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H2O Retailing Corporation

H2O Retailing Corporation 8242

エイチ・ツー・オー リテイリング
H2O Retailing Corporation
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8-7 Kakuda-cho, Kita-ku, Osaka, 530-0017
https://www.h2o-retailing.co.jp/ja/index.html
06-6365-8120
Summary
H2O is a retailer that mainly operates department stores (Hankyu Department Stores and Hanshin Department Stores) and supermarkets (such as Izumiya and Hankyu Oasis)
Food & Staples RetailingMultiline Retail
Key dates
2020-04-30
Coverage initiation
Full Report
2022-05-16
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Executive summary

Business overview

H2O Retailing Corporation is a retailer that operates department stores (Hankyu Department Stores and Hanshin Department Stores), supermarkets (such as Izumiya and Hankyu Oasis), and shopping centers mainly in the Kansai area. The company operates 15 department stores in Japan, mainly along the Hankyu Railway and Hanshin Electric Railway lines. It also has 177 supermarkets in the Kansai region (as of November 2021). The company follows an area dominance strategy targeting the Kansai region. Kansai has around 20mn consumers and includes the prefectures of Osaka (population of 8.8mn), Hyogo (5.5mn), and Kyoto (2.6mn). H2O’s strategy is to have consumers make as many of their everyday purchases as possible at its supermarkets and enjoyable, non-routine shopping at its department stores. 

Sales in the department store industry as a whole have been declining due to intensifying competition from specialty stores and shopping centers. However, H2O is using its ability to design unique retail spaces to attract customers from the Kansai region (primarily at its Hankyu Main Store and Hanshin Umeda Main Store) and customers from outside the region. To secure a new earnings base during a difficult period for expansion in the domestic department store market, the company opened Ningbo Hankyu (located in Zhejiang, China; company stake of 33.3%) as its first overseas department store in April 2021.

H2O was created through the 2007 merger of Hankyu Department Stores and Hanshin Department Stores. Their respective predecessor companies were the Hankyu Market (now Hankyu Main Store), which opened in Osaka’s Umeda district in 1925, and Hanshin Mart (now Hanshin Umeda Main Store), which opened in 1933. Hanshin Electric Railway is H2O’s largest shareholder, with an 11.9% stake, followed by Hankyu Hanshin Holdings (TSE1: 9042), which holds an 8.4% stake. Effectively, Hankyu Hanshin Holdings, the parent company of Hanshin Electric Railway, therefore holds a 20.3% stake in H2O (making it an equity-method affiliate). H2O, Hankyu Hanshin Holdings, and Toho (TSE1: 9602) together form the Hankyu Hanshin Toho Group. The group’s business interests span urban transport, real estate, hotels, department stores, supermarkets, and entertainment.

H2O has four business segments: the Department Store, Supermarket, Shopping Center, and Other businesses. In FY03/21, the Department Store business accounted for 47.1% of the company’s gross sales, while the Supermarket business accounted for 39.6%, the Shopping Center business 8.8%, and the Other business 4.6%. The operating loss in FY03/21 amounted to JPY4.4bn. The Department Store business generated JPY1.9bn in operating loss, while the Supermarket business produced operating profit of JPY4.2bn. Previously, the company had maintained solid performance in the Department Store segment with sales growth driven by its Hankyu Main Store. However, this trend was broken as the company reported an operating loss in the same segment due to impact from the COVID-19 pandemic. On the other hand, the company reported operating profit in the Supermarket segment, in part because it transferred the Izumiya non-food operations, which had generally been generating operating losses, to the Shopping Center business. The company is currently implementing structural reforms, including cost restructuring for its department stores, operational streamlining at supermarkets, and conversion of Izumiya general merchandise stores into shopping centers.

Trends and outlook

In FY03/22, H2O reported gross sales of JPY788.1bn (+6.6% YoY), operating profit of JPY740mn (operating loss of JPY4.4bn in FY03/21), recurring profit of JPY2.3bn (recurring loss of JPY2.9bn in FY03/21), and net income attributable to owners of the parent of JPY9.9bn (net loss of JPY24.8bn in FY03/21). Despite the impact of the COVID-19 pandemic, sales rose thanks to a YoY recovery in the mainstay Department Store business and the effect of the business integration with Kansai Super Market Ltd. in December 2021. On the profit front, the mainstay Department Store business and Shopping Center business returned to profitability, while the Supermarket business posted higher profit. The company recorded extraordinary gains of JPY27.0bn—which consisted mainly of a JPY13.6bn gain on sale of fixed assets and a JPY6.5bn gain on sale of investment securities—and extraordinary losses of JPY13.8bn, which stemmed primarily from JPY4.3bn in pandemic-related losses. The annual dividend for FY03/22 is JPY25 per share.

For FY03/23, the company forecasts gross sales of JPY1.0tn (+26.9% YoY), sales of JPY660.0bn (+27.3% YoY), operating profit of JPY8.0bn (operating profit of JPY740mn in FY03/22), recurring profit of JPY7.0bn (+198.4% YoY), and net income attributable to owners of the parent of JPY8.0bn (-19.0% YoY). The company expects gross sales to increase 26.9% YoY, driven by the grand opening of the Hanshin Main Store in the Department Store business and the contribution from the consolidation of Kansai Super Market in the Supermarket business. On the profit front, the company expects operating profit to grow more than 10x its level in FY03/22 due to the expected increase in gross sales as well as improved profitability at Izumiya.

Medium-term management plan: The company’s new medium-term management plan, covering the years between FY03/22 and FY03/24, is aimed at recovering operating profit to the level seen prior to the spread of COVID-19 and includes the following strategies: rebuild the Department Store business by reforming the cost structure and establishing the OMO business style; establish the Supermarket business as a second earnings pillar by restructuring the business, integrating food manufacturing and processing with sales, and bolstering capacity through alliances; (as part of its effort to establish businesses that will ensure future growth) work to make Ningbo Hankyu the leading department store in the region, develop related businesses, and launch and expand the customer service business centered on online support; and promote the advancement of IT and digitalization.

Strengths and weaknesses

Shared Research believes H2O has three key strengths: 1) an ability to create retail spaces that attract consumers (in Kansai, from outside the region, and from overseas) without relying excessively on retailer tenant revenues; 2) highly convenient, attractive locations; and 3) an ability to make the best use of its Hankyu and Hanshin brand, well known in Kansai region.

