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Sakata Seed (1377) · TargetAdvancedLatest Financial results briefing materials (2026-10-06): "Worsened"

Establishing a High-Profitability Business Model

First written in FY2016. 26 of 50 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-10-11.

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How it moved
ProgressHeldSoftenedWorseWorsenedFY2023-Q1 – FY2024AdvancedFY2025-H1 – FY20262016: 22017: 420172018: 320182019: 320192020: 420202021: 320212022: 320222023: 420232024: 320242025: 120252026: 202026
Same theme, other companies
Establishing a Highly Profitable Model through Strategic Products, Research and Development, and Overseas ExpansionA theme 3 companies write about · 0 as a headwind · 3 as a tailwind

Sakata Seed moved to the "Worse" side of this theme in 2019.

0 other companies' latest entry also says "Worsened".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
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  2. 2026-10-06WorsenedFinancial results briefing materials

    「売上高 23,005 24,670 1,664 7.2％ 営業利益 4,462 3,387 △1,074 △24.1％」

    売上高は増加した一方、営業利益は前年同期比24.1％減少し、高収益ビジネスモデルの収益面が第1四半期で悪化した。
  3. FY2026AdvancedAnnual report

    「Gross profit rose substantially due to higher sales and improved margins. Selling, general and administrative expenses increased year on year because personnel expenses rose significantly as wage levels increased and overseas operations expanded, while depreciation and amortization and consumables expenses also increased, along with foreign exchange effects. However, the increase in gross profit absorbed the rise in selling, general and administrative expenses, and operating profit rose to ¥13,122 million, up ¥864 million, or 7.1%, year on year.」

    Higher gross profit from increased sales and improved margins absorbed the increase in selling, general and administrative expenses, lifting operating profit to ¥13,122 million, up 7.1% year on year.
  5. FY2026-H1AdvancedAnnual report

    「Gross profit increased substantially due to higher sales, improved margins and the recognition of royalty income. Although selling, general and administrative expenses increased, mainly personnel expenses, operating profit rose to ¥6,895 million, up ¥1,222 million, or 21.6%, year on year.」

    Higher sales, improved margins and royalty income absorbed higher selling, general and administrative expenses, lifting operating profit 21.6% year on year. This indicates concrete progress toward the high-profitability business model.
  6. FY2025-H1AdvancedAnnual report

    「Although selling, general and administrative expenses, including personnel expenses, increased, operating profit rose to ¥5,672 million, up ¥380 million, or 7.2%, year on year, as higher sales and improved margins drove a substantial increase in gross profit.」

    Despite higher selling, general and administrative expenses, operating profit rose 7.2% year on year as higher sales and improved margins lifted gross profit. This indicates concrete progress toward the high-profitability business model.
  7. FY2024WorsenedAnnual report

    「Selling, general and administrative expenses increased substantially overall due to a sharp rise in personnel expenses resulting from increased staffing as overseas operations expanded and significantly higher wage levels, particularly in Europe and the United States, amid rising prices. Travel and transportation expenses, depreciation and amortization, and outsourcing expenses also increased, as did expenses due to foreign exchange effects. As a result, operating profit declined from the prior fiscal year.」

    Although net sales rose 14.8%, operating profit fell 3.9% due to higher personnel and other expenses associated with overseas expansion. Profitability toward the high-profitability structure deteriorated.
  8. FY2024-Q3WorsenedAnnual report

    「Operating profit fell to ¥8,041 million, down ¥171 million, or 2.1%, year on year, as selling, general and administrative expenses increased, mainly due to higher personnel expenses. Ordinary profit fell to ¥8,581 million, down ¥554 million, or 6.1%, mainly due to lower operating profit and higher non-operating expenses. Net income attributable to owners of the parent fell to ¥5,306 million, down ¥1,215 million, or 18.6%, due to lower ordinary profit and higher impairment losses on investment securities.」

    Although net sales rose 9.3% year on year on overseas sales, operating profit fell 2.1%, ordinary profit 6.1% and net income attributable to owners of the parent 18.6% due to higher selling, general and administrative expenses. Profitability toward the high-profitability business model deteriorated.
  9. FY2024-Q2WorsenedAnnual report

