# ABC-MART,INC.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/03/01－2026/02/28) (S100Y5F0)
> Page: https://vizora.meequs.com/en/company/abc-mart
> Retrieved: 2026-09-30T21:32:11.617Z

## Company

Abc-Mart, founded in 1985, is a company in Shoes & Bags listed on TSE Prime. It has 9,101 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ABC-MART,INC. |
| Ticker | 2670 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2670.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区神南一丁目11番5号 |
| Representative (per filing) | 代表取締役社長 服部 喜一郎 |
| Founded | Jun 1985 |
| Share capital | ¥20B |
| Employees (consolidated) | 9,101 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | February |
| Website | www.abc-mart.co.jp (https://www.abc-mart.co.jp/) |
| Corporate number | 2011001033515 |
| EDINET | E02925 |
| Industries (Vizora) | Shoes & Bags |

> Profile source: annual securities report (S100Y5F0, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Shoes & Bags (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 7 |
| Profitability | 94.4 | 9 |
| Cash conversion | 41.7 | 6 |
| Efficiency | 27.8 | 9 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 72% of Abc-Mart's sales come from Domestic, with Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +1.2%.

## Company structure

- Segment revenue mix: Domestic 71.9%、Overseas 28.1%
- Revenue → net income: ¥378624000000 → ¥46521000000
- Net income → operating cash flow: ¥46521000000 → ¥41814000000（difference ¥-4707000000）
- Main uses of operating cash flow: CapEx ¥14304000000 / dividends ¥17822000000 / buybacks —
- Change in cash: ¥9573000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥378.6B |  |
| Operating income | ¥63.3B | Margin 16.7% |
| Net income | ¥46.3B | Margin 12.2% |
| Free cash flow | ¥27.5B |  |
| Largest business | Domestic | of segment revenue 71.9% |
| Employees (consolidated) | 9,101 |  |
| EPS | ¥166.64 |  |
| Book value per share | ¥1318.78 |  |
| Equity ratio | 87.5% |  |
| Shares outstanding | 247,618,938 |  |
| Treasury shares | 2,300 |  |
| Shareholders | 7,965 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 45.5% | Cash ÷ revenue 54.7% |
| Vs. industry median margin | +14.8 pp | Shoes & Bags |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥220267000000 | ¥378624000000 | +71.9% |
| Operating income | ¥19513000000 | ¥63287000000 | +224.3% |
| Operating margin | 8.9% | 16.7% | +7.9 pp |
| Employees | 5,974 people | 9,101 people | +52.3% |
| Cash and equivalents | ¥146454000000 | ¥207174000000 | +41.5% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内 → 事業再編・廃止 | 68.7% |
| 海外 → 事業再編・廃止 | 31.3% |
| 新設・再編 → 国内 | 71.9% |
| 新設・再編 → 海外 | 28.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 378,624 | 100.0% | S100Y5F0 |
| Cost of revenue | 186,715 | 49.3% | S100Y5F0 |
| Gross profit | 191,909 | 50.7% | S100Y5F0 |
| SG&A | 128,621 | 34.0% | S100Y5F0 |
| Operating income | 63,287 | 16.7% | S100Y5F0 |
| Ordinary income | 67,156 | 17.7% | S100Y5F0 |
| Pretax income | 66,198 | 17.5% | S100Y5F0 |
| Income tax | 19,677 | 5.2% | S100Y5F0 |
| Net income | 46,521 | 12.3% | S100Y5F0 |
| Net income attributable to owners | 46,346 | 12.2% | S100Y5F0 |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 34 |
| Operating income | 17 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 50.7% → Operating margin 16.7% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +1.2%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.68×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 372,202 | 378,624 | 6,422 | +1.7% |
| Gross profit | 187,816 | 191,909 | 4,093 | +2.2% |
| Operating income | 62,550 | 63,287 | 737 | +1.2% |
| Net income attributable to owners | 45,358 | 46,346 | 988 | +2.2% |
| Operating cash flow | 56,125 | 41,814 | -14,311 | -25.5% |
| Free cash flow | 45,130 | 27,510 | -17,620 | -39.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 272,361 | 43,374 | 15.9% | 29,706 | 34,547 | 26,822 | S100LEOE |
| FY ending Feb 2021 | 220,267 | 19,513 | 8.9% | 19,226 | 23,487 | 16,883 | S100O4L2 |
| FY ending Feb 2022 | 243,946 | 27,446 | 11.3% | 17,382 | 25,157 | 15,179 | S100QUO2 |
| FY ending Feb 2023 | 290,077 | 42,301 | 14.6% | 30,256 | 10,882 | 4,013 | S100TIG3 |
| FY ending Feb 2024 | 344,197 | 55,671 | 16.2% | 40,009 | 51,230 | 43,647 | S100VTWZ |
| FY ending Feb 2025 | 372,202 | 62,550 | 16.8% | 45,358 | 56,125 | 45,130 | S100Y5F0 |
| FY ending Feb 2026 | 378,624 | 63,287 | 16.7% | 46,346 | 41,814 | 27,510 | S100Y5F0 |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.6M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥5.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,974 | 6,120 | 6,261 | 9,075 | 9,101 |
| Average salary (parent company) | ¥3.9M | ¥4M | ¥4.1M | ¥4.2M | ¥4.4M |
| Average age (parent company) | 31.0 years | 31.0 years | 32.0 years | 32.0 years | 32.0 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 8.0 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +1.7%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic | 272,073 | 71.9% | 56,441 | 20.7% |
| Overseas | 106,550 | 28.1% | 7,031 | 6.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic | 71.9% | 88.9% | 17.1 | 20.7% |
| Overseas | 28.1% | 11.1% | -17.1 | 6.6% |

