# Saikaya Department Store Co.,Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第94期(2024/09/01－2025/08/31) (S100X51A)
> Page: https://vizora.meequs.com/en/company/saikaya-department-store
> Retrieved: 2026-09-30T22:29:08.733Z

## Company

Saikaya Department Store, founded in 1950, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Saikaya Department Store Co.,Ltd. |
| Ticker | 8254 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8254.T) |
| Listing | TSE Standard |
| Head office | 神奈川県川崎市川崎区日進町1番地 |
| Representative (per filing) | 代表取締役社長 山野井 輝夫 |
| Founded | Nov 1950 |
| Share capital | ¥2.2B |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | August |
| Corporate number | 3020001074170 |
| EDINET | E03044 |
| Industries (Vizora) | Real Estate Development & Leasing, Department Stores |

> Profile source: annual securities report (S100X51A, filed 2025-11-19). As of filing

## Five-axis industry profile

Primary industry: Department Stores (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 21.4 | 7 |
| Cash conversion | 78.6 | 7 |
| Efficiency | 21.4 | 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 Saikaya Department Store's sales come from Department Store Business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -6.4% from the prior year, operating profit +3.8%.

## Company structure

- Segment revenue mix: Department Store Business 99.8%、Real estate business 0.2%
- Revenue → net income: ¥4632926000 → ¥110255000
- Net income → operating cash flow: ¥110255000 → ¥410246000（difference ¥299991000）
- Main uses of operating cash flow: CapEx ¥499540000 / dividends — / buybacks —
- Change in cash: ¥-215413000
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 | ¥4.63B |  |
| Operating income | ¥114.8M | Margin 2.5% |
| Net income | ¥110.3M | Margin 2.4% |
| Free cash flow | -¥89.3M |  |
| Largest business | Department Store Business | of segment revenue 99.8% |
| Employees (consolidated) | 137 |  |
| EPS | ¥37.64 |  |
| Diluted EPS | ¥28.16 |  |
| Book value per share | ¥-0.29 |  |
| Equity ratio | 6.7% |  |
| Shares outstanding | 4,970,314 |  |
| Treasury shares | 16,300 |  |
| Shareholders | 3,002 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 31.0% |
| Vs. industry median margin | -2.9 pp | Department Stores |
| ROE | 15.1% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.7× net income
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, employees -6% while operating income rose 4%

## What changed in 3 years

| Metric | FY ending Feb 2022 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13814653000 | ¥4632926000 | -66.5% |
| Operating income | ¥-348760000 | ¥114771000 | — |
| Operating margin | -2.5% | 2.5% | +5 pp |
| Employees | 144 people | 137 people | -4.9% |
| Cash and equivalents | ¥1486004000 | ¥1434255000 | -3.5% |

### Change in segment revenue mix

Span: FY ending Feb 2022 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 百貨店事業 | 99.8% |
| 新設・再編 → 不動産事業 | 0.2% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,633 | 100.0% | S100X51A |
| Cost of revenue | 2,338 | 50.5% | S100X51A |
| Gross profit | 2,295 | 49.5% | S100X51A |
| SG&A | 2,180 | 47.1% | S100X51A |
| Operating income | 115 | 2.5% | S100X51A |
| Ordinary income | 136 | 2.9% | S100X51A |
| Pretax income | 116 | 2.5% | S100X51A |
| Income tax | 5 | 0.1% | S100X51A |
| Net income | 110 | 2.4% | S100X51A |
| Net income attributable to owners | 110 | 2.4% | S100X51A |

## Per ¥100 of revenue（FY ending Aug 2025）

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

### Margin funnel

Gross margin 49.5% → Operating margin 2.5% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.4%; Core profit growth: +3.8%
Operating leverage (core profit growth ÷ revenue growth): -0.60×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,950 | 4,633 | -317 | -6.4% |
| Gross profit | 2,558 | 2,295 | -263 | -10.3% |
| Operating income | 111 | 115 | 4 | +3.8% |
| Net income attributable to owners | 73 | 110 | 38 | +51.7% |
| Operating cash flow | 260 | 410 | 151 | +58.0% |
| Free cash flow | -49 | -89 | -40 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2022 | 13,815 | -349 | -2.5% | -510 | -872 | -1,077 | S100PPCM |
| FY ending Aug 2022 | 2,417 | -69 | -2.9% | -83 | 102 | 88 | S100SDXW |
| FY ending Aug 2023 | 5,205 | 144 | 2.8% | 10 | 367 | 296 | S100USSZ |
| FY ending Aug 2024 | 4,950 | 111 | 2.2% | 73 | 260 | -49 | S100X51A |
| FY ending Aug 2025 | 4,633 | 115 | 2.5% | 110 | 410 | -89 | S100X51A |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.8M |
| Operating income per employee (consolidated) | ¥837.7K |
| Net income per employee (consolidated) | ¥804.8K |

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 Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 144 | 150 | 141 | 145 | 137 |
| Average salary (parent company) | — | ¥3.8M | ¥3.8M | ¥3.8M | ¥3.8M |
| Average age (parent company) | — | 48.4 years | 48.4 years | 49.2 years | 52.4 years |
| Average tenure (parent company) | — | 19.5 years | 21.3 years | 19.3 years | 18.9 years |