    「Operating profit fell to ¥5,292 million, down ¥257 million, or 4.6%, year on year, as selling, general and administrative expenses increased, mainly due to higher personnel expenses. Ordinary profit fell to ¥5,698 million, down ¥809 million, or 12.4%, mainly due to lower operating profit and higher non-operating expenses. Net income attributable to owners of the parent fell to ¥3,226 million, down ¥1,052 million, or 24.6%.」

    Although net sales rose 7.6%, higher selling, general and administrative expenses, including personnel costs, and higher non-operating expenses reduced operating profit, ordinary profit and net income attributable to owners of the parent. Profitability toward the high-profitability business model deteriorated.
  10. FY2024-Q1WorsenedAnnual report

    「Operating profit fell to ¥2,335 million, down ¥131 million, or 5.3%, year on year, because selling, general and administrative expenses increased. Mainly reflecting the decline in operating profit, ordinary profit fell to ¥3,054 million, down ¥162 million, or 5.1%, and net income attributable to owners of the parent fell to ¥1,959 million, down ¥138 million, or 6.6%.」

    Revenue increased 8.0%, but operating profit, ordinary profit and net income attributable to owners of the parent all declined because selling, general and administrative expenses increased, indicating weaker profitability under the high-margin business model.
  11. FY2023WorsenedAnnual report

    「Gross profit increased because of improved margins and higher revenue, but selling, general and administrative expenses increased, particularly personnel, travel and research and development expenses, both because of yen depreciation and on an underlying basis. As a result, operating profit fell to ¥10,918 million, down ¥263 million, or 2.4%, year on year.」

    Margins and revenue improved, but operating profit fell 2.4% because selling, general and administrative expenses increased, indicating weaker profitability under the high-profitability structure.
  12. FY2023-Q3WorsenedAnnual report

    「Operating profit fell to ¥8,213 million, down ¥650 million, or 7.3%, year on year, as the gross margin declined and selling, general and administrative expenses increased, mainly reflecting higher personnel and travel expenses. Ordinary profit fell to ¥9,135 million, down ¥305 million, or 3.2%, mainly because of the decline in operating profit. As a result, net income attributable to owners of the parent fell to ¥6,522 million, down ¥238 million, or 3.5%.」

    Revenue increased 9.5% year on year on foreign exchange effects, but operating profit, ordinary profit and net income attributable to owners of the parent all declined because the gross margin fell and selling, general and administrative expenses increased. Profitability under the high-margin business model deteriorated.
  13. FY2023-Q2WorsenedAnnual report

    「Although the adjustment for unrealized gains on inventories declined from the first quarter, it remained high compared with the prior-year period, among other factors, causing the gross margin to decline year on year. In addition, selling, general and administrative expenses increased, mainly reflecting higher personnel and travel expenses, and operating profit fell to ¥5,550 million, down ¥137 million, or 2.4%, year on year.」

    Revenue increased 16.2%, but operating profit fell 2.4% because the gross margin declined and selling, general and administrative expenses increased, indicating weaker profitability under the high-margin business model.
  14. FY2023-Q1WorsenedAnnual report

    「As a result, the Group’s performance for the cumulative first quarter of the current consolidated fiscal year was as follows: revenue rose to ¥17,736 million, up ¥1,363 million, or 8.3%, year on year, as vegetable seed sales remained stable and the yen depreciated significantly. Operating profit fell to ¥2,467 million, down ¥849 million, or 25.6%, because the gross margin declined from the prior-year period and selling, general and administrative expenses increased.」

    Revenue increased 8.3%, but operating profit fell 25.6% because the gross margin declined and selling, general and administrative expenses increased, indicating weaker profitability under the high-margin business model.
  15. FY2022-Q3AdvancedAnnual report

    「Although selling, general and administrative expenses increased, operating profit rose to ¥8,863 million, up ¥1,000 million, or 12.7%, year on year, as higher gross profit resulting from increased revenue and an improved gross margin more than offset the expense increase.」