We believe its weaknesses are: 1) significant lags between decision-making and results due to the time it takes to build and rebuild department stores; 2) the lack of competitive advantage in the shopping center business format operated under the Shopping Center business; and 3) little experience of business development overseas. (See the Strengths and weaknesses section for details.)

Key financial data

Income statementFY03/14FY03/15FY03/16FY03/17FY03/18FY03/19FY03/20FY03/21FY03/22FY03/23
(JPYmn)Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Est.
Gross sales576,852844,819915,690901,221921,871926,872897,289739,198788,1081,000,000
YoY9.8%46.5%8.4%-1.6%2.3%0.5%-3.2%-17.6%6.6%26.9%
Sales576,852844,819915,690901,221921,871926,872897,289739,198518,447660,000
YoY9.8%46.5%8.4%-1.6%2.3%0.5%-3.2%-17.6%-27.3%
Gross profit156,949241,417266,363263,384266,224266,235256,035211,903218,680
YoY10.1%53.8%10.3%-1.1%1.1%0.0%-3.8%-17.2%3.2%-
Gross profit margin27.2%28.6%29.1%29.2%28.9%28.7%28.5%28.7%27.7%
SG&A expenses139,636220,059242,538240,842243,459245,813244,864216,341217,939
YoY5.9%57.6%10.2%-0.7%1.1%1.0%-0.4%-11.6%0.7%
SG&A ratio24.2%26.0%26.5%26.7%26.4%26.5%27.3%29.3%27.7%
Operating profit17,31321,35823,82522,54222,76520,42211,171-4,4387408,000
YoY62.3%23.4%11.6%-5.4%1.0%-10.3%-45.3%---
Operating profit margin3.0%2.5%2.6%2.5%2.5%2.2%1.2%-0.6%0.1%
Recurring profit18,16021,21923,06021,72524,27221,37611,831-2,9072,3467,000
YoY60.2%16.8%8.7%-5.8%11.7%-11.9%-44.7%--198.4%
Recurring profit margin3.1%2.5%2.5%2.4%2.6%2.3%1.3%-0.4%0.3%
Net income29511,58614,05314,29814,6362,162-13,150-24,7919,8728,000
YoY-95.2%-21.3%1.7%2.4%-85.2%----19.0%
Net margin0.1%1.4%1.5%1.6%1.6%0.2%-1.5%-3.4%1.3%0.8%
Per-share data (split-adjusted; JPY)
Shares outstanding (ex. treasury shares; year-end, mn)388.3123.3123.4123.5123.5123.6123.6123.7125.2
EPS (JPY)3.098.1113.9115.8118.517.5-106.4-177.979.864.9
EPS (fully diluted; JPY)3.097.6113.4115.3117.917.4--79.3
Dividend per share (JPY)12.525.035.040.040.040.040.025.025.025.0
Book value per share (JPY)1,8582,0332,0392,1322,2642,2521,9681,8441,922
Balance sheet (JPYmn)
Cash and cash equivalent35,40244,38148,52183,48167,15055,22925,95849,99134,724
Total current assets92,027139,905145,570178,318160,167150,003112,116139,291129,725
Tangible fixed assets120,484255,093253,461258,961280,661284,860273,165261,386301,245
Investments and other assets150,108217,049180,280185,721200,884209,710182,455208,539207,143
Intangible assets15,09719,83017,73017,54317,87018,76219,16816,72916,443
Total assets377,716631,877597,041640,543659,582663,335586,904625,945654,558
Short-term debt35,48815,70211,04030,26043,32528,95034,01047,3242,367
Total current liabilities141,603173,826157,225189,202201,569174,092158,139184,531147,663
Long-term debt5,501135,666125,014126,299116,106145,404132,419155,016186,530
Total fixed liabilities53,836206,392187,229187,018177,206209,640184,131212,137245,956
Total liabilities195,439380,218344,454376,220378,775383,732342,270396,668393,620
Shareholders' equity180,407250,764251,556263,222279,570278,364243,318228,135236,846
Total net assets182,277251,659252,587264,323280,807279,603244,634229,277260,938
Total interest-bearing debt40,989151,368136,054156,559159,431174,354166,429202,340188,897
Cash flow statement(JPYmn)
Cash flows from operating activities33,41525,46824,53938,74232,73915,39210,03912,7557,007
Cash flows from investing activities-9,628-49,1625,852-25,325-35,492-36,682-22,619-20,761-5,745
Cash flows from financing activities-3,55724,161-26,20721,703-13,8129,581-16,44031,859-28,578
Financial ratio
ROA (RP-based)4.9%4.2%3.8%3.5%3.7%3.2%1.9%-0.5%0.4%
ROE0.2%5.4%5.6%5.6%5.4%0.8%-5.0%-10.5%4.2%
Equity ratio47.8%39.7%42.1%41.1%42.4%42.0%41.5%36.4%36.2%
Source: Shared Research based on company data. Per-share data have been adjusted for stock splits.
Note: Figures may differ from company materials due to differences in rounding methods.
Note: The company conducted a reverse stock split (1-for-2) on September 1, 2014.
Note: The company began applying the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) in FY03/22. The full-year FY03/22 forecast in this table is based on the application of this standard. “Sales” through FY03/21 are stated as “gross sales” in the table.
Note: Gross profit margin, SG&A expense ratio, operating profit margin, recurring profit margin, and net margin have been calculated using gross sales as a denominator.

Recent updates

Monthly sales report for April 2022

2022-05-16

H2O Retailing Corporation announced monthly sales report for April 2022.

