# J.FRONT RETAILING Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/03/01－2026/02/28) (S100Y6K0)
> Page: https://vizora.meequs.com/en/company/j-front-retailing
> Retrieved: 2026-09-30T17:49:31.856Z

## Company

J.front Retailing, founded in 2007, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 5,584 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J.FRONT RETAILING Co.,Ltd. |
| Ticker | 3086 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3086.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座六丁目10番1号 (上記は登記上の本店所在地であり、実際の業務は下記の最寄りの連絡場所で行っております。) |
| Representative (per filing) | 代表執行役社長 小野圭一 |
| Founded | Apr 2007 |
| Share capital | ¥32B |
| Employees (consolidated) | 5,584 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | February |
| Website | j-front-retailing.com (https://j-front-retailing.com/) |
| Corporate number | 5010001111996 |
| EDINET | E03516 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Real Estate Development & Leasing, Specialty Trading & Wholesale, Department Stores |

> Profile source: annual securities report (S100Y6K0, filed 2026-05-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 6 |
| Profitability | 78.6 | 7 |
| Cash conversion | 21.4 | 7 |
| Efficiency | 7.1 | 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 60% of J.front Retailing's sales come from Department Store Business, with SC Business and Developer Business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit -15.8%.

## Company structure

- Segment revenue mix: Department Store Business 60.2%、SC Business 14.8%、Developer Business 13.5%、Other 10.5%、Payment and Finance Business 1.0%
- Revenue → net income: ¥445094000000 → ¥28079000000
- Net income → operating cash flow: ¥28079000000 → ¥66992000000（difference ¥38913000000）
- Main uses of operating cash flow: CapEx ¥18718000000 / dividends ¥14343000000 / buybacks ¥15073000000
- Change in cash: ¥-18877000000
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 | ¥445.1B |  |
| Operating income | ¥49B | Margin 11.0% |
| Net income | ¥28.3B | Margin 6.4% |
| Free cash flow | ¥48.3B |  |
| Largest business | Department Store Business | of segment revenue 60.2% |
| Employees (consolidated) | 5,584 |  |
| EPS | ¥112.93 |  |
| Diluted EPS | ¥112.8 |  |
| Book value per share | ¥1292.38 |  |
| Equity ratio | 36.4% | Derived from disclosed figures |
| Shares outstanding | 270,565,764 |  |
| Treasury shares | 20,316,300 |  |
| Shareholders | 162,323 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 3.2% | Cash ÷ revenue 8.1% |
| Vs. industry median margin | +5.7 pp | Department Stores |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, buybacks were 1.1× dividends
- FY2026, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥319079000000 | ¥445094000000 | +39.5% |
| Operating income | ¥-24265000000 | ¥49015000000 | — |
| Operating margin | -7.6% | 11.0% | +18.6 pp |
| Employees | 6,528 people | 5,584 people | -14.5% |
| Cash and equivalents | ¥128925000000 | ¥36099000000 | -72.0% |

### 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 |
| --- | ---: |
| 百貨店事業 → 百貨店事業 | 42.5% |
| ＳＣ事業 → ＳＣ事業 | 13.5% |
| パルコ事業 → 事業再編・廃止 | 16.8% |
| デベロッパー事業 → デベロッパー事業 | 10.4% |
| 不動産事業 → 事業再編・廃止 | 3.5% |
| 決済・金融事業 → 決済・金融事業 | 1.0% |
| 決済・金融事業 → 事業再編・廃止 | 0.5% |
| クレジット金融事業 → 事業再編・廃止 | 1.5% |
| その他 → その他 | 10.4% |
| 新設・再編 → 百貨店事業 | 17.7% |
| 新設・再編 → ＳＣ事業 | 1.4% |
| 新設・再編 → デベロッパー事業 | 3.1% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 13 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Department Store Business | 5 years | +9.1% | ¥267744000000 | 11.2% | 2 |
| SC Business | 5 years | +3.8% | ¥66027000000 | 20.7% | 2 |
| Developer Business | 5 years | +7.2% | ¥60198000000 | 11.7% | 2 |
| Other | 5 years | +1.9% | ¥46839000000 | 0.9% | 2 |
| Payment and Finance Business | 5 years | -6.4% | ¥4276000000 | 21.5% | 2 |

