FELISSIMO CORPORATION Q4 FY2026 earnings call

• Company Overview & Mission
  • Founded in 1965, Felissimo operates as a

1. 定期便事業 (Subscription Business): Revenue decreased year-over-year due to lower-than-expected customer counts, but profitability improved 1.2 percentage points driven by value chain restructuring that boosted value-adding capacity. It is the core revenue segment of Felissimo single entity operations. Key 2026 FY KPIs: total cumulative customer count decreased 3.8% YoY, average purchase frequency per customer decreased 0.9% YoY, while average purchase value increased 2.5% YoY.
2. ビジネスプロデュース事業 (Business Production Business): Gross profit margin decreased significantly in the 2026 FY.
3. フェリシモパートナーズ事業 (Felissimo Partners Business): No explicit 2026 FY financial results provided; it operates as a listing-based sales platform for business partners.
4. New Business Areas (including Kobe Port Tower operation, food service, retail stores, museum): Achieved revenue growth in the 2026 FY.

Overall consolidated 2026 FY results: Net sales of 29.179 billion yen, down 0.9% YoY; operating profit of 215 million yen, with a large year-over-year increase, marking the second consecutive year of profit growth. Consolidated gross profit margin was 54.7%, up 0.8 percentage points YoY.

• Consolidated FY2027 (ending February 2027) guidance expects 3.7% YoY revenue growth to 30.265 billion yen, with operating profit of 237 million yen, ordinary profit of 327 million yen, and net income of 299 million yen, targeting both revenue and profit growth.
  • Strategic guidance: FY2027 is positioned as a critical execution year to normalize sustained revenue and profit growth, with two core strategic pillars: fundamentally strengthening the core subscription business and creating next-generation new businesses.
  • Capital efficiency guidance: The company targets a ROE of at least 5.0% as a medium-term goal to improve PBR, with staged improvements planned to exceed cost of equity.
  • Dividend guidance: The company plans to increase the annual dividend per share by 5 yen to 25 yen for FY2027, strengthening shareholder returns while maintaining a policy of progressive or stable dividend payouts as a general rule.

• Persistent macroeconomic uncertainty: Sustained price hikes, volatile financial and foreign exchange markets, and unstable global geopolitical conditions create an unpredictable operating environment.
  • Subscription business core KPI underperformance: Cumulative customer count and purchase frequency decreased year-over-year, with lower share of high-frequency customers, indicating weakened ongoing customer relationship health relative to prior periods.
  • Missed customer growth targets: New customer acquisition and total customer counts fell short of management's initial plan for the 2026 fiscal year.

No formal question and answer section is included in the provided transcript.