Monthly gross sales

FY03/2120202021
AprMayJunJulAugSepOctNovDecJanFebMar
Consolidated-47.3%-39.1%-12.5%-15.0%-15.1%-25.2%-4.1%-13.5%-13.6%-19.4%-10.9%8.8%
Department Store-79.4%-68.7%-22.1%-23.6%-26.5%-36.1%3.7%-14.1%-17.1%-30.1%-12.0%33.5%
Hankyu Hanshin Dept. StoresAprMayJunJulAugSepOctNovDecJanFebMar
Hankyu Main Store-85.9%-74.4%-21.9%-24.6%-29.5%-38.2%-1.1%-13.8%-17.9%-29.9%-7.2%44.8%
Hanshin Umeda Main Store-81.0%-72.7%-36.1%-31.9%-36.9%-55.8%-10.4%-31.4%-33.7%-44.6%-33.1%9.5%
Total branch stores-58.5%-43.9%15.4%12.6%16.7%8.2%-3.0%-9.8%-10.8%-26.0%-11.1%24.5%
All stores-76.5%-64.1%-10.9%-13.2%-15.0%-27.0%-2.8%-13.7%-16.5%-29.6%-11.6%32.6%
Comparable stores-80.5%-69.5%-22.5%-23.9%-26.9%-36.3%------
IzumiyaAprMayJunJulAugSepOctNovDecJanFebMar
Gross sales
All stores7.2%5.4%-0.9%2.9%5.2%1.0%3.2%1.8%0.6%5.4%-2.0%-7.4%
Comparable stores6.8%6.1%-0.2%3.5%5.2%0.5%2.0%-0.4%1.6%5.4%-2.0%-7.7%
Hankyu OasisAprMayJunJulAugSepOctNovDecJanFebMar
Gross sales
All stores7.7%4.3%0.3%4.4%5.7%-0.3%-0.1%-4.7%1.6%7.4%-2.4%-8.1%
Comparable stores6.0%3.3%-1.4%1.8%4.9%-1.5%-0.8%-3.8%2.9%8.1%-2.2%-8.6%
FY03/2220212022
AprMayJunJulAugSepOctNovDecJanFebMar
Consolidated38.8%-1.6%-0.3%3.8%-10.7%-5.4%4.5%7.5%2.3%23.0%16.1%15.2%
Department Store216.6%2.0%3.2%11.4%-15.4%-6.4%4.5%12.4%16.9%17.1%2.0%4.5%
Supermarket---------46.5%46.7%44.4%
Hankyu Hanshin Dept. StoresAprMayJunJulAugSepOctNovDecJanFebMar
Hankyu Main Store322.9%-34.3%8.6%18.8%-13.7%-3.2%7.8%19.3%23.5%22.1%6.9%6.9%
Hanshin Umeda Main Store151.9%-21.1%-17.6%-14.3%-68.2%-42.2%-9.5%14.6%35.3%22.1%-2.5%34.5%
Total branch stores158.6%32.3%-0.9%6.8%-8.6%-5.1%1.9%2.2%3.9%7.7%-5.1%-3.3%
All stores213.6%1.3%2.5%11.0%-15.6%-6.9%3.7%11.5%15.8%15.7%1.0%4.5%
Comparable stores------------
IzumiyaAprMayJunJulAugSepOctNovDecJanFebMar
Gross sales
All stores-7.1%-1.3%-0.4%-1.2%-6.1%-1.6%-2.2%-6.8%-6.7%-6.7%-3.1%-2.5%
Comparable stores-7.1%-0.6%0.7%-0.8%-5.7%-0.4%-0.5%-5.0%-5.0%-5.0%-1.2%-0.7%
Hankyu OasisAprMayJunJulAugSepOctNovDecJanFebMar
Gross sales
All stores-5.3%0.9%5.5%0.7%-0.2%0.5%0.3%-1.1%-5.5%-5.3%-2.6%-0.2%
Comparable stores-5.8%0.7%6.3%2.3%1.9%2.4%1.5%-0.9%-5.6%-5.2%-2.2%-0.6%
Kansai SuperAprMayJunJulAugSepOctNovDecJanFebMar
Gross sales
All stores----------0.7%0.2%-0.4%
Comparable stores---------0.1%1.0%0.5%
FY03/2320222023
AprMayJunJulAugSepOctNovDecJanFebMar
Consolidated97.7%
Department Store43.1%
Supermarket42.6%
Hankyu Hanshin Dept. StoresAprMayJunJulAugSepOctNovDecJanFebMar
Hankyu Main Store56.0%
Hanshin Umeda Main Store142.4%
Total branch stores13.5%
All stores42.0%
Comparable stores-
IzumiyaAprMayJunJulAugSepOctNovDecJanFebMar
Gross sales
All stores-5.4%
Comparable stores-3.4%
Hankyu OasisAprMayJunJulAugSepOctNovDecJanFebMar
Gross sales
All stores-7.7%
Comparable stores-8.1%
Kansai SuperAprMayJunJulAugSepOctNovDecJanFebMar
Gross sales
All stores-1.7%
Comparable stores-1.7%
Note: The company has adopted the Accounting Standard for Revenue Recognition from FY03/22, but general merchandise values (gross sales) for the fiscal year provided above are based on the previous accounting standard.
Note: Kansai Super, which merged with the company in December 2021, is included in the Supermarket segment. Consolidated sales and Supermarket segment results for FY03/21 do not include Kansai Super results.
Monthly20212022
MayJunJulAugSepOctNovDecJanFebMarApr
Consolidated-1.6%-0.3%3.8%-10.7%-5.4%4.5%7.5%2.3%23.0%16.1%15.2%97.7%
Department Store2.0%3.2%11.4%-15.4%-6.4%4.5%12.4%16.9%17.1%2.0%4.5%43.1%
Supermarket--------46.5%46.7%44.4%42.6%
