How it’s built
- Took store sales of ¥50bn, ¥100bn and ¥150bn: 9–28% of the company’s ¥531.4bn revenue.
- At the company’s own 27.1% operating margin they would be 9–28% of its ¥144.0bn operating profit.
- At an assumed 10% specialty-retail margin, 3.5–10.4%.
What we assumed
- Store sales of ¥50–150bn.An upper bound taken from the research’s range for Japan and Asia stores and online; the Japanese physical stores alone are unmeasured.
- Store margins lie between 10% and the company’s 27.1%.The company’s margin has stayed within 24.5–29.8% since 2022; a retail line with rent and a fee to the store company should earn less.
Sanity check
Even in the generous case the stores are under a third of operating profit, so the company is mainly a licensor and publisher that also runs shops.
Where it comes from
Our calculation from other figures in the trainer’s notes:
Show the working
- S: 50, 100, 150
- % of parent revenue: 9.41, 18.8, 28.2
- Gross profit at 43 3pct: 21,650, 43,300, 64,950
- % of parent gross profit: 9.4, 18.8, 28.2
- Op at parent margin 27 09pct: 13,545, 27,090, 40,635
- % of operating profit at 27 09: 9.4, 18.8, 28.2
- 50,000/531,428 = 9.41%
- 100,000 → 18.82%
- 150,000 → 28.23%. × 0.433 = 21,650 / 43,300 / 64,950 (÷ 229,941 = 9.4/18.8/28.2%). × 0.2709 = 13,545 / 27,090 / 40,635 (÷ 143,972 = 9.4/18.8/28.2%). × 0.10 = 5,000 / 10,000 / 15,000 (÷ 143,972 = 3.5/6.9/10.4%)