Worth reading
55In 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
580
¥ million (increase in forecast revenue for the fiscal year ending March 2027 compared with the previous fiscal year's actual results)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+7.4%
基準 7,820Target8,400million
Operating profit+20.2%
基準 183Target220million
Operating profit margin+0.2pt
基準 2.4Target2.6%
Net income for the current fiscal year+23.3%
基準 146Target180million
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 planNot disclosed → BtoB commerce revenue of ¥6,348 million, BtoC commerce revenue of ¥1,135 million and HR revenue of ¥336 million
Statements about the use of capital
Treasury share acquisition policyExecuted purchases of 60,000 shares for a total of ¥88.74 million in August 2024 and 125,000 shares for a total of ¥110 million in May 2025
Key initiatives
01Improve customer loyalty
02Strengthening CRM
03Expand the product platform
04New Customer Development
05Expand geographic coverage
06Expand customer segments
07Deepen customer engagement
08Strengthen synergies centered on BtoB
09AI Enablement Platform
10Marketing
11CAPEX
12Software development and AI utilization
13Human Capital
Plan assumptions¥600–800 million increase in revenue from BtoB growth, ¥100–50 million decrease in BtoC revenue, HR revenue remaining at approximately the previous year's level, within ±¥20 million, Improved fixed-cost efficiency in BtoB, Improved advertising efficiency in BtoB and HR, Improved profit margin in BtoC, Base-pay increases, Software development and AI investment, Capital investment in FFC
Segment targetSegment BtoB commerce / Details Increase revenue by ¥600–800 million in the fiscal year ending March 2027, Segment BtoC commerce / Details Decrease revenue by ¥100–50 million in the fiscal year ending March 2027, Segment HR / Details Remain at approximately the previous year's level in the fiscal year ending March 2027, within ±¥20 million
Non-financial targetsIndicator name BtoB commerce active users / Reference price 4,905 users (actual result for Q4 of FY26/3) / Target value Annual growth rate of +5–15% / Timing Medium term; specific start and end fiscal years not disclosed
Size of the Target MarketMarket Domestic final consumption expenditure on food and beverages / Dimensions ¥76 trillion / Breakdown Agricultural, forestry and fishery products: ¥11 trillion; processing and distribution: ¥65 trillion; fresh products, etc.: ¥15 trillion; food service: ¥16 trillion; processed products: ¥44 trillion / Source Ministry of Agriculture, Forestry and Fisheries, "Input-Output Tables Centered on Agriculture, Forestry and Fisheries and Related Industries for 2020 (Including the Flow of Food and Beverage Expenditure)," published 26 February 2025, Market Food e-commerce market / Dimensions ¥3.1 trillion in 2024 and ¥1.2 trillion in 2014 / Growth rate 2.5x / Source Ministry of Economy, Trade and Industry, "FY2024 E-Commerce Market Survey" and "FY2015 Basic Survey on the Development of Infrastructure for the Information and Service Economy of Japan (E-Commerce Market Survey)", Market Food e-commerce penetration rate / Dimensions 4.5% (2024) / Comparison Consumer electronics and other household appliances: 43.0% / Source Ministry of Economy, Trade and Industry, "FY2024 E-Commerce Market Survey", Market BtoB commerce TAM / Dimensions ¥5 trillion / Source Company estimate based on the Ministry of Internal Affairs and Communications and Ministry of Economy, Trade and Industry, "2021 Economic Census for Business Activity", Market BtoB commerce SAM / Dimensions ¥150 billion / Source Company estimate based on the Ministry of Internal Affairs and Communications and Ministry of Economy, Trade and Industry, "2021 Economic Census for Business Activity"
Risks identified by the company
Risk that growth in the food e-commerce market will not progress as expected
Risks related to food safety
Risk of system failures
Risks related to earnings seasonality
Risks related to market conditions
Risk of the cancellation of permits and licenses required to operate the business
Risk of Failing to Keep Pace with Technological Innovation
Risk that the recruitment and development of talented personnel will not progress as planned
Reason for revision or withdrawal
The medium-term target ranges for gross margin and OPEX ratio were changed from the previous disclosure to reflect trends in the fiscal year ending March 2026. Gross margin fell short of the previous forecast because of a decline in HR's share of revenue, which has a high profit margin, and higher costs due to inflation. Meanwhile, the OPEX ratio met the previous forecast as a result of disciplined business operations.