Hankyu Hanshin Dept. StoresMayJunJulAugSepOctNovDecJanFebMarApr
Hankyu Main Store-34.3%8.6%18.8%-13.7%-3.2%7.8%19.3%23.5%22.1%6.9%6.9%56.0%
Hanshin Umeda Main Store-21.1%-17.6%-14.3%-68.2%-42.2%-9.5%14.6%35.3%22.1%-2.5%34.5%142.4%
Total branch stores32.3%-0.9%6.8%-8.6%-5.1%1.9%2.2%3.9%7.7%-5.1%-3.3%13.5%
All stores1.3%2.5%11.0%-15.6%-6.9%3.7%11.5%15.8%15.7%1.0%4.5%42.0%
Comparable stores------------
All stores ex. Hanshin Umeda Main Store
Customer count
All stores22.8%-2.5%0.3%-21.4%-16.7%-3.1%7.7%22.0%14.1%-2.3%-0.4%40.1%
Comparable stores------------
Branch stores
Senri Hankyu-16.3%-2.5%5.8%-12.0%-1.1%1.2%7.6%1.4%0.8%-5.7%-1.3%13.2%
Takatsuki Hankyu-23.2%-5.9%4.1%-14.2%-3.4%-5.8%4.1%1.2%7.7%-6.4%-4.6%27.4%
Kawanishi Hankyu8.0%-9.2%-1.8%-13.2%-9.4%-1.5%0.3%0.7%2.1%-7.3%-3.0%10.5%
Takarazuka Hankyu15.6%6.9%5.3%8.5%-8.2%3.7%6.2%-0.4%0.6%-8.8%3.6%3.3%
Nishinomiya Hankyu30.5%-7.8%3.3%-10.2%-0.5%3.1%4.6%2.0%5.5%-4.9%1.5%23.6%
Sanda Hankyu53.1%60.0%55.7%-85.9%--------
Kobe Hankyu40.7%-1.3%7.4%-10.7%-13.5%-7.5%-1.5%-4.1%-0.6%-16.1%-16.6%9.2%
Hakata Hankyu165.9%7.3%15.8%-3.8%-3.8%15.9%5.2%18.2%25.0%5.3%2.2%9.3%
Hankyu Men's Tokyo170.5%-5.6%-0.2%-14.0%0.5%1.7%-0.3%11.7%17.8%4.4%8.3%44.5%
Oi Hankyu Food Hall-4.1%3.0%0.4%-4.6%1.4%0.1%-1.3%-1.3%0.1%-0.7%-3.0%-2.8%
Tsuzuki Hankyu27.5%8.1%6.1%2.1%7.4%8.9%2.7%2.6%-0.7%2.9%-1.0%0.0%
Amagasaki Hanshin5.5%3.1%1.4%6.7%7.5%4.0%2.6%1.5%2.7%0.0%3.1%5.3%
Hanshin Nishinomiya2.1%3.7%0.9%3.8%4.6%6.5%2.6%-0.1%2.1%-2.3%-0.5%1.1%
Hanshin Mikage16.6%12.7%0.8%2.1%-0.5%16.0%3.3%7.3%5.9%3.6%-4.1%13.1%
All store sales by product
Menswear and goods-35.3%-11.2%4.1%-21.5%-4.9%-2.0%9.5%14.4%13.3%3.7%10.5%47.9%
Womenswear and goods-19.9%-1.5%8.1%-24.1%-8.5%6.9%16.5%20.4%12.1%-8.3%4.3%55.3%
Children's wear and goods-25.6%-10.9%8.7%-18.0%-20.5%0.1%9.8%14.7%6.2%-5.6%-8.5%31.9%
Other apparel-35.7%-7.8%17.5%-30.0%-19.2%-4.5%13.4%8.4%2.8%-11.7%-2.3%40.7%
Apparel-27.1%-6.1%7.8%-23.3%-9.4%2.4%13.3%16.7%11.2%-4.6%4.4%49.6%
Personal items-11.0%8.6%13.8%-11.7%-0.1%11.0%21.3%25.5%31.6%10.0%17.6%59.3%
Household goods-24.8%-0.3%23.0%3.4%-2.7%-4.1%9.4%16.2%9.0%-4.6%-2.9%26.9%
Food17.9%8.3%5.6%-15.4%-9.4%-2.0%6.1%8.2%6.2%-1.8%-0.4%28.1%
Restaurants and cafes5.4%2.7%9.3%-36.9%-26.6%22.4%60.3%105.6%62.6%30.5%41.5%204.1%
Accessories3.7%3.2%26.4%-11.5%-2.9%10.9%11.8%23.5%27.6%7.5%3.7%39.6%
Services-18.8%15.2%10.1%-30.5%-2.9%8.4%0.3%19.1%39.9%-3.6%13.1%45.3%
Other-7.6%-7.3%-0.5%-16.5%-17.6%-11.5%-9.5%-12.2%-12.1%-19.7%-26.3%12.3%
Total1.3%2.5%11.0%-15.6%-6.9%3.7%11.5%15.8%15.7%1.0%4.5%42.0%
IzumiyaMayJunJulAugSepOctNovDecJanFebMarApr
Gross sales
All stores-1.3%-0.4%-1.2%-6.1%-1.6%-2.2%-6.8%-6.7%-6.7%-3.1%-2.5%-5.4%
Comparable stores-0.6%0.7%-0.8%-5.7%-0.4%-0.5%-5.0%-5.0%-5.0%-1.2%-0.7%-3.4%
Hankyu OasisMayJunJulAugSepOctNovDecJanFebMarApr
Gross sales
All stores0.9%5.5%0.7%-0.2%0.5%0.3%-1.1%-5.5%-5.3%-2.6%-0.2%-7.7%
Comparable stores0.7%6.3%2.3%1.9%2.4%1.5%-0.9%-5.6%-5.2%-2.2%-0.6%-8.1%
Kansai SuperMayJunJulAugSepOctNovDecJanFebMarApr
Gross sales
All stores---------0.7%0.2%-0.4%-1.7%
Comparable stores--------0.1%1.0%0.5%-1.7%
Note: The company has adopted the Accounting Standard for Revenue Recognition from FY03/22, but general merchandise values (gross sales) for the fiscal year provided above are based on the previous accounting standard.
Note: Kansai Super, which merged with the company in December 2021, is included in the Supermarket segment. Consolidated sales and Supermarket segment results for FY03/21 do not include Kansai Super results.

