East Japan Railway (JR East)

Retail & mixed-use property · 9020

The Japan read

From the company's own filing for Q1 (Apr–Jun 2026) · reported 2026-07-31 · the filing

InboundEstimated inbound revenue at hotels, shopping centres and shops reached ¥16.4bn against a ¥13.5bn plan, but rail inbound revenue of ¥11.1bn missed its ¥12.0bn plan as Chinese visitors fell sharply.
StoresTAKANAWA GATEWAY CITY's full opening in March and the opening of OIMACHI TRACKS lifted rental income, but their depreciation and no property sales this quarter cut real estate & hotels profit 32.9%.

Other callouts in the filing

BasisJR East reports its LUMINE and atré station buildings under real estate & hotels, not retail & services; station-building store sales rose 7% in April–June, with existing LUMINE stores up 4% and atré up 2%.
SegmentRetail & services grew on station-concourse (ekinaka) shop sales as rail traffic rose; existing JR East Cross Station retail was up 4% and food outlets 3%, though two June typhoons dented the month.
SegmentHotel sales rose 6%, with occupancy at 79.9% (up 0.7 points) and an average room rate of ¥20,544 (up 5%), yet combined hotel operating profit slipped to ¥3.3bn from ¥3.8bn.
One-offThe net-profit fall reflects smaller gains on selling investment securities, ¥6.5bn against ¥22.2bn a year earlier; JR East left its 30 April full-year forecast unchanged.

floortok's reading of the filing, in our own words. Figures are the company's own; where a growth rate is our arithmetic, it says so.

Show figures in

Q1 (Apr–Jun 2026) · Year-to-Date

Reported 2026-07-31

Revenue¥772.7bn+8.0%

Operating profit¥125.5bn+9.4%

Net income¥68.0bn−13.6%

JR East is on this page as a landlord: its LUMINE and atré station buildings compete directly with department stores for the same commuter, and often beat them. They sit in real estate & hotels, which grew revenue 5.6% in April–June 2026 while segment profit fell 32.9% on new-building depreciation and no property sales; retail & services — the in-station shops, GRANSTA among them — grew revenue 6.1% to ¥110.6bn and segment profit 7.6% to ¥15.3bn. Group revenue rose 8.0% to ¥772.7bn and operating profit 9.4% to ¥125.5bn, while net income fell 13.6% to ¥68.0bn. Most of the group is trains; read the segment, not the total.