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TSI Holdings Co
(3608)
TSI Holdings Co (3608) vs. iShares MSCI Japan ETF (EWJ)
TSI Holdings Co Business Overview & Revenue Model
TSI Holdings Co Financial Statement Overview
| Breakdown | TTM | Feb 2024 | Feb 2023 | Feb 2022 | Feb 2021 | Feb 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 147.54B | 156.61B | 155.38B | 154.46B | 140.38B | 134.08B |
| Gross Profit | 79.81B | 80.36B | 81.13B | 81.08B | 72.45B | 59.31B |
| EBITDA | 6.19B | 5.33B | 5.41B | 6.26B | 8.88B | -7.00B |
| Net Income | 17.33B | 15.23B | 4.85B | 3.06B | 1.02B | 3.86B |
Balance Sheet | ||||||
| Total Assets | 122.70B | 141.16B | 133.46B | 135.43B | 140.44B | 154.95B |
| Cash, Cash Equivalents and Short-Term Investments | 28.90B | 46.33B | 27.47B | 32.20B | 40.23B | 49.87B |
| Total Debt | 9.08B | 1.66B | 9.96B | 9.77B | 16.18B | 25.20B |
| Total Liabilities | 29.94B | 32.92B | 36.04B | 36.55B | 42.70B | 57.52B |
| Stockholders Equity | 92.49B | 107.91B | 97.08B | 98.48B | 97.21B | 96.98B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 3.28B | -2.85B | -1.15B | 257.00M | -8.23B |
| Operating Cash Flow | 0.00 | 5.72B | -525.00M | 1.33B | 1.38B | -5.30B |
| Investing Cash Flow | 0.00 | 28.33B | 3.50B | -110.00M | -3.98B | 36.01B |
| Financing Cash Flow | 0.00 | -15.13B | -7.25B | -9.59B | -8.96B | -11.17B |
TSI Holdings Co Technical Analysis
TSI Holdings Co Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥19.13B | 5.55 | ― | 1.83% | 7.83% | 108.92% | |
68 Neutral | ¥50.65B | 7.26 | 18.28% | 6.12% | -6.22% | 679.61% | |
66 Neutral | ¥138.87B | 17.53 | 2.80% | 3.38% | >-0.01% | -49.83% | |
66 Neutral | ¥39.16B | 13.45 | ― | 5.23% | ― | ― | |
64 Neutral | ¥128.50B | 9.43 | 11.70% | 3.59% | 3.96% | -36.24% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | ¥211.89B | 39.72 | 5.31% | 2.29% | -6.04% | 146.54% |
TSI Holdings Co Corporate Events
TSI Holdings reported strong February 2026 sales, with all retail channels posting 147.2% year-on-year growth and existing retail channels up 106.6%, as both physical stores and e-commerce significantly exceeded the prior-year period. The company said spring merchandise sold well amid warmer late-month temperatures, while last year’s low store sales and a roughly 10-day suspension of brand e-commerce sites during migration to mix.tokyo inflated the year-on-year comparison, though even excluding newly consolidated Daytona International, sales across all channels still rose to 103.3% versus a year earlier, underscoring solid underlying momentum.
The company noted there was no impact from holiday timing on the comparison, and clarified that its e-commerce platform mix.tokyo is treated as an existing retail channel despite last year’s temporary suspension. February’s performance highlights the benefits of TSI’s expanded consolidation scope and digital integration strategy, reinforcing its position in Japan’s fashion retail market as it seeks to balance brick-and-mortar recovery with accelerating online growth.
The most recent analyst rating on (JP:3608) stock is a Buy with a Yen1212.00 price target. To see the full list of analyst forecasts on TSI Holdings Co stock, see the JP:3608 Stock Forecast page.
TSI Holdings has issued a correction to its recent announcement on a syndicated loan with financial covenants and a borrowing arrangement under Mizuho Eco Finance, clarifying that the facility is secured by a pledge of subsidiary shares rather than being unsecured as previously stated. The syndicated loan totals JPY 36 billion, involves three major commercial banks, matures on February 28, 2033, and the disclosure error stemmed from insufficient verification of contractual terms during preparation, highlighting a need for greater accuracy in the company’s financial communications and underscoring that core financing conditions include collateralization of group equity.
The correction indicates that, contrary to the earlier disclosure, the syndicated loan is backed by subsidiary share collateral, which may influence perceptions of TSI’s risk management and capital structure among lenders and investors. While the principal amount, tenor, and lender composition remain unchanged, the acknowledgment of pledged shares as collateral provides stakeholders with a clearer view of the security package behind TSI’s long-term financing and may affect assessments of the group’s financial flexibility at the subsidiary level.
The most recent analyst rating on (JP:3608) stock is a Buy with a Yen1277.00 price target. To see the full list of analyst forecasts on TSI Holdings Co stock, see the JP:3608 Stock Forecast page.
TSI Holdings has corrected previously announced organizational and personnel changes at key subsidiary TSI Inc., effective March 1, 2026, clarifying the internal structure and reporting lines. The amendments adjust the allocation of certain brands and departments within the newly established Business Headquarters and refine the positioning of the Digital Business and Corporate Sustainability functions.
Under the corrected plan, the WN Department is renamed Department 3 and the Ueno-Shokai Department becomes Department 4, which will now oversee the Seven by Seven and Dice & Dice brands. The revisions also swap the new departmental assignments of executives Keitaro Yamada and Shingo Aiba, moves that fine-tune leadership responsibilities as TSI Inc. reorganizes to streamline strategy, brand management, and digital operations.
The most recent analyst rating on (JP:3608) stock is a Buy with a Yen1244.00 price target. To see the full list of analyst forecasts on TSI Holdings Co stock, see the JP:3608 Stock Forecast page.