Extraordinary gains (negative goodwill) and remodeling of Kobe Hankyu and Takatsuki Hankyuecast

2022-05-13

On May 12, 2022, H2O Retailing Corporation announced the recording of extraordinary gains (gain on negative goodwill).

Extraordinary gains (gain on negative goodwill)

The company made Kansai Super Market Ltd. a consolidated subsidiary in December 2021. In Q4 FY03/22, the purchase price allocation (PPA) was completed, and the difference between acquisition costs and net book value (JPY3.3bn; cumulative total of JPY3.4bn) was recorded as a gain on negative goodwill under extraordinary gains.

On the same day, the company announced the remodeling of the Kobe Hankyu and Takatsuki Hankyu locations.

Remodeling of Kobe Hankyu and Takatsuki Hankyu

Hankyu Hanshin Department Stores, Inc., a consolidated subsidiary of the company, announced that it will remodel the Kobe Hankyu and Takatsuki Hankyu locations. This is in accordance with the company's new medium-term management plan (FY2022–FY2023) announced in July 2021.

Kobe Hankyu: The company will invest approximately JPY8.0bn to renovate about 90% of the total sales floor area of the entire building. The objective of the remodeling is to create a store that blends the feel of the Kobe lifestyle with the urban department store model. The renovation is scheduled to be completed in autumn 2023.

Takatsuki Hankyu: Aiming to create a new suburban department store model with the optimum mix of department stores and specialty stores, Takatsuki Hankyu will renovate about 65% of its total sales floor area with an investment of approximately JPY2.3bn. The renovation is scheduled to be completed in autumn 2023.

Reorganization of consolidated subsidiary Hankyu Hanshin Department Stores, Inc. 

2022-03-18

On March 17, 2022, H2O Retailing Corporation announced reorganization of its consolidated subsidiary Hankyu Hanshin Department Stores, Inc.

The company will change the organizational structure of its consolidated subsidiary Hankyu Hanshin Department Stores (effective April 1, 2022) to establish a new business model with the aim of rebuilding the Department Store business; to promote integration of the procurement and sales functions and maximize the effectiveness and efficiency of these functions; to maximize effectiveness and efficiency through reorganizing operations related to the OMO business style; and to strengthen branding for Hankyu Men's department stores. 

Grand reopening of Hanshin Umeda Main Store

2022-02-28

On February 25, 2022, H2O Retailing Corporation made an announcement regarding the grand reopening of its Hanshin Umeda Main Store.

The company announced that it would celebrate the grand reopening of the entire Hanshin Umeda Main Store on April 6, 2022. Reconstruction of the Hanshin Umeda Main Store has been underway since the autumn of 2014. The Wing I was completed in April 2018 and since then the reconstructed store has reopened gradually, with a pre-opening in October 2021 and a full reopening of floors one to nine in December 2021. 

Overview of Hanshin Umeda Main Store
  • Name: Hanshin Umeda Main Store
  • Location: 1-13-13 Umeda, Kita-ku, Osaka
  • Sales floors: Second basement floor to ninth floor above ground
  • Sales floor area: 53,000sqm
  • Sales target: JPY73.0bn in FY03/22

Trends and outlook

Quarterly trends and results

CumulativeFY03/21FY03/22FY03/22
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4% of Est.FY Est.
Gross sales145,904335,614551,568739,198161,179344,072567,149788,108100.4%785,000
YoY-32.8%-25.5%-20.5%-17.6%10.5%2.5%2.8%6.6%6.2%
Sales----114,285237,020371,303518,447100.7%515,000
YoY---------
Gross profit43,72697,702158,782211,90346,40097,824158,723218,680
YoY-30.6%-24.3%-20.0%-17.2%---3.2%
Gross profit/Gross sales30.0%29.1%28.8%28.7%28.8%28.4%28.0%27.7%
SG&A expenses47,020102,108159,790216,34248,445102,973158,003217,939
YoY-21.8%-16.8%-14.3%-11.6%---0.7%
SG&A expenses/Gross sales32.2%30.4%29.0%29.3%30.1%29.9%27.9%27.7%
Operating profit-3,293-4,405-1,008-4,438-2,044-5,148720740--1,000
YoY---------
Operating profit/Gross sales-2.3%-1.3%-0.2%-0.6%-1.3%-0.1%0.1%-
Recurring profit-2,996-4,400-101-2,907-949-4,1892,0122,346469.2%500
YoY---------
Recurring profit/Gross sales-2.1%-1.3%0.0%-0.4%-0.6%-0.4%0.3%0.1%
Net income-6,111-10,102-8,109-24,7916,2778,08512,9379,87289.7%11,000
YoY---------
Net income/Gross sales-4.2%-3.0%-1.5%-3.4%3.9%2.3%2.3%1.3%1.4%
QuarterlyFY03/21FY03/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Gross sales145,904189,710215,954187,630161,179182,893223,077220,959
YoY-32.8%-18.8%-11.2%-7.7%10.5%-3.6%3.3%17.8%
Sales161,179122,735134,283147,144
YoY---
Gross profit43,72653,97661,08053,12146,40051,42460,89959,957
YoY-30.6%-18.2%-12.0%-7.8%---12.9%
Gross profit/Gross sales30.0%28.5%28.3%28.3%28.8%28.1%27.3%27.1%
SG&A expenses47,02055,08857,68256,55248,44554,52855,03059,936
YoY-21.8%-11.9%-9.6%-3.1%---6.0%
SG&A expenses/Gross sales32.2%29.0%26.7%30.1%30.1%29.8%24.7%27.1%
Operating profit-3,293-1,1123,397-3,430-2,044-3,1045,86820
YoY---39.0%-----
Operating profit/Gross sales--1.6%---2.6%-
Recurring profit-2,996-1,4044,299-2,806-949-3,2406,201334
YoY---24.9%-----
Recurring profit/Gross sales-----0.6%-4.6%0.2%
Net income-6,111-3,9911,993-16,6826,2771,8084,852-3,065
YoY--86.3%---143.5%-
Net income/Gross sales----3.9%1.0%2.2%-2.1%
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: The company began applying the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) in FY03/22. FY03/22 figures and forecast in this table are based on the application of this standard. “Sales” through FY03/21 are stated as “gross sales” in the table.
Note: Gross profit margin, SG&A expense ratio, operating profit margin, recurring profit margin, and net margin have been calculated using gross sales as a denominator.