    Higher gross profit resulting from increased revenue and an improved gross margin absorbed the increase in selling, general and administrative expenses, driving a 12.7% year-on-year increase in operating profit and indicating progress toward a high-margin business model.
  16. FY2022-Q2Higher revenue, slight operating profit increase, lower net incomeAnnual report

    「As a result, the Group’s performance for the cumulative second quarter of the current consolidated fiscal year was as follows: although revenue from materials and nursery plants declined because of the impact of applying the revenue recognition accounting standard and other factors, revenue rose to ¥32,704 million, up ¥1,179 million, or 3.7%, year on year, as vegetable and flower seeds generated higher revenue. Operating profit was ¥5,688 million, up ¥48 million, or 0.9%, as higher revenue was partly offset by increased selling, general and administrative expenses. Ordinary profit rose to ¥6,163 million, up ¥391 million, or 6.8%, mainly because of higher non-operating income, including foreign exchange gains. Net income attributable to owners of the parent fell to ¥4,129 million, down ¥190 million, or 4.4%, partly because of higher tax expenses.」

    Higher revenue from vegetable and flower seeds increased revenue and operating profit, but higher selling, general and administrative expenses constrained profit and net income attributable to owners of the parent declined. Profitability trends under the high-margin business model were mixed.
  17. FY2022-Q1WorsenedAnnual report

    「Revenue was ¥16,372 million, up ¥545 million, or 3.4%, year on year. Operating profit fell to ¥3,316 million, down ¥421 million, or 11.3%, because selling, general and administrative expenses increased. Ordinary profit fell to ¥3,417 million, down ¥482 million, or 12.4%, mainly reflecting the decline in operating profit. Net income attributable to owners of the parent fell to ¥2,207 million, down ¥886 million, or 28.7%, partly because of higher tax expenses.」

    Revenue increased, but operating profit and ordinary profit declined because selling, general and administrative expenses increased, while net income attributable to owners of the parent also fell because of higher tax expenses. Profitability under the high-margin business model deteriorated.
  18. FY2021-Q3AdvancedAnnual report

    「As a result, consolidated net sales for the cumulative third quarter were ¥47.823 billion, up ¥4.137 billion, or 9.5%, year on year. Although flower seed sales declined, sales of vegetable seeds, materials and the landscaping and greening business increased. Operating income was ¥7.863 billion, up ¥2.165 billion, or 38.0%, mainly reflecting higher net sales.」

    Higher sales of vegetable seeds, materials and landscaping and greening services contributed to a 9.5% increase in net sales and a 38.0% increase in operating income, showing progress toward a high-profitability structure.
  19. FY2021-Q2AdvancedAnnual report

    「As a result, consolidated net sales for the cumulative second quarter were ¥31.524 billion, up ¥2.856 billion, or 10.0%, year on year. Although flower seed sales declined, sales of vegetable seeds, materials and the landscaping and greening business increased. Operating income was ¥5.640 billion, up ¥1.799 billion, or 46.9%; ordinary income was ¥5.772 billion, up ¥1.462 billion, or 33.9%; and net income attributable to owners of the parent was ¥4.320 billion, up ¥1.222 billion, or 39.5%, mainly reflecting higher net sales.」

    Higher sales of vegetable seeds, materials and landscaping and greening services contributed to a 10.0% increase in net sales and a 46.9% increase in operating income, showing progress toward a high-profitability structure.
  20. FY2021-Q1AdvancedAnnual report

    「Operating income was ¥3.737 billion, up ¥783 million, or 26.5%, year on year, due to higher sales and an improvement in gross margin.」

    Operating income rose 26.5% year on year, supported by higher sales and improved gross margin, showing progress toward a high-profitability structure.
  21. FY2020WorsenedAnnual report

    「Operating income was ¥7.482 billion, down ¥235 million, or 3.1%, year on year, as lower sales and gross margin outweighed the reduction in selling, general and administrative expenses.」