TSI Holdings will overhaul its organizational structure from March 1, 2026, creating new Business and Corporate Strategy headquarters at the parent and TSI Inc. level while abolishing former group strategy units and renaming e-commerce and sustainability divisions to emphasize digital business and corporate sustainability. The reorganization realigns multiple brand departments into newly created units, aiming to streamline decision-making, strengthen digital channels, and improve strategic coordination across group companies.
The company also plans board-level changes effective May 22, 2026, adding Makoto Mizoguchi as an outside director and Yoko Yamaguchi as an outside audit and supervisory board member, while Naoko Ichikawa and Fujiro Okada will step down, subject to shareholder approval. Concurrently, key executives such as CFO Mitsuru Naito and senior managers Katsuhiro Kamiya and Ryuji Tsukamoto will assume redefined roles under the new structure, reinforcing leadership over business, sales and finance functions across TSI Holdings and TSI Inc.
The most recent analyst rating on (JP:3608) stock is a Buy with a Yen1244.00 price target. To see the full list of analyst forecasts on TSI Holdings Co stock, see the JP:3608 Stock Forecast page.
TSI Holdings plans to establish a new general incorporated foundation, tentatively named the TSI Foundation for Future Fashion, as early as June 2026 to promote a society where more people can enjoy happiness and joy through fashion. The foundation will focus on scholarships for future fashion creators, environmental conservation and restoration related to textiles, and community and humanitarian initiatives that support the enjoyment of fashion.
To fund the foundation, the company is considering allocating a small portion of its treasury shares, keeping the resulting voting rights and share dilution under 1 percent of issued shares and voting rights. By using dividends from these shares as a stable funding source, TSI aims to conduct continuous, medium- to long-term social contribution activities without materially impacting profits, while limiting secondary market effects and reinforcing its long-term growth and corporate value.
The most recent analyst rating on (JP:3608) stock is a Buy with a Yen1244.00 price target. To see the full list of analyst forecasts on TSI Holdings Co stock, see the JP:3608 Stock Forecast page.
TSI Holdings has arranged a ¥36 billion syndicated loan with three major commercial banks, led by Mizuho Bank, to refinance short-term borrowings used to acquire Daytona International and extend funding out to February 2033 under new financial covenants. The covenants require the company to maintain a minimum level of consolidated net assets and avoid consecutive years of ordinary losses, tightening discipline over its balance sheet and profitability.
In parallel, TSI entered into a separate loan agreement under Mizuho Eco Finance, an environmental evaluation-based financing framework, after being assessed as achieving high scores on climate-related performance indicators. The company has formulated an environmental policy, set medium-term GHG reduction targets through fiscal 2031, committed to carbon neutrality in domestic operations by 2050, and obtained SBTi certification for its emissions targets, reinforcing its ESG credentials and access to sustainability-linked funding.
The most recent analyst rating on (JP:3608) stock is a Buy with a Yen1244.00 price target. To see the full list of analyst forecasts on TSI Holdings Co stock, see the JP:3608 Stock Forecast page.
TSI Holdings reported that in January 2026 total sales across all retail channels rose 34.9% year on year, boosted mainly by the consolidation of Daytona International and solid demand for spring merchandise and buzzworthy items led by men’s brands, while on a like-for-like basis existing retail channels edged down to 97.4% of the prior-year level. Although markdowns supported some core brands, sluggish performance in the company’s own e-commerce channel dragged on overall comparable sales, and management estimates that an extra holiday versus the previous year added about 2.1 percentage points to sales, with all retail channels excluding Daytona International posting just 93.5% of last year’s level, underscoring ongoing challenges in organic growth and digital execution.
The most recent analyst rating on (JP:3608) stock is a Buy with a Yen1181.00 price target. To see the full list of analyst forecasts on TSI Holdings Co stock, see the JP:3608 Stock Forecast page.
TSI Holdings reported third-quarter consolidated net sales of ¥116.6 billion, up 0.5% year on year, while operating income jumped 70.0% to ¥3.7 billion and ordinary income doubled to ¥5.0 billion; profit attributable to owners of parent surged to ¥3.3 billion from ¥159 million a year earlier, driving earnings per share up to ¥51.17. Despite a decline in net assets and shareholders’ equity ratio due in part to changes in the scope of consolidation and increased treasury stock, the company maintained its full-year forecast, projecting ¥169.0 billion in net sales and a sharp recovery in profitability, while also restructuring its group portfolio by adding Daytona International Co., Ltd. as a consolidated subsidiary and removing six other subsidiaries, signaling continued efforts to streamline operations and improve capital efficiency, including through share buybacks reflected in reduced shares outstanding and higher treasury stock.
The most recent analyst rating on (JP:3608) stock is a Buy with a Yen1070.00 price target. To see the full list of analyst forecasts on TSI Holdings Co stock, see the JP:3608 Stock Forecast page.
TSI Holdings reported that December 2025 retail sales across all channels rose 34.3% year-on-year, driven largely by strong growth in e-commerce and the consolidation of Daytona International, while existing retail channels posted a more modest 3.8% increase to 96.2% of the prior year. The company noted that steady demand for winter and basic items, particularly in menswear, was offset by weak promotional sales at key brands and by the impact of having one fewer holiday, which shaved an estimated 2.3 percentage points off year-on-year results, and that excluding the newly consolidated Daytona International business, overall retail sales were only 91.4% of the previous year, highlighting continued softness in the underlying store network.
The most recent analyst rating on (JP:3608) stock is a Hold with a Yen1056.00 price target. To see the full list of analyst forecasts on TSI Holdings Co stock, see the JP:3608 Stock Forecast page.