By segmentFY03/21FY03/22FY03/22
Cumulative (JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4% of Est.FY Est.
Gross sales145,904335,614551,568739,198161,179344,072567,149788,108100.4%785,000
YoY-32.8%-25.5%-20.5%-17.6%10.5%2.5%2.8%6.6%6.2%
Department Store48,408138,187252,727347,76866,697154,306282,457385,095100.3%384,000
YoY-57.4%-43.1%-31.8%-26.5%37.8%11.7%11.8%10.7%10.4%
Supermarket73,148147,600223,367292,75473,346149,228225,860327,205100.6%325,200
YoY----0.3%1.1%1.1%11.8%11.1%
Shopping Center Management17,07334,07551,36665,02413,02524,56034,74842,87998.6%43,500
YoY-----23.7%-27.9%-32.4%-34.1%-33.1%
Other7,27415,75024,10833,6518,11015,97624,08332,928101.9%32,300
YoY----11.5%1.4%-0.1%-2.1%-4.0%
Sales145,904335,614551,568739,198114,285237,020371,303518,447100.7%515,000
YoY-32.8%-25.5%-20.5%-17.6%-----
Department Store48,408138,187252,727347,76823,41654,88698,284131,446
YoY-57.4%-43.1%-31.8%-26.5%----
Supermarket73,148147,600223,367292,75470,095142,384215,077313,068
YoY--------
Shopping Center Management17,07334,07551,36665,02412,43623,51132,98840,670
YoY--------
Other7,27415,75024,10833,6517,32614,05621,24928,351
YoY--------
Operating profit-3,293-4,405-1,008-4,438-2,044-5,148720740--1,000
YoY---------
Operating profit/Gross sales--------
Department Store-2,945-3,456-963-1,903-1,846-4,0751,060939469.5%200
YoY--------
Operating profit/Gross sales------0.4%0.2%0.1%
Supermarket1,4822,8524,4664,0861,3352,3963,9265,326106.5%5,000
YoY-------30.3%22.3%
Operating profit/Gross sales2.0%1.9%0.6%1.9%0.7%1.7%1.6%1.5%
Shopping Center Management-107-669-102-75723-6380391-0
YoY--------
Operating profit/Gross sales--0.2%-1.1%0.9%-
Other526-721-571-1,516-1,090-2,348-2,618-3,409--3,600
YoY-81.8%-------
Operating profit/Gross sales7.2%-----
Adjustments-2,250-2,409-3,837-4,347-466-1,114-2,029-2,506--2,600
By segmentFY03/21FY03/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Gross sales145,904189,710215,954187,630161,179182,893223,077220,959
YoY-32.8%-18.8%-11.2%-7.7%10.5%-3.6%3.3%17.8%
Department Store48,40889,779114,54095,04166,69787,609128,151102,638
YoY-57.4%-28.8%-12.5%-7.4%37.8%-2.4%11.9%8.0%
Supermarket73,14874,45275,76769,38773,34675,88276,632101,345
YoY----0.3%1.9%1.1%46.1%
Shopping Center Management17,07317,00217,29113,65813,02511,53510,1888,131
YoY-----23.7%-32.2%-41.1%-40.5%
Other7,2748,4768,3589,5438,1107,8668,1078,845
YoY----11.5%-7.2%-3.0%-7.3%
Sales145,904189,710215,954187,630114,285122,735134,283147,144
YoY-32.8%-18.8%-11.2%-7.7%----
Department Store48,40889,779114,54095,04123,41631,47043,39833,162
YoY-57.4%-28.8%-12.5%-7.4%----
Supermarket73,14874,45275,76769,38770,09572,28972,69397,991
YoY--------
Shopping Center Management17,07317,00217,29113,65812,43611,0759,4777,682
YoY--------
Other7,2748,4768,3589,5437,3266,7307,1937,102
YoY--------
Operating profit-3,293-1,1123,397-3,430-2,044-3,1045,86820
YoY--------
Operating profit/Gross sales--------
Department Store-2,945-5112,493-940-1,846-2,2295,135-121
YoY--------
Operating profit/Gross sales--2.2%-----
Supermarket1,4821,3701,614-3801,3351,0611,5301,400
YoY--------
Operating profit/Gross sales2.0%1.8%2.1%-1.9%0.6%0.7%0.6%
Shopping Center Management-107-562567-65523-2938611
YoY--------
Operating profit/Gross sales----0.2%-3.8%0.1%
Other526-1,247150-945-1,090-1,258-270-791
YoY--------
Operating profit/Gross sales7.2%-------
Adjustments-2,250-159-1,428-510-466-648-915-477
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: The company began applying the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) in FY03/22. FY03/22 figures and forecast in this table are based on the application of this standard. “Sales” through FY03/21 are stated as “gross sales” in the table.
Note: Operating profit margin has been calculated using gross sales as the denominator.
Note: In Q1 FY03/22, the company changed the name of the Shopping Center Management segment to the Shopping Center segment. Additionally, Hankyu Kitchen Yell Kansai, Inc., EveryD.com, Inc. and Hankyu Sennan Green Farm, which were previously included in the Other business segment, were transferred to the Supermarket segment, and Oi Development Co., Ltd., which was also included in Other business segment, was transferred to the Shopping Center segment. FY03/21 figures have been adjusted to reflect the new reporting segment classifications.
SG&A expensesFY03/21FY03/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Gross sales145,904189,710215,954187,630161,179182,893223,077220,959
SG&A expenses47,02055,08857,68256,55248,44554,52855,03059,936
YoY-21.8%-11.9%-9.6%-3.1%3.0%-1.0%-4.6%6.0%