    While establishing a high-profitability structure remains an ongoing issue, full-year net sales fell 1.7% and operating income fell 3.1%, with the decline in gross margin also weighing on profit.
  22. FY2020-Q3WorsenedAnnual report

    「Operating income was ¥5.698 billion, down ¥168 million, or 2.9%, year on year, as the decline in gross margin outweighed the reduction in selling, general and administrative expenses.」

    Although selling, general and administrative expenses declined, operating income fell 2.9% year on year because gross margin deteriorated. Profitability toward the high-profitability business model worsened.
  23. FY2020-Q2Lower sales, broadly flat operating incomeAnnual report

    「Against this backdrop, consolidated net sales for the first six months of the current fiscal year were ¥28,668 million, down ¥467 million, or 1.6%, year on year. The landscaping and greening business, classified as Other, recorded higher sales, but overseas wholesale sales fell because of the stronger yen, while domestic wholesale and retail sales also declined. Operating income was ¥3,840 million, down ¥4 million, or 0.1%, as selling, general and administrative expenses declined.」

    Net sales fell 1.6% year on year and operating profit declined 0.1%. Lower selling, general and administrative expenses kept operating profit broadly in line with the prior-year level, but no clear progress toward or achievement of the highly profitable structure was disclosed.
  24. FY2020-Q1Slight increase in operating income, weaker gross marginAnnual report

    「Operating income rose to ¥2,954 million, up ¥60 million, or 2.1%, year on year, as lower selling, general and administrative expenses more than offset the deterioration in the gross margin.」

    The gross margin deteriorated, but lower selling, general and administrative expenses lifted operating income 2.1% year on year. The result does not represent explicit achievement of the high-profitability structure and shows mixed developments in earnings.
  25. FY2019-Q3WorsenedAnnual report

    「Although the gross margin improved, operating income fell to ¥5,867 million, down ¥898 million, or 13.3%, year on year, because of higher expenses including repairs, personnel expenses and business commissions.」

    The improved gross margin was offset by higher repairs, personnel expenses and business commissions, resulting in a 13.3% year-on-year decline in operating income and weaker profitability relative to the high-profitability target.
  26. FY2019-Q2WorsenedAnnual report

    「Although the gross margin improved, operating income fell to ¥3,844 million, down ¥548 million, or 12.5%, year on year, because of higher overseas personnel and other expenses.」

    Despite an improved gross margin, operating income fell 12.5% year on year because of higher overseas personnel and other expenses, indicating weaker profitability relative to the high-profitability target.
  27. FY2019-Q1WorsenedAnnual report

    「Net sales fell 10.3% year on year to ¥14,568 million. Although the gross profit margin improved, operating profit fell 26.2% to ¥2,894 million because of lower net sales and higher expenses, including personnel expenses overseas.」

    Unlike the prior-year period, when sales increased but profit declined, both net sales and operating income fell this quarter. Although the gross margin improved, lower sales and higher overseas personnel and other expenses weakened earnings and moved the business further away from a high-profitability structure.
  28. FY2018-Q3Higher sales, lower profit continuedAnnual report

    「Against this backdrop, consolidated net sales for the first nine months of the current fiscal year were ¥45,284 million, up ¥978 million, or 2.2%, year on year, despite lower domestic retail sales, because overseas seed sales remained strong and the euro weakened against the yen. Operating income was ¥6,765 million, down ¥882 million, or 11.5%, mainly because higher general and administrative expenses included higher personnel expenses associated with increased staffing at overseas subsidiaries, higher spending to strengthen the global management structure and higher yen-denominated expenses resulting from the weaker yen against the euro.」

    Net sales rose 2.2% year on year, supported by overseas sales, while operating income fell 11.5% because of higher general and administrative expenses. Higher sales and lower profit continued.
  29. FY2018-Q2Higher sales, lower profit continuedAnnual report

    「Domestic sales fell below the prior-year period, but net sales rose to ¥29,778 million, up ¥1,556 million, or 5.5%, year on year, owing to strong overseas seed sales and the weaker yen. Operating income was ¥4,393 million, down ¥1,206 million, or 21.6%, as the higher cost ratio, higher yen-denominated expenses resulting from the weaker yen and higher personnel expenses, mainly from increased staffing at overseas subsidiaries, reduced earnings.」

