Worth reading
67In 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
24000
¥ million (revenue target for the fiscal year ending August 2029)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+95.1%
基準 12,300Target24,000million
Operating profit+0.1%
基準 2,026Target2,029million
Net income for the current fiscal year+0.1%
基準 2,026Target2,029million
ROE+3.0pt
基準 2,026Target2,029%
ROIC-2,010.0pt
基準 2,026Target16%
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.
Investment amount by sectorField New Store Openings / Amount ¥6–7 billion (cumulative for the three years of the medium-term plan), Field Other (DX investment, store renovations, strengthening headquarters functions, share repurchases or strengthening cash on hand, and strategic investments including M&A) / Amount ¥1–2 billion (cumulative for the three years of the medium-term plan)
Statements about the use of capital
Payout ratio / DOE policyThe company will continue to pay stable dividends and aims for a payout ratio of at least 20% (cumulative for the three years of the medium-term plan). Shareholder benefits will also continue. The numerical DOE target is Not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyUnder the cash allocation plan for the three years of the medium-term plan, the company is considering share repurchases or strengthening cash on hand as uses of the Other allocation of ¥1–2 billion. Strategic investments, including M&A, will be funded appropriately when opportunities arise, with separate debt financing to be considered depending on the scale.
Cost of capitalWACC for the fiscal year ending August 2026 is approximately 7%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Strengthen the franchise development department
02Accelerate openings of 「銀座惣菜店」 (takeout format) stores (directly operated/franchised)
03Proactively approach major franchisees
04Strengthen the store development department
05Diversify store-opening channels, including roadside locations
06Open and convert stores in the soba business format
07Advance DX at 「築地食堂源ちゃん」, 「ABURI百貫」 and other brands
08Increased Investment in Human Capital
09Establishment of an M&A Promotion Office
10Strengthening Existing Locations
11New Store Openings
12Store-opening capabilities
13Inorganic growth
14Establish a new M&A strategy promotion office
15Expand operations in Southeast Asia
Plan assumptionsThe food service market is expected to grow moderately, supported by inbound demand and other factors., Various costs, including labor and raw material costs, are expected to rise., WACC for the fiscal year ending August 2026 is approximately 7%., The company emphasizes an investment recovery period of 3–5 years depending on the business format, and in principle within 3–5 years, for new store investments., The numerical targets for the medium-term plan period consist solely of organic growth and do not incorporate the effects of franchising, M&A or overseas expansion., Funding for new store openings is expected to be obtained primarily through bank borrowings.
Non-financial targetsIndicator Number of new stores / Target value 30 stores annually / Timing Fiscal years ending August 2027 to August 2029, Indicator Stores at Period End / Target value 216 stores / Timing End of the fiscal year ending August 2029, Indicator Number of company-operated stores / Target value More than 210 stores / Timing End of the fiscal year ending August 2029, Indicator Number of stores under core brands / Target value 141 stores / Timing Fiscal year ending August 2029
Size of the Target MarketThe chart shows 40 facilities with stores and 811 facilities without stores. Source: “The number of commercial facilities operated by major developers where the company opens stores was counted. The company compiled the figures based on materials disclosed by each company.” The specific growth rate for the food service market is Not disclosed.
Risks identified by the company
Labor shortages and higher labor costs
Growing demand for prepared meals
Higher costs for ingredients, utilities and construction
Declining seafood supplies and higher costs
Inflation caused by issues in the Middle East and other factors
Global warming and rising seawater temperatures
Social structural changes, including a declining and aging population, greater participation by women in society, an increase in dual-income households and a rise in single-person households
Changes in the food service market and demand environment resulting from increased inbound demand
Reason for revision or withdrawal
Not disclosed (the company has formulated a new medium-term management plan rather than revising or withdrawing the existing plan).
