Worth reading
52Recurring
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
—
Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+1.7%
基準 4,304Target4,376million
Operating profit+0.0%
基準 2,026Target2,027million
Operating profit margin-2,045.0pt
基準 2,026Target-19%
Net income for the current fiscal year+0.0%
基準 2,026Target2,027million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planThe original plan was to expand oyster bars and restaurants to a certain scale, invest the resulting funds in land-based aquaculture, sixth-sector industrialization and the “8th sea oyster” brand, and accelerate growth through the wholesale business and overseas expansion (no numerical targets were provided) → Progress in the fiscal year ended March 2026: the growth strategy was substantially delayed due in part to the impact of norovirus+25,225.0%Calculated from the two disclosed figures
Investment amount by sectorField Costs related to opening new stores / Amount ¥50 million / Scheduled timing of expenditures October 2025–October 2027, Field Costs related to opening new stores / Amount ¥50 million / Scheduled timing of expenditures October 2025–October 2027, Field Capital investment funds (expansion of the purification center) / Amount ¥130 million / Scheduled timing of expenditures October 2025 to October 2026, Field Solar power generation business / Amount ¥300 million / Scheduled timing of expenditures October 2025–December 2026
Key initiatives
01Strengthen the profitability of the store business (recover sales at existing stores and implement thorough cost controls)
02Convert the processing business into a central kitchen operation for stores
03Establish a high-quality value chain through purification using deep ocean water
04Build the “8th sea oyster” brand
05Expand the membership base (OPC)
06Roll out the company’s proprietary franchise business (franchise system)
07Address the SDGs, including food safety, healthy living, prevention of marine pollution and resolution of food-related issues
08Enter the renewable energy business
Segment targetSegment Store Business / Target Continue to exceed a segment profit margin of 12%, Segment Processing Business / Target Return to profitability in the fiscal year ending March 2027, Segment Wholesale Business / Target At least 1,200 business partners and 4 franchise stores, Segment Domestic e-commerce business / Target Annual sales of ¥76 million, 8,800 transactions annually, and an average purchase price of ¥8,740 per transaction, Segment Delivery Capacity / Target Annual purification capacity of approximately 20 million oysters, a purification center utilization rate of 52%, and annual stable supply capacity of 40 tons through long-term cultivation
Non-financial targetsIndicator OPC membership / Target More than 700,000 members / Timing End of the fiscal year ending March 2027, Indicator Instagram followers / Target At least 25,000 / Timing End of the fiscal year ending March 2027, Indicator Website visits / Target 20% increase year on year / Timing Fiscal year ending March 2027, Indicator Opening of franchise stores / Target Continue opening 1 store per year / Timing Not disclosed, Indicator Test results based on proprietary safety standards / Target Continue to meet the standards / Timing Not disclosed
Size of the Target MarketDomestic oyster bar and restaurant market: approximately ¥10 billion (source: Fuji Keizai, Marketing Handbook of the Food Service Industry 2019); total domestic oyster production: approximately ¥33.4 billion and approximately 170,000 tons annually (source: China Regional Agricultural and Forestry Statistics Yearbook for Reiwa 1); global annual oyster production: approximately 6.25 million tons (source: FAO)
Risks identified by the company
A consumption slowdown caused by a prolonged economic downturn
Spread of COVID-19
Food mislabeling and fraudulent labeling
Insufficient stable and safe oyster supplies due to adverse weather conditions or deterioration of marine areas
Consumers avoiding eating out due to concerns about food safety and other factors
Food disposal, cancellation of operating permits, business prohibitions or suspensions, claims for damages and loss of credibility resulting from food poisoning incidents
Reduction in feed-in tariffs and shortening of the purchase period due to changes in national energy policy
Declines in solar power generation and electricity sales revenue due to weather conditions
Changes in market needs and consumer preferences
Slowdown in the wholesale, processing and e-commerce mail-order businesses
Costs and losses associated with a large number of store openings and closures
Weak financial foundation
Delays in the investment plan
Reason for revision or withdrawal
Due in part to the impact of the COVID-19 pandemic, insufficient funds were available for investment areas, resulting in a substantial delay in the growth strategy. From around the end of the previous consolidated fiscal year through the summer of the current consolidated fiscal year, the spread of norovirus made it impossible to procure sufficient quantities of oysters meeting the company’s safety standards, resulting in lost opportunities during the peak season in the store and wholesale businesses.
