# IZUTSUYA CO., LTD.: 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131期(2025/03/01－2026/02/28) (S100Y6HY)
> Page: https://vizora.meequs.com/en/company/izutsuya
> Retrieved: 2026-09-30T20:25:43.983Z

## Company

Izutsuya, founded in 1935, is a company in Department Stores listed on TSE Standard. It has 651 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IZUTSUYA CO., LTD. |
| Ticker | 8260 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8260.T) |
| Listing | TSE Standard |
| Head office | 北九州市小倉北区船場町1番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 松本圭 |
| Founded | Jul 1935 |
| Share capital | ¥100M |
| Employees (consolidated) | 651 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | February |
| Corporate number | 7290801000329 |
| EDINET | E03032 |
| Industries (Vizora) | Department Stores |

> Profile source: annual securities report (S100Y6HY, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Department Stores (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 6 |
| Profitability | 35.7 | 7 |
| Cash conversion | 64.3 | 7 |
| Efficiency | 50 | 7 |

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 100% of Izutsuya's sales come from Department store, with Tomonokai making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -3.9% from the prior year, operating profit -40.9%.

## Company structure

- Segment revenue mix: Department store 99.8%、Tomonokai 0.2%
- Revenue → net income: ¥21283000000 → ¥491000000
- Net income → operating cash flow: ¥491000000 → ¥1831000000（difference ¥1340000000）
- Main uses of operating cash flow: CapEx ¥371000000 / dividends ¥68000000 / buybacks ¥84000000
- Change in cash: ¥-127000000
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 | ¥21.3B |  |
| Operating income | ¥615M | Margin 2.9% |
| Net income | ¥491M | Margin 2.3% |
| Free cash flow | ¥1.46B |  |
| Largest business | Department store | of segment revenue 99.8% |
| Employees (consolidated) | 651 |  |
| EPS | ¥37.86 |  |
| Book value per share | ¥927.89 |  |
| Equity ratio | 28.2% |  |
| Shares outstanding | 11,480,495 |  |
| Treasury shares | 222,300 |  |
| Shareholders | 6,561 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 6.1% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | -2.5 pp | Department Stores |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.7× net income
- FY2026, revenue is 0.4× its level five years ago
- FY2026, buybacks were 1.2× dividends

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50534000000 | ¥21283000000 | -57.9% |
| Operating income | ¥12000000 | ¥615000000 | +5025.0% |
| Operating margin | 0.0% | 2.9% | +2.9 pp |
| Employees | 794 people | 651 people | -18.0% |
| Cash and equivalents | ¥3928000000 | ¥2635000000 | -32.9% |

### 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 |
| --- | ---: |
| 百貨店業 → 百貨店業 | 99.0% |
| 友の会事業 → 友の会事業 | 0.2% |
| 友の会事業 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 百貨店業 | 0.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,283 | 100.0% | S100Y6HY |
| Cost of revenue | 10,552 | 49.6% | S100Y6HY |
| Gross profit | 10,730 | 50.4% | S100Y6HY |
| SG&A | 10,115 | 47.5% | S100Y6HY |
| Operating income | 615 | 2.9% | S100Y6HY |
| Ordinary income | 472 | 2.2% | S100Y6HY |
| Pretax income | 528 | 2.5% | S100Y6HY |
| Income tax | 36 | 0.2% | S100Y6HY |
| Net income | 491 | 2.3% | S100Y6HY |
| Net income attributable to owners | 491 | 2.3% | S100Y6HY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 47 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 50.4% → Operating margin 2.9% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.9%; Core profit growth: -40.9%
Operating leverage (core profit growth ÷ revenue growth): 10.35×
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 | 22,158 | 21,283 | -875 | -3.9% |
| Gross profit | 11,173 | 10,730 | -443 | -4.0% |
| Operating income | 1,040 | 615 | -425 | -40.9% |
| Net income attributable to owners | 999 | 491 | -508 | -50.9% |
| Operating cash flow | 1,369 | 1,831 | 462 | +33.7% |
| Free cash flow | 899 | 1,460 | 561 | +62.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 66,145 | 1,302 | 2.0% | 409 | 619 | -1,828 | S100LF2J |
| FY ending Feb 2021 | 50,534 | 12 | 0.0% | 111 | 887 | 693 | S100PXRL |
| FY ending Feb 2022 | 53,144 | 1,007 | 1.9% | 1,171 | 1,978 | 1,093 | S100QU7C |
| FY ending Feb 2023 | 22,573 | 1,177 | 5.2% | 1,019 | 2,011 | 1,563 | S100THIB |
| FY ending Feb 2024 | 22,521 | 998 | 4.4% | 966 | 1,912 | 1,349 | S100VSHZ |
| FY ending Feb 2025 | 22,158 | 1,040 | 4.7% | 999 | 1,369 | 899 | S100Y6HY |
| FY ending Feb 2026 | 21,283 | 615 | 2.9% | 491 | 1,831 | 1,460 | S100Y6HY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.7M |
| Operating income per employee (consolidated) | ¥944.7K |
| Net income per employee (consolidated) | ¥754.2K |

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) | 754 | 727 | 696 | 669 | 651 |
| Average salary (parent company) | ¥3.1M | ¥3.5M | ¥3.8M | ¥4M | ¥3.8M |
| Average age (parent company) | 49.4 years | 49.5 years | 50.0 years | 51.0 years | 51.4 years |
| Average tenure (parent company) | 16.0 years | 16.8 years | 17.5 years | 18.3 years | 19.2 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) -3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Department store | 21,247 | 99.8% | 666 | 3.1% |
| Tomonokai | 35 | 0.2% | 58 | 165.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Department store | 99.8% | 92.0% | -7.8 | 3.1% |
| Tomonokai | 0.2% | 8.0% | 7.8 | 165.7% |