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan “BEYOND THE STANDARD” |
| Plan period | Fiscal year ending August 2027 to fiscal year ending August 2029 (the cover of the accompanying material states “fiscal year ending August 2026 to fiscal year ending August 2029”) |
| Progress against the plan | Formulated |
| Sales Target | ¥12,300 million (budget for the fiscal year ending August 2026) → Approximately ¥24,000 million (target for the fiscal year ending August 2029)（Approximately 25% (CAGR)） |
| Operating profit target | ¥850 million (budget for the fiscal year ending August 2026) → Approximately ¥1,900 million (target for the fiscal year ending August 2029)（Approximately 30% (CAGR)） |
| Net income target | ¥520 million (budget for the fiscal year ending August 2026) → Approximately ¥1,100 million (target for the fiscal year ending August 2029)（Approximately 30% (CAGR)） |
| ROE target | 20.6% (budget for the fiscal year ending August 2026) → At least 22.0% (target for the fiscal year ending August 2029) |
| ROIC target | 24.1% (budget for the fiscal year ending August 2026) → At least 16.0% (during the medium-term plan period) |
| Payout ratio / DOE policy | The company will continue to pay stable dividends and aims for a payout ratio of at least 20% (cumulative for the three years of the medium-term plan). Shareholder benefits will also continue. The numerical DOE target is Not disclosed. |
| Treasury share acquisition policy | Under the cash allocation plan for the three years of the medium-term plan, the company is considering share repurchases or strengthening cash on hand as uses of the Other allocation of ¥1–2 billion. Strategic investments, including M&A, will be funded appropriately when opportunities arise, with separate debt financing to be considered depending on the scale. |
| Cost of capital | WACC for the fiscal year ending August 2026 is approximately 7%. |
| Investment amount by sector | Field New Store Openings / Amount ¥6–7 billion (cumulative for the three years of the medium-term plan), Field Other (DX investment, store renovations, strengthening headquarters functions, share repurchases or strengthening cash on hand, and strategic investments including M&A) / Amount ¥1–2 billion (cumulative for the three years of the medium-term plan) |
| Non-financial targets | Indicator Number of new stores / Target value 30 stores annually / Timing Fiscal years ending August 2027 to August 2029, Indicator Stores at Period End / Target value 216 stores / Timing End of the fiscal year ending August 2029, Indicator Number of company-operated stores / Target value More than 210 stores / Timing End of the fiscal year ending August 2029, Indicator Number of stores under core brands / Target value 141 stores / Timing Fiscal year ending August 2029 |
| Plan assumptions | The food service market is expected to grow moderately, supported by inbound demand and other factors., Various costs, including labor and raw material costs, are expected to rise., WACC for the fiscal year ending August 2026 is approximately 7%., The company emphasizes an investment recovery period of 3–5 years depending on the business format, and in principle within 3–5 years, for new store investments., The numerical targets for the medium-term plan period consist solely of organic growth and do not incorporate the effects of franchising, M&A or overseas expansion., Funding for new store openings is expected to be obtained primarily through bank borrowings. |
| Key initiatives | Strengthen the franchise development department, Accelerate openings of 「銀座惣菜店」 (takeout format) stores (directly operated/franchised), Proactively approach major franchisees, Strengthen the store development department, Diversify store-opening channels, including roadside locations, Open and convert stores in the soba business format, Advance DX at 「築地食堂源ちゃん」, 「ABURI百貫」 and other brands, Increased Investment in Human Capital, Establishment of an M&A Promotion Office, Strengthening Existing Locations, New Store Openings, Store-opening capabilities, Inorganic growth, Establish a new M&A strategy promotion office, Expand operations in Southeast Asia |
| Reason for revision or withdrawal | Not disclosed (the company has formulated a new medium-term management plan rather than revising or withdrawing the existing plan). |
| Size of the Target Market | The chart shows 40 facilities with stores and 811 facilities without stores. Source: “The number of commercial facilities operated by major developers where the company opens stores was counted. The company compiled the figures based on materials disclosed by each company.” The specific growth rate for the food service market is Not disclosed. |
| Risks identified | Labor shortages and higher labor costs, Growing demand for prepared meals, Higher costs for ingredients, utilities and construction, Declining seafood supplies and higher costs, Inflation caused by issues in the Middle East and other factors, Global warming and rising seawater temperatures, Social structural changes, including a declining and aging population, greater participation by women in society, an increase in dual-income households and a rise in single-person households, Changes in the food service market and demand environment resulting from increased inbound demand |
| Publication date | 19 August 2026 |
Items this document does not state (6)
Operating profit margin targetSelf-assessment of PBR and share priceTotal investment planSegment targetResults under the previous planDate 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.Although the food service market is growing moderately, supported by inbound demand and other factors, the operating environment is challenging because of labor shortages, higher labor costs, and rising costs for ingredients, utilities and construction. The company recognizes that growth will be limited if it merely extends its existing initiatives. It also aims to maximize corporate value, transfer to the Prime Market of the Tokyo Stock Exchange and pursue the goal of becoming a company with a market capitalization of ¥100 billion.
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