% of sales32.2%29.0%26.7%30.1%30.1%29.8%24.7%27.1%
Personnel18,39621,09421,32320,82119,27520,85220,83623,157
YoY-22.3%-10.7%-12.1%-7.1%4.8%-1.1%-2.3%11.2%
% of gross sales12.6%11.1%9.9%11.1%12.0%11.4%9.3%10.5%
Rents7,0649,51410,0399,7488,4689,79210,54411,664
YoY-28.5%-5.7%-4.4%-0.7%19.9%2.9%5.0%19.7%
% of gross sales4.8%5.0%4.6%5.2%5.3%5.4%4.7%5.3%
Advertising and display7061,3011,7912,0121,2541,6831,9552,234
YoY-76.3%-60.1%-19.8%-14.7%77.6%29.4%9.2%11.0%
% of gross sales0.5%0.7%0.8%1.1%0.8%0.9%0.9%1.0%
Depreciation and amortization3,6584,2174,5184,5663,5364,0544,2004,825
YoY-9.5%0.5%-1.0%-5.2%-3.3%-3.9%-7.0%5.7%
% of gross sales2.5%2.2%2.1%2.4%2.2%2.2%1.9%2.2%
Outsourcing4,6053,9654,5264,9404,3895,0204,6905,167
YoY-6.3%-21.4%-10.7%0.2%-4.7%26.6%3.6%4.6%
% of gross sales3.2%2.1%2.1%2.6%2.7%2.7%2.1%2.3%
Sales commissions2,3093,0693,7252,3001,1111,3631,5911,954
YoY-25.8%-5.2%-19.8%-26.4%-51.9%-55.6%-57.3%-15.0%
% of gross sales1.6%1.6%1.7%1.2%0.7%0.7%0.7%0.9%
Transportation3,4743,8693,9933,0693,3723,7594,0282,955
YoY-2.7%-5.7%-4.4%-1.6%-2.9%-2.8%0.9%-3.7%
% of gross sales2.4%2.0%1.8%1.6%2.1%2.1%1.8%1.3%
Other6,8048,0597,7699,0947,0378,0057,1857,981
YoY-14.7%-10.2%-7.3%17.1%3.4%-0.7%-7.5%-12.2%
% of gross sales4.7%4.2%3.6%4.8%4.4%4.4%3.2%3.6%
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: The company began applying the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) in FY03/22.
Note: With its application of the Accounting Standard for Revenue Recognition, the company began subtracting the monetary value associated with customer point redemptions, which it had previously recorded under “sales commissions,” from sales. This change led to a decline in sales commissions in FY03/22.
Note: SG&A expense ratios have been calculated using gross sales as the denominator.
Department Store business
Hankyu Hanshin Dept. StoresFY03/20FY03/21FY03/22FY03/22
Cumulative (JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4% of Est.FY Est.
Gross sales103,616218,344348,529450,45847,992137,063250,885347,76866,176153,161280,578385,095100.3%384,000
YoY1.0%4.4%3.1%-0.3%-53.7%-37.2%-28.0%-22.8%37.9%11.7%11.8%10.7%10.4%
Gross profit25,24552,31583,424106,67010,98931,24757,65678,39914,96034,54663,85586,389
YoY-0.4%3.0%1.2%-2.5%-56.5%-40.3%-30.9%-26.5%36.1%10.6%10.8%10.2%
Gross profit/Gross sales24.4%24.0%23.9%23.7%22.9%22.8%23.0%22.5%22.6%22.6%22.8%22.4%
Other operating revenue1423161,1691,9505241,3302,1492,9246851,4732,3413,117
YoY1.4%12.9%173.1%245.1%269.0%320.9%83.8%49.9%30.7%10.8%8.9%6.6%
SG&A expenses22,35545,99673,68596,94214,34935,95560,70083,18917,46540,13265,23088,424
YoY1.3%1.6%5.8%4.9%-35.8%-21.8%-17.6%-14.2%21.7%11.6%7.5%6.3%
SG&A expenses/Gross sales21.6%21.1%21.1%21.5%29.9%26.2%24.2%23.9%26.4%26.2%23.2%23.0%
Operating profit3,0336,63410,90811,679-2,835-3,377-894-1,688-1,820-4,1129661,083200
YoY-11.1%14.4%-17.8%-33.5%-----35.8%21.8%---
Operating profit/Gross sales2.9%3.0%3.1%2.6%-5.9%-2.5%-0.4%-0.5%-2.8%-2.7%0.3%0.3%0.1%
Hankyu Hanshin Dept. StoresFY03/20FY03/21FY03/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Gross sales103,616114,728130,185101,92947,99289,071113,82296,88366,17686,985127,417104,517
YoY1.0%7.7%1.0%-10.4%-53.7%-22.4%-12.6%-5.0%37.9%-2.3%11.9%7.9%
Gross profit25,24527,07031,10923,24610,98920,25826,40920,74314,96019,58629,30922,534
YoY-0.4%6.4%-1.8%-13.7%-56.5%-25.2%-15.1%-10.8%36.1%-3.3%11.0%8.6%
Gross profit/Gross sales24.4%23.6%23.9%22.8%22.9%22.7%23.2%21.4%22.6%22.5%23.0%21.6%
Other operating revenue142174853781524806819775685788868776
YoY1.4%24.3%476.4%470.1%269.0%363.2%-4.0%-0.8%30.7%-2.2%6.0%0.1%
SG&A expenses22,35523,64127,68923,25714,34921,60624,74522,48917,46522,66725,09823,194
YoY1.3%2.0%13.6%2.0%-35.8%-8.6%-10.6%-3.3%21.7%4.9%1.4%3.1%
SG&A expenses/Gross sales21.6%20.6%21.3%22.8%29.9%24.3%21.7%23.2%26.4%26.1%19.7%22.2%
Operating profit3,0333,6014,274771-2,835-5422,483-794-1,820-2,2925,078117
YoY-11.1%50.7%-42.8%-82.0%---41.9%--35.8%-104.5%-
Operating profit/Gross sales2.9%3.1%3.3%0.8%-5.9%-0.6%2.2%-0.8%-2.8%-4.0%0.1%
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: The company began applying the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) in FY03/22. However, non-consolidated financial results do not reflect this standard’s application. “Sales” through FY03/21 are stated as “gross sales” in the table.
Note: Gross profit margin, SG&A expense ratio, and operating profit margin have been calculated using gross sales as a denominator.
Sales by storeFY03/20FY03/21FY03/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
All stores103,616114,728135,127106,06750,67293,433118,87898,49269,36890,843131,884105,544