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Progress against the plan | Annual update |
| Sales Target | 4,304 (actual full-year results for the fiscal year ended March 2026) → 4,376 (consolidated earnings forecast for the fiscal year ending March 2027)（+1.6%） |
| Operating profit target | △92 (actual full-year results for the fiscal year ended March 2026) → 60 (consolidated earnings forecast for the fiscal year ending March 2027) |
| Operating profit margin target | 2.8% (store business segment profit margin for the fiscal year ended March 2026) → Continue to exceed 12% (pre-COVID-19 level; store business segment profit margin) |
| Net income target | △175 (actual full-year results for the fiscal year ended March 2026) → 34 (consolidated earnings forecast for the fiscal year ending March 2027) |
| Investment amount by sector | Field Costs related to opening new stores / Amount ¥50 million / Scheduled timing of expenditures October 2025–October 2027, Field Costs related to opening new stores / Amount ¥50 million / Scheduled timing of expenditures October 2025–October 2027, Field Capital investment funds (expansion of the purification center) / Amount ¥130 million / Scheduled timing of expenditures October 2025 to October 2026, Field Solar power generation business / Amount ¥300 million / Scheduled timing of expenditures October 2025–December 2026 |
| Segment target | Segment Store Business / Target Continue to exceed a segment profit margin of 12%, Segment Processing Business / Target Return to profitability in the fiscal year ending March 2027, Segment Wholesale Business / Target At least 1,200 business partners and 4 franchise stores, Segment Domestic e-commerce business / Target Annual sales of ¥76 million, 8,800 transactions annually, and an average purchase price of ¥8,740 per transaction, Segment Delivery Capacity / Target Annual purification capacity of approximately 20 million oysters, a purification center utilization rate of 52%, and annual stable supply capacity of 40 tons through long-term cultivation |
| Non-financial targets | Indicator OPC membership / Target More than 700,000 members / Timing End of the fiscal year ending March 2027, Indicator Instagram followers / Target At least 25,000 / Timing End of the fiscal year ending March 2027, Indicator Website visits / Target 20% increase year on year / Timing Fiscal year ending March 2027, Indicator Opening of franchise stores / Target Continue opening 1 store per year / Timing Not disclosed, Indicator Test results based on proprietary safety standards / Target Continue to meet the standards / Timing Not disclosed |
| Key initiatives | Strengthen the profitability of the store business (recover sales at existing stores and implement thorough cost controls), Convert the processing business into a central kitchen operation for stores, Establish a high-quality value chain through purification using deep ocean water, Build the “8th sea oyster” brand, Expand the membership base (OPC), Roll out the company’s proprietary franchise business (franchise system), Address the SDGs, including food safety, healthy living, prevention of marine pollution and resolution of food-related issues, Enter the renewable energy business |
| Results under the previous plan | The original plan was to expand oyster bars and restaurants to a certain scale, invest the resulting funds in land-based aquaculture, sixth-sector industrialization and the “8th sea oyster” brand, and accelerate growth through the wholesale business and overseas expansion (no numerical targets were provided) → Progress in the fiscal year ended March 2026: the growth strategy was substantially delayed due in part to the impact of norovirus |
| Reason for revision or withdrawal | Due in part to the impact of the COVID-19 pandemic, insufficient funds were available for investment areas, resulting in a substantial delay in the growth strategy. From around the end of the previous consolidated fiscal year through the summer of the current consolidated fiscal year, the spread of norovirus made it impossible to procure sufficient quantities of oysters meeting the company’s safety standards, resulting in lost opportunities during the peak season in the store and wholesale businesses. |
| Size of the Target Market | Domestic oyster bar and restaurant market: approximately ¥10 billion (source: Fuji Keizai, Marketing Handbook of the Food Service Industry 2019); total domestic oyster production: approximately ¥33.4 billion and approximately 170,000 tons annually (source: China Regional Agricultural and Forestry Statistics Yearbook for Reiwa 1); global annual oyster production: approximately 6.25 million tons (source: FAO) |
| Risks identified | A consumption slowdown caused by a prolonged economic downturn, Spread of COVID-19, Food mislabeling and fraudulent labeling, Insufficient stable and safe oyster supplies due to adverse weather conditions or deterioration of marine areas, Consumers avoiding eating out due to concerns about food safety and other factors, Food disposal, cancellation of operating permits, business prohibitions or suspensions, claims for damages and loss of credibility resulting from food poisoning incidents, Reduction in feed-in tariffs and shortening of the purchase period due to changes in national energy policy, Declines in solar power generation and electricity sales revenue due to weather conditions, Changes in market needs and consumer preferences, Slowdown in the wholesale, processing and e-commerce mail-order businesses, Costs and losses associated with a large number of store openings and closures, Weak financial foundation, Delays in the investment plan |
| Publication date | 29 June 2026 |
Items this document does not state (10)
Plan periodROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planPlan assumptionsDate of board resolution
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 insufficient procurement of oysters meeting its safety standards due to the spread of norovirus, which resulted in lost opportunities in the store and wholesale businesses; fluctuations in supply and demand caused by changes in production and shipment trends and quality in its main production areas; and soaring raw material and labor costs. It also stated that the previous growth strategy was delayed because insufficient funds were available for investment areas due in part to the COVID-19 pandemic.
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