Segment → industry: Tomonokai → Department Stores / Department store → Department Stores

## 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 | 1,831 | 8.6% | S100Y6HY |
| Capital expenditure | 371 | 1.7% | S100Y6HY |
| Free cash flow | 1,460 | 6.9% | 算出 |
| Investing cash flow | -300 | -1.4% | S100Y6HY |
| Financing cash flow | -1,657 | -7.8% | S100Y6HY |
| Dividends paid | 68 | 0.3% | S100Y6HY |
| Share buyback | 84 | 0.4% | S100Y6HY |
| Change in cash | -127 | -0.6% | S100Y6HY |
| Cash and equivalents | 2,635 | 12.4% | S100Y6HY |

## 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 | 3,604 | 3,660 | 3,392 | 2,762 | 2,635 | S100THIB, S100VSHZ, S100Y6HY |
| Total assets | 47,300 | 46,343 | 45,680 | 44,495 | 43,330 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Net assets | 9,029 | 10,111 | 10,966 | 11,921 | 12,207 | S100THIB, S100VSHZ, S100Y6HY |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Trade receivables | 1,546 | 1,797 | 1,766 | 1,856 | 1,899 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Property, plant and equipment | 35,345 | 34,389 | 33,648 | 32,821 | 31,897 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Intangible assets excluding goodwill | 195 | 213 | 532 | 688 | 579 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Investment securities | 1,431 | 1,512 | 1,553 | 1,399 | 1,426 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Current assets | 7,534 | 7,952 | 7,635 | 7,056 | 6,958 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Current liabilities | 26,378 | 25,971 | 25,561 | 24,772 | 24,767 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Trade payables | 3,811 | 4,116 | 4,186 | 3,948 | 4,075 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Short-term borrowings | 11,833 | 11,333 | 11,333 | 11,333 | 11,333 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Long-term borrowings | 6,509 | 5,176 | 3,842 | 2,508 | 1,174 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Total liabilities | 38,270 | 36,231 | 34,713 | 32,574 | 31,123 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Equity attributable to owners of parent | 3,629 | 4,724 | 5,578 | 6,521 | 6,859 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Retained earnings | 2,632 | 3,727 | 4,637 | 5,579 | 6,002 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |
| Treasury stock | -27 | -27 | -82 | -82 | -167 | S100QU7C, S100THIB, S100VSHZ, S100Y6HY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y6HY |
| Receivables | 5% | S100Y6HY |
| Property, plant and equipment | 74% | S100Y6HY |
| Intangibles and goodwill | 1% | S100Y6HY |
| Investment securities | 3% | S100Y6HY |
| Other assets | 11% | S100Y6HY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100Y6HY |
| Other liabilities | 63% | S100Y6HY |
| Equity | 28% | S100Y6HY |

### 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 | 47,300 | 46,343 | 45,680 | 44,495 | 43,330 |
| Equity | 9,029 | 10,111 | 10,966 | 11,921 | 12,207 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,604 | 3,660 | 3,392 | 2,762 | 2,635 |

## 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) | 149.9% | S100Y6HY |
| Fixed assets ÷ total assets | 73.6% | S100Y6HY |
| Goodwill ÷ parent equity | — | —, S100Y6HY |

### 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) | 6.1% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 297.7% |
| Cash vs. profit gap | 1,340 JPY mn (of net income 272.9%) |
| Shareholder returns / net income | 31.0% |
| Shareholder returns / FCF | 10.4% |
| Shareholder payments — dividends / net income | 13.8% |
| Shareholder payments — dividends / FCF | 4.7% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 16.4% |

## 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 | 2.2% | 1.12× | 2.5% | 13.03× | 32.3% | S100QU7C |
| 2023 | 4.5% | 0.48× | 2.2% | 11.21× | 24.4% | S100THIB |
| 2024 | 4.3% | 0.49× | 2.1% | 8.93× | 18.8% | S100VSHZ |
| 2025 | 4.5% | 0.49× | 2.2% | 7.45× | 16.5% | S100Y6HY |
| 2026 | 2.3% | 0.48× | 1.1% | 6.56× | 7.3% | S100Y6HY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 青柳 和洋 | Major shareholder | 13.5% | 2026-02-28 |
| 西日本鉄道株式会社 | Major shareholder | 9.3% | 2026-02-28 |
| 井筒屋共栄持株会 | Major shareholder | 8.8% | 2026-02-28 |
| ガバナンス・パートナーズ投資事業有限責任組合 | Major shareholder | 8.0% | 2026-02-28 |
| 株式会社川食 | Major shareholder | 2.7% | 2026-02-28 |
| 本多 敏行 | Major shareholder | 2.3% | 2026-02-28 |
| ミツワ樹脂工業株式会社 | Major shareholder | 2.2% | 2026-02-28 |
| 松井証券株式会社 | Major shareholder | 2.1% | 2026-02-28 |
| 三菱UFJｅスマート証券株式会社 | Major shareholder | 2.0% | 2026-02-28 |
| 重田 忠久 | Major shareholder | 2.0% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第131期(2025/03/01－2026/02/28) | S100Y6HY | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6HY,, |
| 有価証券報告書－第130期(2024/03/01－2025/02/28) | S100VSHZ | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSHZ,, |
| 有価証券報告書－第129期(2023/03/01－2024/02/29) | S100THIB | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THIB,, |
| 有価証券報告書－第128期(2022/03/01－2023/02/28) | S100QU7C | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU7C,, |
| 訂正有価証券報告書－第127期(2021/03/01－2022/02/28) | S100PXRL | 2023-01-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PXRL,, |
| 有価証券報告書－第126期(令和2年3月1日－令和3年2月28日) | S100LF2J | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF2J,, |

## 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).