    Net sales increased 5.5% year on year on strong overseas sales and the weaker yen, while operating profit fell 21.6% because of higher costs, expenses and personnel expenses. Higher sales and lower profit continued.
  30. FY2018-Q1Revenue Growth and Profit DeclineAnnual report

    「Operating profit was ¥3,923 million, down ¥841 million, or 17.7%, year on year, mainly because personnel expenses increased as overseas subsidiaries expanded their workforces and expenses rose in yen terms due to the weaker yen.」

    Revenue increased, but operating profit fell 17.7% year on year because of higher personnel expenses at overseas subsidiaries and higher expenses in yen terms due to the weaker yen. There was no material change in the management policy toward a high-profitability operating structure, but profitability declined during the quarter.
  31. FY2017AdvancedAnnual report

    「Operating profit and profit attributable to owners of the parent both reached record highs for the second consecutive year.」

    Against a backdrop of higher sales of high-margin seeds, operating profit was ¥7,702 million and profit attributable to owners of the parent was ¥6,112 million, with both measures reaching record highs for the second consecutive year. The disclosure does not state that the high-profitability operating structure has been completed.
  32. FY2017-Q3AdvancedAnnual report

    「Consolidated revenue for the first nine months of the current fiscal year was ¥44,305 million, up ¥2,583 million, or 6.2%, year on year. Operating profit was ¥7,647 million, up ¥1,037 million, or 15.7%, as increased sales of high-margin vegetable seeds lifted gross profit.」

    Operating profit rose 15.7% year on year, driven by higher sales of high-margin vegetable seeds. The company did not explicitly state that it had completed the establishment of a highly profitable structure, but it demonstrated measurable progress in profitability.
  33. FY2017-Q2AdvancedAnnual report

    「Operating profit was ¥5,600 million, up ¥607 million, or 12.2%, year on year, as higher sales of high-margin vegetable seeds lifted gross profit.」

    Operating profit increased 12.2% year on year, driven by higher sales of high-margin vegetable seeds. The disclosure does not explicitly state that a high-profitability operating structure has been fully established, but profitability continued to show measurable progress.
  34. FY2017-Q1AdvancedAnnual report

    「As a result, consolidated revenue for the first quarter of the current fiscal year was ¥15,630 million, up ¥582 million, or 3.9%, year on year. Operating profit was ¥4,764 million, up ¥927 million, or 24.2%, as increased sales of high-margin vegetable seeds lifted gross profit.」

    Operating profit increased 24.2% year on year, driven by higher sales of high-margin vegetable seeds. The disclosure does not explicitly state that a high-profitability operating structure has been fully established, but it shows measurable progress in profitability.
  35. FY2016First statedAnnual report

    「We will also develop and expand sales of strategic products targeting the leading market share, establish a highly profitable operating structure by concentrating management resources on priority strategic products and capturing growth opportunities in emerging markets, particularly in Asia.」

    The company has set out a profitability model centered on strategic products, research and development, and overseas market opportunities.
Moved together

"Achieving Leading Market Shares in Strategic Products and Expanding in Emerging Markets" moved the same way as this thread, in the same document, in 20 of its 50 moves.

202017141212★123456
  1. ★This thread
  2. 1Achieving Leading Market Shares in Strategic Products and Expanding in Emerging Markets20×
  3. 2Improving Profitability and Establishing Market Presence in the Landscaping and Greenery Business20×
  4. 3Pressure on Profit from Higher Cost Ratios17×
  5. 4Returning the Retail Business to Profitability Early Through Revenue and Cost Structure Reform14×
  6. 5Higher personnel expenses and pressure on profit from increased staffing at overseas subsidiaries12×
  7. 6Higher revenue and profit in the first quarter, with a sharp increase in profit attributable to owners of the parent12×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Sakata Seed's next results are scheduled for 2026-10-06. Read the earnings preview It last moved in the Financial results briefing materials of 2026-10-06: "Worsened".
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