Worth reading
80Important
Scored from 5 of 6 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
91
¥100 million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFull fiscal year ended February 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥165,449 million+5.8%
Operating profit¥7,944 million-6.6%
Ordinary income¥7,861 million +2.6%profit before tax, IFRS
Net income¥4,677 million -16.3%profit attributable to owners of the parent
Operating profit margin4.8 %
Results for the three months of the current quarter
Revenue
¥41,881 million
Operating profit
¥1,335 million
Income before taxes
¥1,133 million
Profit for the period attributable to owners of the parent
¥366 million
Adjusted EBITDA
¥6,045 million
Full-year earnings forecast
Fiscal year ended February 2026
Revenue
¥165,000 million
Operating profit
¥9,600 million
Income before taxes
¥8,800 million
Profit for the period attributable to owners of the parent
¥5,800 million
Adjusted EBITDA
¥27,200 million
Fiscal year ending February 2027
Revenue
¥171,000 million
Operating profit
¥9,000 million
Income before taxes
¥8,000 million
Profit for the period
¥6,000 million
Profit for the period attributable to owners of the parent
¥5,700 million
Adjusted EBITDA
¥27,100 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。
Consolidated
Revenue100.3 %
Operating profit82.8 %
Income before taxes89.3 %
Profit for the period80.3 %
Profit for the period attributable to owners of the parent80.6 %
Adjusted EBITDA96.6 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Performance varied by category: the CR and specialty brand categories met their forecasts, while the SFP and overseas categories fell short. On a consolidated basis, revenue was broadly in line with the forecast, while operating profit fell short.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Revenue
Strong performance of the bakery and noodle brands and いっちょう社Amount not disclosed
Contribution to consolidated results from 2 M&A transactions in the second half of the previous fiscal yearAmount not disclosed
Operating profit
Lower profit in the SFP category-571
Overseas category variance from forecast-720
CR category variance from forecast135
Specialty brand category variance from forecast141
Cash flow
Increase in corporate income tax payments-2,238
Decrease in M&A-related investment4,726
Increase in debt repayments-3,841
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Year-on-year change at existing stores103 %
Number of new stores34 %
Unit_store openingsstores
Increase in the employee pay raise fund5 %
Unit_pay increases%
Cost ratioAssumed to remain at the previous fiscal year's level (amount not disclosed)
New initiatives
- Absorption-type merger of CRH and SFPHD (scheduled for 1 July 2026)
- Aim for at least 2 M&A transactions annually, mainly in Japan and North America.
- Expanding the franchise business in Asia and entering Europe
- Starting tests of automated ordering based on AI sales forecasts
- Implementing an internal chatbot
- Promoting the implementation of brand-specific apps
Key KPIsA metric the company considers important as a management benchmark.
