From the company's own filing for H1 (Mar–Aug 2026) · reported 2026-10-14 · the filing ↗
JapanMenswear kept leading in Japan — AVIREX, Schott and Stussy all beat last year — while JILL by JILLSTUART did well in accessories, Human Woman and Natural Beauty Basic recovered after merchandise changes, and its own online store mix.tokyo grew more than 20%.
Other callouts in the filing
BasisOn the same day TSI and World Co. agreed to merge under a new joint holding company, INFINITY UNITED, from 1 March 2027: World holders get one share each and TSI holders 0.8, both stocks delist on 25 February 2027, and shareholder votes are set for 24 December 2026.
SegmentMost of the growth came from Daytona International (Freak's Store) and umbrella maker Waterfront, consolidated last year: apparel sales rose 32.4% to ¥84.4bn and other businesses 74.6% to ¥4.9bn.
BasisGross margin fell 2.1 points, because the two new companies earn thinner margins and the weak yen raised the cost of imported brands, while the SG&A ratio improved 2.2 points; net income fell as the tax charge rose to ¥0.96bn from ¥0.26bn.
OutlookFull-year guidance is unchanged at sales of ¥200.0bn, operating profit of ¥7.5bn and net income of ¥7.7bn, which leaves most of the year's profit to the autumn-winter half.
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.
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floortok holds 3 reported periods for this company.
Quarter-alone and year-to-date rows are floortok's arithmetic on the company's own filings — the quarter alone under a cumulative filing, the year to date under a quarter — shown only where the filings they need are on file. A period tagged Year-to-Date runs from the start of the company's fiscal year.
H1 (Mar–Aug 2026) · Year-to-Date
Reported 2026-10-14
Net sales¥88.9bn▲ +34.4%
Operating profit¥1.0bn▲ +55.5%
Net income¥1.1bn▼ −14.9%
Q2 alone (Jun–Aug 2026)
Net sales¥42.6bn—
Operating profit−¥1.5bn—
Net income−¥1.0bn—
TSI Holdings, the Tokyo group behind AVIREX, Schott, Stussy and Freak's Store, grew first-half (March–August 2026) sales 34.4% to ¥88.9bn, mostly from two companies it bought last year; operating profit rose 55.5% to ¥1.0bn, while net income fell 14.9% on higher tax. The same day it agreed to merge with World Co. under a joint holding company from March 2027.
Q1 (Mar–May 2026) · Year-to-Date
Reported 2026-07-14
Net sales¥46.3bn▲ +30.0%
Operating profit¥2.5bn▲ +65.8%
Net income¥2.1bn▲ +6.9%
TSI Holdings is a Tokyo apparel group selling AVIREX, Schott, Stussy and JILL by JILLSTUART, and since last year the Freak's Store select shops. In March–May 2026 revenue rose 30.0% to ¥46.3bn, mainly from the two companies it added last year; operating profit rose 65.8% to ¥2.5bn and net income 6.9% to ¥2.1bn.
StoresMen's casual led: AVIREX daily wear, Schott's Old Hickory line and Stussy all sold well, Freak's Store was strong in menswear, JILL by JILLSTUART recovered, and its own online store mix.tokyo grew more than 20%.
InboundIt says Chinese visitors halved while other markets grew strongly, so visitor numbers dipped only slightly; its outdoor brand and wander held up on inbound demand.
SegmentMost of the growth came from two companies consolidated last year — Daytona International, which runs Freak's Store, and umbrella maker Waterfront. Apparel revenue rose 28.3% to ¥43.8bn and other businesses 63.2% to ¥2.6bn.
OutlookFull-year guidance is unchanged: revenue of ¥200.0bn (+19.7%), operating profit of ¥7.5bn (+73.4%) and net income of ¥7.7bn (+103.0%).
Full year to February 2026
Reported 2026-04-10
Net sales¥167.1bn▲ +6.7%
Operating profit¥4.3bn▲ +164.4%
Net income¥3.8bn▼ −75.1%
TSI Holdings' year to February 2026 grew revenue 6.7% to ¥167.1bn and operating profit 164.4% to ¥4.3bn; net income fell 75.1% to ¥3.8bn from ¥15.2bn the year before.