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BelcBelc CO., LTD.9974東証プライム小売業FY ending Feb 2026, consolidated, J-GAAP

Belc FY ending Feb 2026 results

Belc brought in ¥416.5B in revenue.

Out of every ¥100 of sales, about ¥4 is left as operating profit.

Revenue changed +9.2% from the prior year, operating profit +5.2%.

Revenue and profit pattern

Revenue and profit upRevenue grew faster

Revenue +9.2% · profit +5.2%, calculated from disclosed figures.

Operating leverage: 0.57× (profit growth ÷ revenue growth)

What changed from last year

FY ending Feb 2025 → FY ending Feb 2026

Revenue
+9.2%¥381.4B → ¥416.5B
Gross profit
+8.6%¥103.1B → ¥112B
Operating income
+5.2%¥17B → ¥17.9B
Net income attributable to owners
+2.4%¥12.4B → ¥12.7B
Operating cash flow
-7.7%¥22.7B → ¥20.9B
Free cash flow
-154.2%¥4.41B → -¥2.39B

Results at a glance

  • Sales climbed +9.2% to ¥416.5B.
  • Profit lagged: operating income rose +5.2% to ¥17.9B, and net income just +2.4% to ¥12.7B.
  • Belc spent ¥23.3B on stores and equipment, more than the ¥20.9B its operations brought in, so free cash flow slipped to -¥2.39B.

What drove the change

  • Belc kept its shelf prices below rivals' while raising them when needed, and leaned on point card deals and other promotions.
  • Stores opened last year ran a full year, and new ones this year added sales.
  • Pay raises, more staff and pricier contract drivers made SG&A grow faster than sales.
  • One weak store was written down as an impairment loss.
  • Operating cash flow dipped because trade payables grew less than the year before.

Things to watch

  • Suppliers keep raising prices, and inflation may make shoppers cut back
  • Rivals opening nearby and price wars in the same areas
  • Not finding enough good sites to keep opening stores as planned

Annual Securities Report / 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 / 事業等のリスク

Where the money goes

FY ending Feb 2025 → FY ending Feb 2026

Where ¥100 of sales goes

For every ¥100 Belc sells, how much goes where, and how much is kept.

FY ending Feb 2026
Cost of sales
¥73
SG&A
¥24
Other costs
¥1
Operating profit
¥4
Net profit kept
¥3

Annual margin trends

Gross margin26.9%
FY ending Feb 2021: 25.5%25.5%FY ending Feb 2022: 25.3%25.3%FY ending Feb 2023: 27.7%27.7%FY ending Feb 2024: 27.2%27.2%FY ending Feb 2025: 27.0%27.0%FY ending Feb 2026: 26.9%26.9%FY21FY22FY23FY24FY25FY26
Operating margin4.3%
FY ending Feb 2021: 4.2%4.2%FY ending Feb 2022: 4.4%4.4%FY ending Feb 2023: 4.6%4.6%FY ending Feb 2024: 4.2%4.2%FY ending Feb 2025: 4.5%4.5%FY ending Feb 2026: 4.3%4.3%FY21FY22FY23FY24FY25FY26
Net margin3.0%
FY ending Feb 2021: 3.1%3.1%FY ending Feb 2022: 3.1%3.1%FY ending Feb 2023: 3.1%3.1%FY ending Feb 2024: 3.1%3.1%FY ending Feb 2025: 3.2%3.2%FY ending Feb 2026: 3.0%3.0%FY21FY22FY23FY24FY25FY26

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第67期(2025/03/01－2026/02/28)

    ID S100Y4X32026-05-20Open

  • EDINET (FSA Japan)

    有価証券報告書－第66期(2024/03/01－2025/02/28)

    ID S100VSN72025-05-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第65期(2023/03/01－2024/02/29)

    ID S100THFF2024-05-23Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第64期(2022/03/01－2023/02/28)

    ID S100QTZ02023-05-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第63期(令和3年3月1日－令和4年2月28日)

    ID S100O4KK2022-05-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第62期(令和2年3月1日－令和3年2月28日)

    ID S100LF0I2021-05-27Open

Extracted from XBRL: 50 / Derived from other figures: 2

Spotted an error? Report it (corrections keep the original record)

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