Worth reading
70In 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
548
JPY million (year-on-year decrease in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFiscal year ended February 202614 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥17,895 million+4.3%
Operating profit¥1,301 million-29.6%
Ordinary income¥1,211 million-29.7%
Net income¥625 million-48.2%
Gross Profit Margin69.4%
Operating profit margin7.3%
Results for the three months of the current quarterQuarterly trends in revenue and operating income are shown. In the fourth quarter of the fiscal year ended February 2026, revenue was ¥4,324 million, operating income was ¥240 million, and the operating margin was 5.5%.
Full-year earnings forecast
Net Sales
¥20,350 million
EBITDA
¥2,030 million
Operating profit
¥1,410 million
Ordinary income
¥1,280 million
Net income for the current fiscal year
¥840 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Fiscal year ended February 2026 results
Net Sales100.4%
Operating profit94.3%
Ordinary income93.9%
Net income for the current fiscal year75.4%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Profit fell short of planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Gross profit¥263 million
- Increase in personnel expenses¥320 million
- Credit card fees¥44 million
- Delivery fees¥46 million
- Utilities and consumables expenses¥29 million
- Depreciation¥28 million
- Rent and other SG&A expenses¥341 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The presentation states that it expects contributions from Manmanken and Takadaya, expanded store openings and overseas openings, but quantitative assumptions for foreign exchange rates, raw material prices and other factors are not disclosedNew initiatives
- Improving the profitability of underperforming stores through format changes
- Acquisition of the Manmanken and Takadaya businesses
- Establishment of SINGHA GARDEN in Thailand and overseas expansion of Yamashita Honki Udon
- Advancement of QSC, use of DX, and installation of in-store cameras
- Expansion of shareholder benefits
Key KPIsA metric the company considers important as a management benchmark.
- Operating marginFiscal year ended February 2026 results7.3%Year on year against the same period last year-3.5 percentage points
- ROAFiscal year ended February 2026 results3.8%Year on year against the same period last year-5.1 percentage points
- ROEFiscal year ended February 2026 results8.0%Year on year against the same period last year-15.5 percentage points
- Payout ratioFiscal year ended February 2026 results40% or more
- In-store sales at existing storesFiscal year ended February 2026 results96.0%
- Existing-store average in-store spend per customerFiscal year ended February 2026 results103.1%
- Existing-store customer trafficFiscal year ended February 2026 results93.1%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Existing stores
Dine-in average spend per customer103.1%
Store Visitors93.1%
All Stores
Dine-in average spend per customer102.3%
Store Visitors101.5%
Segment results
Ramen Business
Year on year against the same period last year+8.5%
Restaurant Business
Year on year against the same period last year+8.6%
Steak business
Year on year against the same period last year-19.7%
Sushi business
Year on year against the same period last year±0%
Franchise Business
Year on year against the same period last year+17.4%
Other
Year on year against the same period last year-10.9%
Financial targets
ROA
FY ending February 2027 target4.8% or higher
Fiscal year ended February 2026 results3.8%
ROE
FY ending February 2027 target10.8% or higher
Fiscal year ended February 2026 results8.0%
Market Size / Share
The presentation shows the market sizes of the ramen and udon sectors. Market share figures are not disclosedNumber of stores and locations
End of period199 stores
Stores opened during the period18 stores
Stores closed during the period9 store closures during the period
Change from the end of the previous fiscal year+4 stores
Number of employees
Permanent employees289 employees
Part-time employees3,594 part-time employees
As ofEnd of February 2026
Capital expenditures
¥556 million capital expenditures for the acquisition of property, plant and equipment
Annual Dividend
Fiscal year ended February 2026
Annual¥100
Interim¥45
End of period¥45
Commemorative dividend¥10
Fiscal year ending February 2027
Annual¥90
Interim¥45
End of period¥45
Payout ratio
40% or more| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Fiscal year ended February 2026 |
| Net Sales | ¥17,895 million (YoY +4.3%) |
| Operating profit | ¥1,301 million (YoY -29.6%) |
| Ordinary income | ¥1,211 million (YoY -29.7%) |
| Net income | ¥625 million (YoY -48.2%) |
| Gross Profit Margin | 69.4% |
| Operating profit margin | 7.3% |
| Results for the three months of the current quarter | Quarterly trends in revenue and operating income are shown. In the fourth quarter of the fiscal year ended February 2026, revenue was ¥4,324 million, operating income was ¥240 million, and the operating margin was 5.5%. |
