Worth reading
60In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
241
Millions of yen (year-on-year increase in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFirst quarter of the fiscal year ending March 202713 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥19,343 million+4.4%
Operating profit¥418 million+136.8%
Ordinary income¥777 million+426.1%
Net income¥452 million-66.7%
Selling, general and administrative expenses¥4,227 million
Gross Profit Margin
Rate24.0%
Year-on-year change (points)Up 0.4 percentage points from 23.6%
Operating profit margin
Rate2.2%
Year-on-year change (points)Up 1.2 percentage points from 1.0%
Results for the three months of the current quarterThe standalone results for the three months of the first quarter included revenue of ¥19,343 million, operating profit of ¥418 million, ordinary profit of ¥777 million, and net income of ¥452 million, among other figures.
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Both revenue and operating profit exceeded the planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Revenue up+¥818 million
- Labor Costs-¥208 million
- Cost of sales-¥333 million
- Other cost of sales-JPY 10 million
- Sales promotion and advertising expenses-¥64 million
- Personnel expenses+¥39 million
- Other selling, general and administrative expenses
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The exchange-rate assumption from the fiscal year ending March 2027 onward is ¥160 per U.S. dollar.New initiatives
- Initiatives toward the construction and operation of the second plant in the United States
- Strengthening the sales organization and expanding distribution in the United States
- Strengthening marketing activities for mushrooms in Japan
- Strengthening relationships and profitability by switching to direct sales to high-end retailers
Key KPIsA metric the company considers important as a management benchmark.
- Domestic mushroom production (Bunashimeji)9.6 1,000t
- Domestic mushroom production (eryngii)3.7 1,000t
- Domestic mushroom production (maitake)3.3 1,000t
- Domestic mushroom production (Other)0.4 1,000t
- Domestic mushroom production (Shimofuri hiratake and namad onko)0.7 1,000t
- Domestic Bunashimeji market share35.8 %
- Domestic eryngii market share46.3 %
- Domestic maitake market share26.5 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Average selling prices for major mushroom products in Japan were 102.8% for Bunashimeji, 108.5% for eryngii, 107.5% for maitake, and 105.7% for Shimofuri hiratake, versus the previous year. Production volumes were 99.4% for Bunashimeji, 93.9% for eryngii, 94.9% for maitake, and 110.7% for Shimofuri hiratake, versus the previous year.Segment results
- Domestic mushroom businessNet Sales¥12,095 millionOperating profit¥673 million
- Overseas mushroom businessNet Sales¥1,820 millionOperating profit¥82 million
- Processed Products BusinessNet Sales¥1,779 millionOperating profit¥39 million
- Chemical Products BusinessNet Sales¥3,647 millionOperating profit¥188 million
Medium-term management plan targets
For the fiscal year ending March 2029, consolidated revenue of ¥100 billion and consolidated operating profit of ¥10 billion. The overseas business is targeted to generate revenue of ¥15.4 billion and operating profit of ¥2.7 billion.Market Size / Share
Domestic market shares were 35.8% for Bunashimeji, 46.3% for eryngii, and 26.5% for maitake. The materials also cite a U.S. high-end retail market size of $23 billion, including $7.2 billion for existing plants and $14 billion for the new plant.Number of stores and locations
33 locations in Japan. Products were sold at 306 of Whole Foods' 608 stores in the United States and 70 of 99 Ranch Market's 112 stores, among others. The number of store openings and closures during the period was not disclosed.Number of employees
Number of Employees4,086 people
Annual Dividend
A full-year dividend of ¥62 is planned for the fiscal year ending March 2027. The interim dividend is expected to be ¥10.Payout ratio
Not disclosed. The target DOE is 3.5% for the fiscal year ending March 2029.| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥19,343 million (YoY +4.4%) |
| Operating profit | ¥418 million (YoY +136.8%) |
| Ordinary income | ¥777 million (YoY +426.1%) |
| Net income | ¥452 million (YoY -66.7%) |
| Gross Profit Margin | Rate 24.0% / Year-on-year change (points) Up 0.4 percentage points from 23.6% |
| Operating profit margin | Rate 2.2% / Year-on-year change (points) Up 1.2 percentage points from 1.0% |
| Selling, general and administrative expenses | ¥4,227 million |
| Results for the three months of the current quarter | The standalone results for the three months of the first quarter included revenue of ¥19,343 million, operating profit of ¥418 million, ordinary profit of ¥777 million, and net income of ¥452 million, among other figures. |
| Self-assessment against the plan | Both revenue and operating profit exceeded the plan |