Year over year: Employees (consolidated) -5.5% · Revenue (consolidated) -6.4%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Department Store Business | 4,624 | 99.8% | 666 | 14.4% |
| Real estate business | 9 | 0.2% | -3 | -29.2% |

### 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 | 99.8% | 100.0% | 0.2 | 14.4% |
| Real estate business | 0.2% | — | — | -29.2% |

Loss-making segment (excluded from profit shares): Real estate business -3 JPY mn

Segment → industry: Real estate business → Real Estate Development & Leasing / Department Store Business → Department Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 410 | 8.9% | S100X51A |
| Capital expenditure | 500 | 10.8% | S100X51A |
| Free cash flow | -89 | -1.9% | 算出 |
| Investing cash flow | -620 | -13.4% | S100X51A |
| Financing cash flow | -5 | -0.1% | S100X51A |
| Change in cash | -215 | -4.6% | S100X51A |
| Cash and equivalents | 1,434 | 31.0% | S100X51A |

## 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 Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,486 | 1,557 | 1,785 | 1,650 | 1,434 | S100SDXW, S100USSZ, S100X51A |
| Total assets | 12,246 | 12,152 | 12,153 | 11,807 | 11,894 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Net assets | 434 | 582 | 576 | 617 | 792 | S100SDXW, S100USSZ, S100X51A |
| Share capital | 2,196 | 2,196 | 2,196 | 2,196 | 2,196 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Property, plant and equipment | 7,550 | 7,383 | 7,068 | 6,987 | 7,366 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Intangible assets excluding goodwill | 16 | 15 | 14 | 40 | 29 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Investment securities | 232 | 270 | 253 | 221 | 288 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Current assets | 2,534 | 2,653 | 2,943 | 2,590 | 2,187 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Current liabilities | 2,623 | 2,382 | 2,175 | 1,749 | 9,549 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Long-term borrowings | 8,655 | 8,655 | 8,655 | 8,654 | 648 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Total liabilities | 11,812 | 11,570 | 11,577 | 11,190 | 11,102 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Equity attributable to owners of parent | 484 | 593 | 603 | 676 | 786 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Retained earnings | -3,556 | -3,447 | -3,437 | -3,364 | -3,227 | S100PPCM, S100SDXW, S100USSZ, S100X51A |
| Treasury stock | -43 | -43 | -43 | -43 | -43 | S100PPCM, S100SDXW, S100USSZ, S100X51A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100X51A |
| Property, plant and equipment | 62% | S100X51A |
| Intangibles and goodwill | 0% | S100X51A |
| Investment securities | 3% | S100X51A |
| Other assets | 23% | S100X51A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 93% | S100X51A |
| Equity | 7% | S100X51A |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,246 | 12,152 | 12,153 | 11,807 | 11,894 |
| Equity | 434 | 582 | 576 | 617 | 792 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,486 | 1,557 | 1,785 | 1,650 | 1,434 |

## 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) | 159.0% | S100X51A |
| Fixed assets ÷ total assets | 61.9% | S100X51A |
| Goodwill ÷ parent equity | — | —, S100X51A |

### 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) | 12.1% |
| Cash ÷ revenue | 31.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 357.4% |
| Cash vs. profit gap | 300 JPY mn (of net income 272.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.8% |
| Investing CF relative to operating CF | 151.2% |

## 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 | — | —× | -4.2% | —× | — | S100PPCM |
| 2022 | — | —× | -0.7% | —× | — | S100SDXW |
| 2023 | 0.2% | 0.43× | 0.1% | 20.32× | 1.6% | S100USSZ |
| 2024 | 1.5% | 0.41× | 0.6% | 18.74× | 11.4% | S100X51A |
| 2025 | 2.4% | 0.39× | 0.9% | 16.22× | 15.1% | S100X51A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＡＦＣ－ＨＤアムスライフサイエンス | Major shareholder | 37.1% | 2025-08-31 |
| 淺山 忠彦 | Major shareholder | 13.1% | 2025-08-31 |
| 京浜急行電鉄株式会社 | Major shareholder | 9.3% | 2025-08-31 |
| 松井証券株式会社 | Major shareholder | 6.2% | 2025-08-31 |
| さいか屋取引先持株会 | Major shareholder | 4.2% | 2025-08-31 |
| 株式会社横浜銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.7% | 2025-08-31 |
| 山田 祥美 | Major shareholder | 1.6% | 2025-08-31 |
| 株式会社デザインアートセンター | Major shareholder | 0.8% | 2025-08-31 |
| 寺岡 聖剛 | Major shareholder | 0.7% | 2025-08-31 |
| 株式会社ＳＢＩネオトレード証券 | Major shareholder | 0.5% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第94期(2024/09/01－2025/08/31) | S100X51A | 2025-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X51A,, |
| 有価証券報告書－第93期(2023/09/01－2024/08/31) | S100USSZ | 2024-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100USSZ,, |
| 有価証券報告書－第92期(2022/09/01－2023/08/31) | S100SDXW | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDXW,, |
| 有価証券報告書－第91期(令和4年3月1日－令和4年8月31日) | S100PPCM | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPCM,, |

## 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).