocation, and capital policy.
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J.Front Retailing starts fiscal year to February 2027 with first-quarter operating profit down 12%, shares fall 10% in a month

J.Front Retailing began its fiscal year to February 2027 with a decline in profit, reporting first-quarter revenue of 106.4 billion yen, down 3.9% year on year, operating profit of 14.1 billion yen, down 11.7%, and net profit of 9.7 billion yen, down 7.5%. The share price fell from a high of 3,342 yen on July 1 to close at 2,995 yen on July 30, a drop of about 10% in one month. The market appears to have been cautious, anticipating a peak in inbound tourism demand. In addition to its department store operations, the company's real estate business, which held 177.2 billion yen in investment properties at the end of the previous fiscal year, underpins earnings, and its operating profit margin of around 11% in the previous year far exceeds the retail sector median of 3.8%. For the full year, the company forecasts revenue of 469 billion yen, up 5.4%, but operating profit of 47 billion yen, down 4.1%, projecting higher revenue but lower profit.
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