Japan Retail Sector: Jul-Sep results outlook: Many companies performing well overall

This report summarises the outlook for July-September results at UBS's covered Japanese retail stocks. TABAYA Holdings, Workman, Seria, K's Holdings, Nitori Holdings, MatsukiyoCocokara & Co., Sundrug and ZOZO are due to announce H1 results. For H1 operating profit, UBS forecasts all companies will achieve guidance except TABAYA and ZOZO, which have not disclosed guidance, and Sundrug, where achieving guidance is seen as difficult; for TABAYA and ZOZO, OP is forecast to exceed the IBES consensus. FOOD & LIFE COMPANIES is due to report full-year results, with OP guidance expected to be achieved, and Seria is expected to announce an upward revision to its FY3/27 guidance. For Pan Pacific International Holdings, UBS forecasts Q1 FY6/27 OP of ¥41.7bn, up 1% qoq, and FY6/27 OP of ¥176.9bn, up 1% yoy, assuming a ¥3.6bn operating loss at Toys"R"Us Japan. For FOOD & LIFE, FY9/26 OP is forecast to rise 44% yoy to ¥51.8bn, driven by overseas Sushiro, with domestic same-store sales up 7.9% yoy. Fo