Segment → industry: Overseas → Shoes & Bags / Domestic → Shoes & Bags

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 41,814 | 11.0% | S100Y5F0 |
| Capital expenditure | 14,304 | 3.8% | S100Y5F0 |
| Free cash flow | 27,510 | 7.3% | 算出 |
| Investing cash flow | -15,403 | -4.1% | S100Y5F0 |
| Financing cash flow | -18,382 | -4.9% | S100Y5F0 |
| Dividends paid | 17,822 | 4.7% | S100Y5F0 |
| Change in cash | 9,573 | 2.5% | S100Y5F0 |
| Cash and equivalents | 207,174 | 54.7% | S100Y5F0 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 151,770 | 148,224 | 172,762 | 197,600 | 207,174 | S100TIG3, S100VTWZ, S100Y5F0 |
| Total assets | 317,720 | 355,850 | 387,336 | 418,725 | 455,202 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Net assets | 284,881 | 310,974 | 341,654 | 369,747 | 401,000 | S100TIG3, S100VTWZ, S100Y5F0 |
| Share capital | 19,972 | 19,972 | 19,972 | 19,972 | 19,972 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Trade receivables | 11,091 | 15,096 | 16,262 | 15,744 | 16,686 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Inventories | 59,847 | 88,584 | 88,942 | 91,543 | 106,562 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Property, plant and equipment | 39,373 | 40,033 | 42,045 | 47,855 | 56,015 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Intangible assets excluding goodwill | 4,837 | 4,629 | 4,616 | 4,066 | 3,324 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Goodwill | 509 | 80 | 207 | 127 | 63 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Investment securities | 14,567 | 18,906 | 20,026 | 18,252 | 20,114 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Current assets | 226,923 | 261,391 | 288,627 | 317,500 | 344,847 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Current liabilities | 31,268 | 43,613 | 43,972 | 47,333 | 52,341 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Trade payables | 13,161 | 12,484 | 15,238 | 20,419 | 16,233 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Short-term borrowings | 1,350 | 5,959 | 1,405 | 2,020 | 1,222 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Total liabilities | 32,838 | 44,876 | 45,681 | 48,977 | 54,201 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Non-controlling interests | 1,582 | 1,878 | 2,209 | 2,420 | 2,921 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Equity attributable to owners of parent | 272,176 | 288,400 | 313,841 | 341,938 | 370,456 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Retained earnings | 228,162 | 244,387 | 269,829 | 297,854 | 326,373 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |
| Treasury stock | -2 | -3 | -4 | -4 | -4 | S100QUO2, S100TIG3, S100VTWZ, S100Y5F0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100Y5F0 |
| Receivables | 4% | S100Y5F0 |
| Inventories | 23% | S100Y5F0 |
| Property, plant and equipment | 12% | S100Y5F0 |
| Intangibles and goodwill | 1% | S100Y5F0 |
| Investment securities | 4% | S100Y5F0 |
| Other assets | 10% | S100Y5F0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y5F0 |
| Other liabilities | 8% | S100Y5F0 |
| Equity | 88% | S100Y5F0 |
| Other liabilities | 0% | S100Y5F0 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 317,720 | 355,850 | 387,336 | 418,725 | 455,202 |
| Equity | 284,881 | 310,974 | 341,654 | 369,747 | 401,000 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 151,770 | 148,224 | 172,762 | 197,600 | 207,174 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 14.8% | S100Y5F0 |
| Fixed assets ÷ total assets | 12.3% | S100Y5F0 |
| Goodwill ÷ parent equity | 0.0% | S100Y5F0 |