| Segment results | Segment Domestic mushroom business / Net Sales ¥12,095 million / Operating profit ¥673 million / Year on year against the same period last year Not disclosed, Segment Overseas mushroom business / Net Sales ¥1,820 million / Operating profit ¥82 million / Year on year against the same period last year Not disclosed, Segment Processed Products Business / Net Sales ¥1,779 million / Operating profit ¥39 million / Year on year against the same period last year Not disclosed, Segment Chemical Products Business / Net Sales ¥3,647 million / Operating profit ¥188 million / Year on year against the same period last year Not disclosed |
| Breakdown of Factors Affecting the Change | Factors Revenue up / Amount +¥818 million, Factors Labor Costs / Amount -¥208 million, Factors Cost of sales / Amount -¥333 million, Factors Other cost of sales / Amount -JPY 10 million, Factors Sales promotion and advertising expenses / Amount -¥64 million, Factors Personnel expenses / Amount +¥39 million, Factors Other selling, general and administrative expenses / Amount Not disclosed |
| Key KPIs | Indicator name Domestic mushroom production (Bunashimeji) / Value 9.6 1,000t / Year on year against the same period last year Not disclosed, Indicator name Domestic mushroom production (eryngii) / Value 3.7 1,000t / Year on year against the same period last year Not disclosed, Indicator name Domestic mushroom production (maitake) / Value 3.3 1,000t / Year on year against the same period last year Not disclosed, Indicator name Domestic mushroom production (Other) / Value 0.4 1,000t / Year on year against the same period last year Not disclosed, Indicator name Domestic mushroom production (Shimofuri hiratake and namad onko) / Value 0.7 1,000t / Year on year against the same period last year Not disclosed, Indicator name Domestic Bunashimeji market share / Value 35.8 % / Year on year against the same period last year Not disclosed, Indicator name Domestic eryngii market share / Value 46.3 % / Year on year against the same period last year Not disclosed, Indicator name Domestic maitake market share / Value 26.5 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Average selling prices for major mushroom products in Japan were 102.8% for Bunashimeji, 108.5% for eryngii, 107.5% for maitake, and 105.7% for Shimofuri hiratake, versus the previous year. Production volumes were 99.4% for Bunashimeji, 93.9% for eryngii, 94.9% for maitake, and 110.7% for Shimofuri hiratake, versus the previous year. |
| Number of stores and locations | 33 locations in Japan. Products were sold at 306 of Whole Foods' 608 stores in the United States and 70 of 99 Ranch Market's 112 stores, among others. The number of store openings and closures during the period was not disclosed. |
| Number of employees | Number of Employees 4,086 people / Changes during the period and hiring plan Not disclosed |
| Assumptions Underlying the Business Outlook | The exchange-rate assumption from the fiscal year ending March 2027 onward is ¥160 per U.S. dollar. |
| Medium-term management plan targets | For the fiscal year ending March 2029, consolidated revenue of ¥100 billion and consolidated operating profit of ¥10 billion. The overseas business is targeted to generate revenue of ¥15.4 billion and operating profit of ¥2.7 billion. |
| Annual Dividend | A full-year dividend of ¥62 is planned for the fiscal year ending March 2027. The interim dividend is expected to be ¥10. |
| Payout ratio | Not disclosed. The target DOE is 3.5% for the fiscal year ending March 2029. |
| Market Size / Share | Domestic market shares were 35.8% for Bunashimeji, 46.3% for eryngii, and 26.5% for maitake. The materials also cite a U.S. high-end retail market size of $23 billion, including $7.2 billion for existing plants and $14 billion for the new plant. |
| New initiatives | Initiatives toward the construction and operation of the second plant in the United States, Strengthening the sales organization and expanding distribution in the United States, Strengthening marketing activities for mushrooms in Japan, Strengthening relationships and profitability by switching to direct sales to high-end retailers |
Items this document does not state (8)
Full-year earnings forecastProgress against full-year forecastRisk amount incorporated into the outlookFinancial targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In Japan, mushroom unit prices remained strong as a result of marketing activities, while overseas the company advanced plans for its second plant in the United States and strengthened its sales organization. Operating profit benefited from firm prices for mushrooms in Japan, price revisions in the chemical products business, cost-reduction initiatives, and controls on selling, general and administrative expenses, while also being affected by the situation in the Middle East.
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