## Income statement（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 445,094 | 100.0% | S100Y6K0 |
| Cost of revenue | 229,682 | 51.6% | S100Y6K0 |
| Gross profit | 215,412 | 48.4% | S100Y6K0 |
| SG&A | 164,814 | 37.0% | S100Y6K0 |
| Operating income | 49,015 | 11.0% | S100Y6K0 |
| Pretax income | 44,515 | 10.0% | S100Y6K0 |
| Income tax | 16,436 | 3.7% | S100Y6K0 |
| Net income | 28,079 | 6.3% | S100Y6K0 |
| Net income attributable to owners | 28,282 | 6.4% | S100Y6K0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 37 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 48.4% → Operating margin 11.0% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.7%; Core profit growth: -15.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -21.68×
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 | 441,877 | 445,094 | 3,217 | +0.7% |
| Gross profit | 212,596 | 215,412 | 2,816 | +1.3% |
| Operating income | 58,199 | 49,015 | -9,184 | -15.8% |
| Net income attributable to owners | 41,424 | 28,282 | -13,142 | -31.7% |
| Operating cash flow | 85,812 | 66,992 | -18,820 | -21.9% |
| Free cash flow | 68,826 | 48,274 | -20,552 | -29.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2017 | 452,505 | — | — | 27,052 | 33,764 | — | S100LFF7 |
| FY ending Feb 2018 | 469,915 | — | — | 28,486 | 57,079 | — | S100O4WX |
| FY ending Feb 2019 | 459,840 | — | — | 27,358 | 34,870 | — | S100QU70 |
| FY ending Feb 2020 | 480,621 | 40,286 | 8.4% | 21,251 | 73,358 | 40,285 | S100LFF7 |
| FY ending Feb 2021 | 319,079 | -24,265 | -7.6% | -26,193 | 56,471 | 41,742 | S100O4WX |
| FY ending Feb 2022 | 331,484 | 9,380 | 2.8% | 4,321 | 49,866 | 44,046 | S100QU70 |
| FY ending Feb 2023 | 359,679 | 19,059 | 5.3% | 14,237 | 65,480 | 53,740 | S100TIM5 |
| FY ending Feb 2024 | 407,006 | 43,048 | 10.6% | 29,913 | 90,692 | 80,799 | S100VUV0 |
| FY ending Feb 2025 | 441,877 | 58,199 | 13.2% | 41,424 | 85,812 | 68,826 | S100Y6K0 |
| FY ending Feb 2026 | 445,094 | 49,015 | 11.0% | 28,282 | 66,992 | 48,274 | S100Y6K0 |

## People and productivity（FY ending Feb 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.7M |
| Operating income per employee (consolidated) | ¥8.8M |
| 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) | 5,589 | 5,115 | 5,277 | 5,343 | 5,584 |
| Average salary (parent company) | ¥7.1M | ¥7.6M | ¥8.1M | ¥8.2M | ¥9M |
| Average age (parent company) | 46.4 years | 49.0 years | 47.9 years | 47.4 years | 47.8 years |
| Average tenure (parent company) | 18.0 years | 17.7 years | 15.0 years | 16.0 years | 15.6 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +0.7%

## Segments（FY ending Feb 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Department Store Business | 267,744 | 60.2% | 29,856 | 11.2% |
| SC Business | 66,027 | 14.8% | 13,669 | 20.7% |
| Developer Business | 60,198 | 13.5% | 7,023 | 11.7% |
| Payment and Finance Business | 4,276 | 1.0% | 920 | 21.5% |
| Other | 46,839 | 10.5% | 435 | 0.9% |

### 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 Business | 60.2% | 57.5% | -2.6 | 11.2% |
| SC Business | 14.8% | 26.3% | 11.5 | 20.7% |
| Developer Business | 13.5% | 13.5% | 0.0 | 11.7% |
| Payment and Finance Business | 1.0% | 1.8% | 0.8 | 21.5% |
| Other | 10.5% | 0.8% | -9.7 | 0.9% |

Segment → industry: Payment and Finance Business → Credit Cards & Consumer Credit / Developer Business → Real Estate Development & Leasing / SC Business → Real Estate Development & Leasing / Other → Specialty Trading & Wholesale / SC Business → Department Stores / Department Store Business → Department Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 66,992 | 15.1% | S100Y6K0 |
| Capital expenditure | 18,718 | 4.2% | S100Y6K0 |
| Free cash flow | 48,274 | 10.8% | 算出 |
| Investing cash flow | -15,154 | -3.4% | S100Y6K0 |
| Financing cash flow | -70,782 | -15.9% | S100Y6K0 |
| Dividends paid | 14,343 | 3.2% | S100Y6K0 |
| Share buyback | 15,073 | 3.4% | S100Y6K0 |
| Change in cash | -18,877 | -4.2% | S100Y6K0 |
| Cash and equivalents | 36,099 | 8.1% | S100Y6K0 |

## 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 | 93,278 | 39,874 | 71,342 | 54,975 | 36,099 | S100TIM5, S100VUV0, S100Y6K0 |
| Total assets | 1,192,907 | 1,120,953 | 1,114,726 | 1,164,147 | 1,141,567 | S100QU70, S100TIM5, S100VUV0, S100Y6K0 |
| Net assets | 362,120 | 371,410 | 394,232 | 423,235 | 428,022 | S100TIM5, S100VUV0, S100Y6K0 |
| Share capital | 31,974 | 31,974 | 31,974 | 31,974 | 31,974 | S100QU70, S100TIM5, S100VUV0, S100Y6K0 |
| Property, plant and equipment | 480,380 | 469,401 | 458,623 | 469,417 | 468,476 | S100QU70, S100TIM5, S100VUV0, S100Y6K0 |
| Goodwill | 523 | 995 | 560 | 6,799 | 6,799 | S100QU70, S100TIM5, S100VUV0, S100Y6K0 |
| Current assets | 234,884 | 201,860 | 246,501 | 241,045 | 227,519 | S100QU70, S100TIM5, S100VUV0, S100Y6K0 |
| Total liabilities | 830,787 | 749,542 | 720,494 | 740,911 | 713,544 | S100QU70, S100TIM5, S100VUV0, S100Y6K0 |
| Equity attributable to owners of parent | 350,368 | 359,385 | 381,898 | 409,646 | 415,586 | S100QU70, S100TIM5, S100VUV0, S100Y6K0 |
| Retained earnings | 134,705 | 142,153 | 167,600 | 199,311 | 215,138 | S100QU70, S100TIM5, S100VUV0, S100Y6K0 |
| Treasury stock | -14,780 | -14,466 | -14,231 | -23,940 | -38,620 | S100QU70, S100TIM5, S100VUV0, S100Y6K0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100Y6K0 |
| Property, plant and equipment | 41% | S100Y6K0 |
| Intangibles and goodwill | 1% | — |
| Other assets | 55% | S100Y6K0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100Y6K0 |
| Equity | 37% | S100Y6K0 |
| Other liabilities | 0% | S100Y6K0 |