Goodwill over 4 years: 509 → 63 JPY; total investing cash flow: -58,372 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 45.5% |
| Cash ÷ revenue | 54.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 66.1% |
| Cash vs. profit gap | -4,532 JPY mn (of net income -9.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.5% |
| Shareholder payments — dividends / FCF | 64.8% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 36.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.1% | 0.77× | 5.5% | 1.17× | 6.4% | S100QUO2 |
| 2023 | 10.4% | 0.86× | 9.0% | 1.20× | 10.8% | S100TIG3 |
| 2024 | 11.6% | 0.93× | 10.8% | 1.23× | 13.3% | S100VTWZ |
| 2025 | 12.2% | 0.92× | 11.3% | 1.23× | 13.8% | S100Y5F0 |
| 2026 | 12.2% | 0.87× | 10.6% | 1.23× | 13.0% | S100Y5F0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社イーエム・プランニング | Major shareholder | 49.9% | 2026-02-28 |
| 三木 正浩 | Major shareholder | 9.5% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.0% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.7% | 2026-02-28 |
| 三木 美智子 | Major shareholder | 3.0% | 2026-02-28 |
| CEP LUX-ORBIS SICAV (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.2% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-02-28 |
| 全国共済農業協同組合連合会 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.1% | 2026-02-28 |
| HSBC-FUND SERVICES HSBC-006 MF EFM (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.0% | 2026-02-28 |
| 日本証券金融株式会社 | Major shareholder | 0.8% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Feb 2026 was ¥378.6B, up +1.7% from the prior year.
- Operating income reached ¥63.3B (+1.2%) and net income attributable to owners ¥46.3B (+2.2%), so profits edged up.
- Cash generation weakened, though: operating cash flow dropped to ¥41.8B (-25.5%) and free cash flow to ¥27.5B (-39.0%).

### Drivers

- Japan carried the year. Hands-free shoes and name-brand sneakers and apparel sold well, and both tax-free sales to tourists and spending per customer went up.
- The overseas business saw lower sales and profit. Political turmoil hurt demand in South Korea in the first half, and US sales fell under the impact of tariff policy.
- The company bought more stock than a year earlier, and the build-up in inventory was one of the things that held back operating cash flow.

### Risks

- US tariffs: the US subsidiary sources some materials from Southeast Asia, so extra tariffs would cut its gross profit.
- Currency: most of its own-brand products are imported and paid for in US dollars, so a weaker yen raises purchase costs. It currently has no currency hedges in place.
- South Korea: Korea is a large part of overseas sales, and results there have suffered before from outbreaks, consumer boycotts and political turmoil.

Cited: Annual Securities Report (41st fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (41st fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/03/01－2026/02/28) | S100Y5F0 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5F0,, |
| 有価証券報告書－第40期(2024/03/01－2025/02/28) | S100VTWZ | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTWZ,, |
| 有価証券報告書－第39期(2023/03/01－2024/02/29) | S100TIG3 | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIG3,, |
| 有価証券報告書－第38期(2022/03/01－2023/02/28) | S100QUO2 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUO2,, |
| 有価証券報告書－第37期(令和3年3月1日－令和4年2月28日) | S100O4L2 | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4L2,, |
| 有価証券報告書－第36期(令和2年3月1日－令和3年2月28日) | S100LEOE | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEOE,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).