Recognition of Extraordinary Losses, Partial Write-Down of Deferred Tax Assets and Revision to Consolidated Earnings Forecasts
The General Oyster,Inc. Group (General Oyster,Inc.)
Seibu Department Store Shibuya (Shibuya-ku, Tokyo), stores and machinery and equipment held by the Group, the food-service business, and the renewable energy business
Consumers refraining from eating out following norovirus outbreaks, particularly during the winter; higher oyster procurement costs and increased disposal losses due to the impact of changes in the marine environment and other factors on oyster production conditions; delays in the timing of certain large projects; the closure of Seibu Department Store Shibuya; and a reassessment of the recoverability of deferred tax assets based on recent performance trends
Impairment loss of ¥13.508 million (extraordinary loss), provision for store closure losses of ¥18.730 million (extraordinary loss), and ¥53 million in adjustments to corporate income taxes and other taxes
Consolidated financial results for the fiscal year ending March 2026 (1 April 2025 to 31 March 2026)
The full-year consolidated earnings forecasts for the fiscal year ending March 2026 were revised as follows: revenue from ¥5,184 million to ¥4,304 million, operating profit from ¥187 million to a loss of ¥92 million, ordinary profit from ¥186 million to a loss of ¥90 million, and net income attributable to owners of the parent from ¥130 million to a loss of ¥175 million.
Company response
Seibu Department Store Shibuya is scheduled to cease operations and close on 30 September 2026.
The Group will work to stabilize its cost of sales ratio by reducing its dependence on oysters as a food ingredient through measures including a review of its menu mix.
The impact of norovirus is considered temporary. The Group will work to stabilize its cost of sales ratio by reducing its dependence on oysters through measures including a review of its menu mix. The renewable energy business is expected to contribute to performance from the following fiscal year onward. Seibu Department Store Shibuya is scheduled to cease operations on 30 September 2026, and the final amount of store closure losses incurred may be lower than the amount recorded. The forecast year-end dividend is expected to remain unchanged at ¥10 per share.
| Item | Details |
|---|---|
| Event name | Recognition of Extraordinary Losses, Partial Write-Down of Deferred Tax Assets and Revision to Consolidated Earnings Forecasts |
| Subject Entity | The General Oyster,Inc. Group (General Oyster,Inc.) |
| Target Locations / Products | Seibu Department Store Shibuya (Shibuya-ku, Tokyo), stores and machinery and equipment held by the Group, the food-service business, and the renewable energy business |
| Cause | Consumers refraining from eating out following norovirus outbreaks, particularly during the winter; higher oyster procurement costs and increased disposal losses due to the impact of changes in the marine environment and other factors on oyster production conditions; delays in the timing of certain large projects; the closure of Seibu Department Store Shibuya; and a reassessment of the recoverability of deferred tax assets based on recent performance trends |
| Amount of Impact on Business Performance | Impairment loss of ¥13.508 million (extraordinary loss), provision for store closure losses of ¥18.730 million (extraordinary loss), and ¥53 million in adjustments to corporate income taxes and other taxes |
| Accounting period in which recognized | Consolidated financial results for the fiscal year ending March 2026 (1 April 2025 to 31 March 2026) |
| Impact on Earnings Forecast | The full-year consolidated earnings forecasts for the fiscal year ending March 2026 were revised as follows: revenue from ¥5,184 million to ¥4,304 million, operating profit from ¥187 million to a loss of ¥92 million, ordinary profit from ¥186 million to a loss of ¥90 million, and net income attributable to owners of the parent from ¥130 million to a loss of ¥175 million. |
| Suspended operations | Seibu Department Store Shibuya is scheduled to cease operations and close on 30 September 2026. |
| Measures to prevent recurrence | The Group will work to stabilize its cost of sales ratio by reducing its dependence on oysters as a food ingredient through measures including a review of its menu mix. |
| Outlook | The impact of norovirus is considered temporary. The Group will work to stabilize its cost of sales ratio by reducing its dependence on oysters through measures including a review of its menu mix. The renewable energy business is expected to contribute to performance from the following fiscal year onward. Seibu Department Store Shibuya is scheduled to cease operations on 30 September 2026, and the final amount of store closure losses incurred may be lower than the amount recorded. The forecast year-end dividend is expected to remain unchanged at ¥10 per share. |
Items this document does not state (15)
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 reasons cited include customer numbers falling short of expectations as consumers refrained from eating out following norovirus outbreaks, particularly during the winter; higher oyster procurement costs and increased disposal losses resulting from changes in the marine environment and other factors; delays in the timing of certain large projects; impairment and store closure-related expenses; and a reassessment of the recoverability of deferred tax assets based on recent performance trends.