YoY1.0%7.7%4.8%-6.7%-51.1%-18.6%-12.0%-7.1%36.9%-2.8%10.9%7.2%
Hankyu Main Store58,23366,06066,44750,55022,40745,64358,25448,79931,04746,61468,50854,477
YoY4.1%12.7%-8.5%-20.5%-61.5%-30.9%-12.3%-3.5%38.6%2.1%17.6%11.6%
Hanshin Umeda Main Store11,15712,63212,7099,8374,0437,2679,3277,1684,5334,44310,6528,664
YoY-12.6%4.6%-8.8%-21.9%-63.8%-42.5%-26.6%-27.1%12.1%-38.9%14.2%20.9%
Total branches34,22536,03655,97045,68124,22040,52551,29642,52533,78839,78552,72442,403
YoY1.0%0.7%32.1%21.8%-29.2%12.5%-8.4%-6.9%39.5%-1.8%2.8%-0.3%
Senri Hankyu3,5643,8794,3633,4012,2613,2264,0543,3102,5383,1744,1873,245
YoY-1.4%0.5%-6.6%-11.8%-36.6%-16.8%-7.1%-2.7%12.3%-1.6%3.3%-2.0%
Takatsuki Hankyu--5,6014,6233,2584,7055,7404,7153,5994,4995,7404,660
YoY------2.5%2.0%10.5%-4.4%0.0%-1.2%
Kawanishi Hankyu3,4783,8234,1323,3552,1403,2203,7993,0912,4752,9753,7973,010
YoY-1.0%-1.1%-8.4%-11.6%-38.5%-15.8%-8.1%-7.9%15.7%-7.6%-0.1%-2.6%
Takarazuka Hankyu1,7371,8852,0411,7051,3021,7141,9881,7301,5261,7452,0431,707
YoY0.4%0.7%-2.9%-8.3%-25.0%-9.1%-2.6%1.5%17.2%1.8%2.8%-1.3%
Nishinomiya Hankyu5,9226,4076,7785,8753,1925,4396,5885,7554,2075,3216,7955,814
YoY3.4%4.7%-5.9%-12.2%-46.1%-15.1%-2.8%-2.0%31.8%-2.2%3.1%1.0%
Kobe Hankyu--10,4658,4033,9617,4189,4007,6885,7427,0418,9986,792
YoY-------10.2%-8.5%45.0%-5.1%-4.3%-11.7%
Sanda Hankyu279365402318104304365288201232--
YoY0.7%2.0%-2.9%-7.0%-62.7%-16.7%-9.2%-9.4%93.3%-23.7%--
Hakata Hankyu12,27912,38313,50711,0253,7988,52611,8509,8158,4048,82213,40710,789
YoY4.1%0.9%-4.9%-17.4%-69.1%-31.1%-12.3%-11.0%121.3%3.5%13.1%9.9%
Hankyu Men's Tokyo3,0683,1113,7702,9359952,2313,1532,3131,6582,1413,3092,564
YoY-8.7%-4.2%-13.2%-10.1%-67.6%-28.3%-16.4%-21.2%66.6%-4.0%4.9%10.9%
Oi Hankyu Food Hall1,0421,1011,3061,0901,0561,1231,3101,1001,0391,1111,2981,086
YoY1.9%0.2%0.2%-0.2%1.3%2.0%0.3%0.9%-1.6%-1.1%-0.9%-1.3%
Tsuzuki Hankyu1,0561,0931,3811,030619745899806735783937809
YoY-0.9%-2.7%3.2%-17.5%-41.4%-31.8%-34.9%-21.7%18.7%5.1%4.2%0.4%
Amagasaki Hanshin652743823704561731834718617767855732
YoY2.7%-0.5%-2.0%-4.9%-14.0%-1.6%1.3%2.0%10.0%4.9%2.5%1.9%
Hanshin Nishinomiya1,0281,1111,2491,0928821,0181,1721,0719401,0491,2011,069
YoY0.3%1.2%-2.3%-5.6%-14.2%-8.4%-6.2%-1.9%6.6%3.0%2.5%-0.2%
Hanshin Mikage1161341511238312614412499128156126
YoY-3.3%1.5%-0.7%-3.1%-28.4%-6.0%-4.6%0.8%19.3%1.6%8.3%1.6%
Note: The company began applying the Accounting Standard for Revenue Recognition at the start of FY03/22. However, “sales by store” figures represent transaction volumes (gross sales), the metric applied by the company prior to the application of this standard.
Note: Sales figures for Kobe Hankyu and Takatsuki Hankyu include both sales from department stores and trading volumes at specialty shops.
Note: Figures may differ from company materials due to differences in rounding methods.
Note: Hankyu Main Store includes Hankyu Men's Osaka. Hankyu Umeda Main Store pre-opened in October 2021 following reconstruction. Figures for Takatsuki Hankyu are the sum of department store sales and trading volumes at specialty shops. Sanda Hankyu closed in August 2021.
Customer count by storeFY03/20FY03/21FY03/22
Quarterly ('000)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
All stores36,46438,64845,45138,19516,98828,83332,52729,70321,95025,26835,39426,787
YoY-1.9%-2.0%12.0%-3.5%-53.4%-25.4%-28.4%-22.2%----
Hankyu Main Store11,35512,36812,0979,9483,4286,5097,5637,0314,2335,5938,6617,083
YoY-3.9%-0.7%-8.3%-22.5%-69.8%-47.4%-37.5%-29.3%23.5%-14.1%14.5%0.7%
Hanshin Umeda Main Store7,4728,0107,6106,0682,2574,0284,4213,8042,4862,1885,4204,425
YoY-7.1%-7.9%-9.1%-22.7%-69.8%-49.7%-41.9%-37.3%10.1%-45.7%22.6%16.3%
Total branches17,63618,26925,74622,17811,30118,29720,54318,86815,22917,48821,31315,279
YoY1.8%-0.2%35.5%17.5%-35.9%0.2%-20.2%-14.9%----
Senri Hankyu1,2011,1961,2091,0768329791,0051,0398579821,0691,001
YoY0.8%0.7%-6.4%-12.4%-30.7%-18.1%-16.9%-3.4%3.0%0.3%6.4%-3.7%
Takatsuki Hankyu--2,3542,0901,3921,9662,1791,9631,5681,8412,0981,935
YoY-------7.4%-6.1%12.6%-6.4%-3.7%-1.4%
Kawanishi Hankyu1,4691,4601,5011,3778251,2141,2231,2469861,0901,2901,219
YoY-0.5%0.5%-5.7%-10.6%-43.8%-16.8%-18.5%-9.5%19.5%-10.2%5.5%-2.2%
Nishinomiya Hankyu3,2313,3763,4402,9991,6062,7593,0022,8811,9962,6653,0452,882
YoY3.9%1.1%-1.3%-15.5%-50.3%-18.3%-12.7%-3.9%24.3%-3.4%1.4%0.0%
Kobe Hankyu--4,9763,9871,6723,3223,5763,1272,1912,7883,7943,262
YoY-------28.1%-21.6%31.0%-16.1%6.1%4.3%
Hakata Hankyu6,6286,9986,8885,8461,7544,0325,2694,4543,8614,1215,9424,801
YoY0.6%-2.2%-1.7%-17.6%-73.5%-42.4%-23.5%-23.8%120.1%2.2%12.8%7.8%
Hankyu Men's Tokyo65065765451497283333257