Komehyo (2780) – 20th November 2015(2,510Words)
Threefold response: Not rated
• Having increased OP by 244% in the 4 years to FY 3/15, simultaneously improving the OPM from 3.8% to 7.3%, Japan’s number 1 branded second hand store operator finds itself at a crossroads.
• The 1% decline in 1H GPM reflects a competitive environment that is worsening. The prospect of further margin erosion is realistic.