### 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 | 1,192,907 | 1,120,953 | 1,114,726 | 1,164,147 | 1,141,567 |
| Equity | 362,120 | 371,410 | 394,232 | 423,235 | 428,022 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 93,278 | 39,874 | 71,342 | 54,975 | 36,099 |

## 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) | 105.3% | S100Y6K0 |
| Fixed assets ÷ total assets | 41.0% | S100Y6K0 |
| Goodwill ÷ parent equity | 1.6% | S100Y6K0 |

Goodwill over 4 years: 523 → 6,799 JPY; total investing cash flow: -48,693 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) | 3.2% |
| Cash ÷ revenue | 8.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.7% |
| Cash vs. profit gap | 38,710 JPY mn (of net income 136.9%) |
| Shareholder returns / net income | 104.0% |
| Shareholder returns / FCF | 60.9% |
| Shareholder payments — dividends / net income | 50.7% |
| Shareholder payments — dividends / FCF | 29.7% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 22.6% |

## 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 | 1.3% | 0.28× | 0.4% | 3.40× | 1.2% | S100QU70 |
| 2023 | 4.0% | 0.31× | 1.2% | 3.26× | 4.0% | S100TIM5 |
| 2024 | 7.3% | 0.36× | 2.7% | 3.02× | 8.1% | S100VUV0 |
| 2025 | 9.4% | 0.39× | 3.6% | 2.88× | 10.5% | S100Y6K0 |
| 2026 | 6.4% | 0.39× | 2.5% | 2.79× | 6.9% | S100Y6K0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.5% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.7% | 2026-02-28 |
| 日本生命保険相互会社 | Major shareholder | 3.9% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.5% | 2026-02-28 |
| Ｊ.フロント リテイリング共栄持株会 | Major shareholder | 2.4% | 2026-02-28 |
| みずほ証券株式会社 | Major shareholder | 2.1% | 2026-02-28 |
| Ｊ．Ｐ．Ｍｏｒｇａｎ Ｓｅｃｕｒｉｔｉｅｓ ｐｌｃ （常任代理人 ＪＰモルガン証券株式会社） | Major shareholder | 1.5% | 2026-02-28 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＭＡＣＱＵＡＲＩＥ ＢＡＮＫ ＬＴＤ ＬＯＮＤＯＮ ＥＱ ＣＯ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 1.4% | 2026-02-28 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-02-28 |

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

- Revenue for the FY ending Feb 2026 was ¥445.1B, almost unchanged at +0.7% from ¥441.9B.
- Operating income dropped -15.8% to ¥49B, and net income fell -31.7% to ¥28.3B.
- Operating cash flow came in at ¥67B, down -21.9%, and free cash flow was ¥48.3B.

### Drivers

- Tax-free sales to overseas visitors at the department stores fell sharply after a big jump the year before; sales to domestic shoppers held up
- The prior year included a one-off gain from turning Shinsaibashi Kyodo Center Building into a subsidiary, so operating income fell back without it
- PARCO's shopping centers saw strong sales, including from overseas visitors, lifting rent and payment fee income; the Developer Business shrank as last year's property sale gain and large construction orders did not repeat

### Risks

- Tax-free sales are running below plan, partly due to worsening Japan–China relations
- Geopolitical tension and rising prices could weigh on consumer spending
- The company lists weaker results across large-format retail and a shrinking domestic market from an aging population as key risks

Cited: Annual Securities Report (FY ending Feb 2026) (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 (FY ending Feb 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/03/01－2026/02/28) | S100Y6K0 | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6K0,, |
| 有価証券報告書－第18期(2024/03/01－2025/02/28) | S100VUV0 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUV0,, |
| 有価証券報告書－第17期(2023/03/01－2024/02/29) | S100TIM5 | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIM5,, |
| 有価証券報告書－第16期(2022/03/01－2023/02/28) | S100QU70 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU70,, |
| 有価証券報告書－第15期(令和3年3月1日－令和4年2月28日) | S100O4WX | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4WX,, |
| 有価証券報告書－第14期(令和2年3月1日－令和3年2月28日) | S100LFF7 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFF7,, |

## 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).