- Year-on-year change at existing stores (consolidated)101.8 %Year on year against the same period last year-4.3%
- Equity ratio31.3 %Year on year against the same period last year+2.0%
- Net debt-to-equity ratio1.09 timesYear on year against the same period last year-0.1%
- Adjusted ROIC24.3 %Year on year against the same period last year-0.4%
- ROIC spread15.8 %Year on year against the same period last year+3.5%
- PBR7.09 timesYear on year against the same period last year+0.6%
Segment results
CR
Revenue
¥58,466 million
Category cash flow
¥6,035 million
Revenue_yoy_pct8.3
Category CF_yoy_pct3.2
SFP
Revenue
¥31,119 million
Category cash flow
¥2,454 million
Revenue_yoy_pct2.9
Category CF_yoy_pct-18.9
Specialty brands
Revenue
¥50,214 million
Category cash flow
¥5,641 million
Revenue_yoy_pct2.7
Category CF_yoy_pct3.3
Overseas expansion
Revenue
¥26,039 million
Category cash flow
¥2,380 million
Revenue_yoy_pct11.9
Category CF_yoy_pct7.6
Medium-term management plan targets
Target fiscal yearFiscal year ending February 2030
Revenue
¥230,000 million
Operating profit
¥16,000 million
Profit for the period attributable to owners of the parent
¥9,500 million
Adjusted EBITDA
¥38,000 million
Adjusted ROIC
25 %
Equity ratio
30 % or higher
Comparison with actual results
Revenue for the fiscal year ended February 2026165,449
Operating profit for the fiscal year ended February 20267,944
Financial targets
Actual results
ROE11.1
Adjusted ROIC24.3
Equity ratio31.3
Net debt-to-equity ratio1.09
Target for the fiscal year ending February 2030
Adjusted ROIC25
Equity ratioAt least 30%
Pre-tax WACC12.4
ROIC spread12.6
Number of stores and locations
Number of Stores at Period-End1,125 Location
Store openings56 Location
Number of store closures54 Location
Number of M&A stores7 Location
Change in business format19 Location
Capital expenditures
¥47 million
Annual Dividend
FY2027/2 forecast
Annual¥5
Interim¥2.5
End of period¥2.5
Forecast for the fiscal year ended February 2026¥4.50 (on an effective basis)
Payout ratio
Effective dividend payout ratio based on adjusted EBITDA
Fiscal year ended February 202617.4 %
Fiscal year ending February 202717 %
PolicyGenerally targeted at 14% or higher
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Full fiscal year ended February 2026 |
| Net Sales | ¥165,449 million (YoY +5.8%) |
| Operating profit | ¥7,944 million (YoY -6.6%) |
| Ordinary income | ¥7,861 million (profit before tax, IFRS) (YoY +2.6%) |
| Net income | ¥4,677 million (profit attributable to owners of the parent) (YoY -16.3%) |
| Operating profit margin | 4.8 % |
| Results for the three months of the current quarter | Revenue ¥41,881 million / Operating profit ¥1,335 million / Income before taxes ¥1,133 million / Profit for the period attributable to owners of the parent ¥366 million / Adjusted EBITDA ¥6,045 million |
| Full-year earnings forecast | Fiscal year ended February 2026 Revenue ¥165,000 million / Operating profit ¥9,600 million / Income before taxes ¥8,800 million / Profit for the period attributable to owners of the parent ¥5,800 million / Adjusted EBITDA ¥27,200 million / Fiscal year ending February 2027 Revenue ¥171,000 million / Operating profit ¥9,000 million / Income before taxes ¥8,000 million / Profit for the period ¥6,000 million / Profit for the period attributable to owners of the parent ¥5,700 million / Adjusted EBITDA ¥27,100 million |
| Progress against full-year forecast | Consolidated Revenue 100.3 % / Operating profit 82.8 % / Income before taxes 89.3 % / Profit for the period 80.3 % / Profit for the period attributable to owners of the parent 80.6 % / Adjusted EBITDA 96.6 % / By segment Not disclosed |
| Self-assessment against the plan | Performance varied by category: the CR and specialty brand categories met their forecasts, while the SFP and overseas categories fell short. On a consolidated basis, revenue was broadly in line with the forecast, while operating profit fell short. |
| Segment results | CR Revenue ¥58,466 million / Category cash flow ¥6,035 million / Revenue_yoy_pct 8.3 / Category CF_yoy_pct 3.2 / SFP Revenue ¥31,119 million / Category cash flow ¥2,454 million / Revenue_yoy_pct 2.9 / Category CF_yoy_pct -18.9 / Specialty brands Revenue ¥50,214 million / Category cash flow ¥5,641 million / Revenue_yoy_pct 2.7 / Category CF_yoy_pct 3.3 / Overseas expansion Revenue ¥26,039 million / Category cash flow ¥2,380 million / Revenue_yoy_pct 11.9 / Category CF_yoy_pct 7.6 |
