Worth reading
62In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
213523
Thousands of yen (operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFirst quarter of the fiscal year ending November 20269 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales1,584,123 thousand yen+15.4%
Operating profit213,523 thousand yen+36.1%
Ordinary income209,732 thousand yen+40.1%
Net income172,142 thousand yen+18.9%
Operating profit margin13.5%; year-on-year comparison not provided in the materials
Results for the three months of the current quarterRevenue: ¥1,584,123 thousand; operating profit: ¥213,523 thousand; ordinary profit: ¥209,732 thousand; quarterly net profit: ¥172,142 thousand
Full-year earnings forecast
Net Sales
5,570,000 thousand yen
Operating profit
425,000 thousand yen
Ordinary income
406,000 thousand yen
Net income
406,000 thousand yen
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。
Net Sales28.4%
Operating profit50.2%
Ordinary income51.6%
Net income42.3%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is currently very strong. The company expects to significantly exceed its full-year targets and accelerate further growth.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Earnings structure reforms, DX initiatives, growth in the domestic business, inbound tourism demand, improved profitability of the new business format, and cost reductions and operational improvements following M&A
New initiatives
- Accelerating the rollout of mobile ordering, in principle across all stores
- Automating reservation handling through AI-based call reservations
- Changing the format of existing stores to formats such as Akakara
- Opening a new Umaiwa store near Kumagaya Station
- Expanding the Emperor format in Kyoto’s Gion district
- Acquiring shares in 鮨桝食品株式会社 and making it a consolidated subsidiary
- Collaborating with Payke, SPOT JAPAN, byFood, Tablecross and Gourmet University
Key KPIsA metric the company considers important as a management benchmark.
- All-store sales year-on-year115.5%
- Customer growth at all stores108.3%
- Average spend per customer growth at all stores106.7%
- Year-on-year sales at existing stores107.6%
- Same-store customer traffic year on year103.8%
- Same-store average spending per customer year on year103.7%
- Number of reservations by app members322%
- Web traffic rate for the Emperor format69%、80%、89%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The company disclosed customer numbers and average spend per customer for all stores and same stores. Cumulative figures for all stores were 108.3% for customer numbers and 106.7% for average spend per customer, while same-store cumulative figures were 103.8% and 103.7%, respectively, all compared with the same period of the prior year.Segment results
Domestic business (including Other and eliminations)
Net Sales
1,522,091 thousand yen+10.9%
Operating profit
204,746 thousand yen+30.5%
Ordinary income
200,955 thousand yen+34.3%
Quarterly net income
163,365 thousand yen+12.8%
Inbound Business
Net Sales
62,031 thousand yen
Operating profit
8,777 thousand yen
Operating profit margin14.1%
Financial targets
Market capitalization of ¥20 billion, EPS of ¥100–150, a PER of 20–30x, and a target share price of ¥2,000–3,000Number of stores and locations
81 stores as of 28 February 2026. During the period, the company decided to open 1 store under an existing format and 1 store under a new format, for a total of 2 store openings.Number of employees
133 employees as of 28 February 2026| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending November 2026 |
| Net Sales | 1,584,123 thousand yen (YoY +15.4%) |
| Operating profit | 213,523 thousand yen (YoY +36.1%) |
| Ordinary income | 209,732 thousand yen (YoY +40.1%) |
| Net income | 172,142 thousand yen (YoY +18.9%) |
| Operating profit margin | 13.5%; year-on-year comparison not provided in the materials |
| Results for the three months of the current quarter | Revenue: ¥1,584,123 thousand; operating profit: ¥213,523 thousand; ordinary profit: ¥209,732 thousand; quarterly net profit: ¥172,142 thousand |
| Full-year earnings forecast | Net Sales 5,570,000 thousand yen / Operating profit 425,000 thousand yen / Ordinary income 406,000 thousand yen / Net income 406,000 thousand yen |
| Progress against full-year forecast | Net Sales 28.4% / Operating profit 50.2% / Ordinary income 51.6% / Net income 42.3% |
| Self-assessment against the plan | Progress is currently very strong. The company expects to significantly exceed its full-year targets and accelerate further growth. |
| Segment results | Domestic business (including Other and eliminations) Net Sales 1,522,091 thousand yen (YoY +10.9%) / Operating profit 204,746 thousand yen (YoY +30.5%) / Ordinary income 200,955 thousand yen (YoY +34.3%) / Quarterly net income 163,365 thousand yen (YoY +12.8%) / Inbound Business Net Sales 62,031 thousand yen / Operating profit 8,777 thousand yen / Operating profit margin 14.1% |
| Breakdown of Factors Affecting the Change | Earnings structure reforms, DX initiatives, growth in the domestic business, inbound tourism demand, improved profitability of the new business format, and cost reductions and operational improvements following M&A |
| Key KPIs | Indicator name All-store sales year-on-year / Value 115.5%, Indicator name Customer growth at all stores / Value 108.3%, Indicator name Average spend per customer growth at all stores / Value 106.7%, Indicator name Year-on-year sales at existing stores / Value 107.6%, Indicator name Same-store customer traffic year on year / Value 103.8%, Indicator name Same-store average spending per customer year on year / Value 103.7%, Indicator name Number of reservations by app members / Value 322%, Indicator name Web traffic rate for the Emperor format / Value 69%、80%、89% |
| Unit price and quantity metrics | The company disclosed customer numbers and average spend per customer for all stores and same stores. Cumulative figures for all stores were 108.3% for customer numbers and 106.7% for average spend per customer, while same-store cumulative figures were 103.8% and 103.7%, respectively, all compared with the same period of the prior year. |
| Number of stores and locations | 81 stores as of 28 February 2026. During the period, the company decided to open 1 store under an existing format and 1 store under a new format, for a total of 2 store openings. |
| Number of employees | 133 employees as of 28 February 2026 |
| Financial targets | Market capitalization of ¥20 billion, EPS of ¥100–150, a PER of 20–30x, and a target share price of ¥2,000–3,000 |
| New initiatives | Accelerating the rollout of mobile ordering, in principle across all stores, Automating reservation handling through AI-based call reservations, Changing the format of existing stores to formats such as Akakara, Opening a new Umaiwa store near Kumagaya Station, Expanding the Emperor format in Kyoto’s Gion district, Acquiring shares in 鮨桝食品株式会社 and making it a consolidated subsidiary, Collaborating with Payke, SPOT JAPAN, byFood, Tablecross and Gourmet University |
Items this document does not state (12)
Gross Profit MarginSelling, general and administrative expensesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey 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 the effects of earnings structure reforms and DX initiatives, growth in its domestic business, inbound tourism demand, strong performance by the new KOBE Beef Emperor Steak format, and cost reductions and operational improvements following M&A.
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.