| Full-year earnings forecast | Net Sales ¥20,350 million / EBITDA ¥2,030 million / Operating profit ¥1,410 million / Ordinary income ¥1,280 million / Net income for the current fiscal year ¥840 million |
| Progress against full-year forecast | Fiscal year ended February 2026 results Net Sales 100.4% / Operating profit 94.3% / Ordinary income 93.9% / Net income for the current fiscal year 75.4% |
| Self-assessment against the plan | Profit fell short of plan |
| Segment results | Ramen Business Net Sales Not disclosed / Year on year against the same period last year +8.5% / Restaurant Business Net Sales Not disclosed / Year on year against the same period last year +8.6% / Steak business Net Sales Not disclosed / Year on year against the same period last year -19.7% / Sushi business Net Sales Not disclosed / Year on year against the same period last year ±0% / Franchise Business Net Sales Not disclosed / Year on year against the same period last year +17.4% / Other Net Sales Not disclosed / Year on year against the same period last year -10.9% |
| Breakdown of Factors Affecting the Change | Factors Gross profit / Amount ¥263 million, Factors Increase in personnel expenses / Amount ¥320 million, Factors Credit card fees / Amount ¥44 million, Factors Delivery fees / Amount ¥46 million, Factors Utilities and consumables expenses / Amount ¥29 million, Factors Depreciation / Amount ¥28 million, Factors Rent and other SG&A expenses / Amount ¥341 million |
| Key KPIs | Indicator name Operating margin / Fiscal year ended February 2026 results 7.3% / Year on year against the same period last year -3.5 percentage points, Indicator name ROA / Fiscal year ended February 2026 results 3.8% / Year on year against the same period last year -5.1 percentage points, Indicator name ROE / Fiscal year ended February 2026 results 8.0% / Year on year against the same period last year -15.5 percentage points, Indicator name Payout ratio / Fiscal year ended February 2026 results 40% or more / Year on year against the same period last year Not disclosed, Indicator name In-store sales at existing stores / Fiscal year ended February 2026 results 96.0% / Year on year against the same period last year Not disclosed, Indicator name Existing-store average in-store spend per customer / Fiscal year ended February 2026 results 103.1% / Year on year against the same period last year Not disclosed, Indicator name Existing-store customer traffic / Fiscal year ended February 2026 results 93.1% / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Existing stores Dine-in average spend per customer 103.1% / Store Visitors 93.1% / All Stores Dine-in average spend per customer 102.3% / Store Visitors 101.5% |
| Number of stores and locations | End of period 199 stores / Stores opened during the period 18 stores / Stores closed during the period 9 store closures during the period / Change from the end of the previous fiscal year +4 stores |
| Number of employees | Permanent employees 289 employees / Part-time employees 3,594 part-time employees / As of End of February 2026 |
| Assumptions Underlying the Business Outlook | The presentation states that it expects contributions from Manmanken and Takadaya, expanded store openings and overseas openings, but quantitative assumptions for foreign exchange rates, raw material prices and other factors are not disclosed |
| Financial targets | ROA FY ending February 2027 target 4.8% or higher / Fiscal year ended February 2026 results 3.8% / ROE FY ending February 2027 target 10.8% or higher / Fiscal year ended February 2026 results 8.0% |
| Annual Dividend | Fiscal year ended February 2026 Annual ¥100 / Interim ¥45 / End of period ¥45 / Commemorative dividend ¥10 / Fiscal year ending February 2027 Annual ¥90 / Interim ¥45 / End of period ¥45 |
| Payout ratio | 40% or more |
| Capital expenditures | ¥556 million (capital expenditures for the acquisition of property, plant and equipment) |
| Market Size / Share | The presentation shows the market sizes of the ramen and udon sectors. Market share figures are not disclosed |
| New initiatives | Improving the profitability of underperforming stores through format changes, Acquisition of the Manmanken and Takadaya businesses, Establishment of SINGHA GARDEN in Thailand and overseas expansion of Yamashita Honki Udon, Advancement of QSC, use of DX, and installation of in-store cameras, Expansion of shareholder benefits |
Items this document does not state (6)
Selling, general and administrative expensesRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition of treasury sharesOrders 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.The company cited lower customer traffic following price increases in response to rising raw material costs, record-high summer temperatures, a decline in Chinese visitors to Japan, a lower gross margin due to campaigns, higher fixed costs associated with an increase in directly operated stores, higher cashless payment and delivery fees, and one-off expenses related to M&A and overseas expansion as factors behind the decline in profit. The main reason net income fell short of plan was a ¥200 million increase in impairment losses.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.