Japan retail and luxury earnings — latest reported results

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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%.

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.

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.

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.

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.

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.

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.

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.

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%.

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.

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.

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%.