| Breakdown of Factors Affecting the Change | Revenue Strong performance of the bakery and noodle brands and いっちょう社 Amount not disclosed / Contribution to consolidated results from 2 M&A transactions in the second half of the previous fiscal year Amount not disclosed / Operating profit Lower profit in the SFP category -571 / Overseas category variance from forecast -720 / CR category variance from forecast 135 / Specialty brand category variance from forecast 141 / Cash flow Increase in corporate income tax payments -2,238 / Decrease in M&A-related investment 4,726 / Increase in debt repayments -3,841 |
| Key KPIs | Indicator name Year-on-year change at existing stores (consolidated) / Value 101.8 % / Year on year against the same period last year -4.3 %, Indicator name Equity ratio / Value 31.3 % / Year on year against the same period last year 2 %, Indicator name Net debt-to-equity ratio / Value 1.09 times / Year on year against the same period last year -0.06 times, Indicator name Adjusted ROIC / Value 24.3 % / Year on year against the same period last year -0.4 %, Indicator name ROIC spread / Value 15.8 % / Year on year against the same period last year 3.5 %, Indicator name PBR / Value 7.09 times / Year on year against the same period last year 0.56 times |
| Number of stores and locations | Number of Stores at Period-End 1,125 Location / Store openings 56 Location / Number of store closures 54 Location / Number of M&A stores 7 Location / Change in business format 19 Location |
| Assumptions Underlying the Business Outlook | Year-on-year change at existing stores 103 % / Number of new stores 34 % / Unit_store openings stores / Increase in the employee pay raise fund 5 % / Unit_pay increases % / Cost ratio Assumed to remain at the previous fiscal year's level (amount not disclosed) |
| Medium-term management plan targets | Target fiscal year Fiscal year ending February 2030 / Revenue ¥230,000 million / Operating profit ¥16,000 million / Profit for the period attributable to owners of the parent ¥9,500 million / Adjusted EBITDA ¥38,000 million / Adjusted ROIC 25 % / Equity ratio 30 % or higher / Comparison with actual results Revenue for the fiscal year ended February 2026 165,449 / Operating profit for the fiscal year ended February 2026 7,944 |
| Financial targets | Actual results ROE 11.1 / Adjusted ROIC 24.3 / Equity ratio 31.3 / Net debt-to-equity ratio 1.09 / Target for the fiscal year ending February 2030 Adjusted ROIC 25 / Equity ratio At least 30% / Pre-tax WACC 12.4 / ROIC spread 12.6 |
| Annual Dividend | FY2027/2 forecast Annual ¥5 / Interim ¥2.5 / End of period ¥2.5 / Forecast for the fiscal year ended February 2026 ¥4.50 (on an effective basis) |
| Payout ratio | Effective dividend payout ratio based on adjusted EBITDA Fiscal year ended February 2026 17.4 % / Fiscal year ending February 2027 17 % / Policy Generally targeted at 14% or higher |
| Capital expenditures | ¥47 million |
| New initiatives | Absorption-type merger of CRH and SFPHD (scheduled for 1 July 2026), Aim for at least 2 M&A transactions annually, mainly in Japan and North America., Expanding the franchise business in Asia and entering Europe, Starting tests of automated ordering based on AI sales forecasts, Implementing an internal chatbot, Promoting the implementation of brand-specific apps |
Items this document does not state (9)
Gross Profit MarginSelling, general and administrative expensesUnit price and quantity metricsNumber of employeesRisk amount incorporated into the outlookAcquisition of treasury sharesOrders 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.Revenue increased as the bakery and noodle brands and いっちょう社 remained strong, and as the 2 companies acquired through M&A in the second half of the previous fiscal year contributed to the consolidated results. Profit was affected by a decline in customer numbers at existing 磯丸水産 stores in the SFP category, the lack of improvement in the higher cost ratio, and lower profit in the overseas category. For the fiscal year ending February 2027, the Company expects improvements from an increase in customer numbers at existing stores, new store openings, M&A, a recovery at 磯丸水産, the closure of unprofitable stores and a change in the North American business CEO.
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