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Progress against the plan | Annual update |
| Sales Target | ¥7,820 million → ¥8,400 million（+7.4%） |
| Operating profit target | ¥183 million → ¥220 million（+19.7%） |
| Operating profit margin target | 2.4% → 2.6% |
| Net income target | ¥146 million → ¥180 million（+22.6%） |
| Treasury share acquisition policy | Executed purchases of 60,000 shares for a total of ¥88.74 million in August 2024 and 125,000 shares for a total of ¥110 million in May 2025 |
| Segment target | Segment BtoB commerce / Details Increase revenue by ¥600–800 million in the fiscal year ending March 2027, Segment BtoC commerce / Details Decrease revenue by ¥100–50 million in the fiscal year ending March 2027, Segment HR / Details Remain at approximately the previous year's level in the fiscal year ending March 2027, within ±¥20 million |
| Non-financial targets | Indicator name BtoB commerce active users / Reference price 4,905 users (actual result for Q4 of FY26/3) / Target value Annual growth rate of +5–15% / Timing Medium term; specific start and end fiscal years not disclosed |
| Plan assumptions | ¥600–800 million increase in revenue from BtoB growth, ¥100–50 million decrease in BtoC revenue, HR revenue remaining at approximately the previous year's level, within ±¥20 million, Improved fixed-cost efficiency in BtoB, Improved advertising efficiency in BtoB and HR, Improved profit margin in BtoC, Base-pay increases, Software development and AI investment, Capital investment in FFC |
| Key initiatives | Improve customer loyalty, Strengthening CRM, Expand the product platform, New Customer Development, Expand geographic coverage, Expand customer segments, Deepen customer engagement, Strengthen synergies centered on BtoB, AI Enablement Platform, Marketing, CAPEX, Software development and AI utilization, Human Capital |
| Results under the previous plan | Not disclosed → BtoB commerce revenue of ¥6,348 million, BtoC commerce revenue of ¥1,135 million and HR revenue of ¥336 million |
| Reason for revision or withdrawal | The medium-term target ranges for gross margin and OPEX ratio were changed from the previous disclosure to reflect trends in the fiscal year ending March 2026. Gross margin fell short of the previous forecast because of a decline in HR's share of revenue, which has a high profit margin, and higher costs due to inflation. Meanwhile, the OPEX ratio met the previous forecast as a result of disciplined business operations. |
| Size of the Target Market | Market Domestic final consumption expenditure on food and beverages / Dimensions ¥76 trillion / Breakdown Agricultural, forestry and fishery products: ¥11 trillion; processing and distribution: ¥65 trillion; fresh products, etc.: ¥15 trillion; food service: ¥16 trillion; processed products: ¥44 trillion / Source Ministry of Agriculture, Forestry and Fisheries, "Input-Output Tables Centered on Agriculture, Forestry and Fisheries and Related Industries for 2020 (Including the Flow of Food and Beverage Expenditure)," published 26 February 2025, Market Food e-commerce market / Dimensions ¥3.1 trillion in 2024 and ¥1.2 trillion in 2014 / Growth rate 2.5x / Source Ministry of Economy, Trade and Industry, "FY2024 E-Commerce Market Survey" and "FY2015 Basic Survey on the Development of Infrastructure for the Information and Service Economy of Japan (E-Commerce Market Survey)", Market Food e-commerce penetration rate / Dimensions 4.5% (2024) / Comparison Consumer electronics and other household appliances: 43.0% / Source Ministry of Economy, Trade and Industry, "FY2024 E-Commerce Market Survey", Market BtoB commerce TAM / Dimensions ¥5 trillion / Source Company estimate based on the Ministry of Internal Affairs and Communications and Ministry of Economy, Trade and Industry, "2021 Economic Census for Business Activity", Market BtoB commerce SAM / Dimensions ¥150 billion / Source Company estimate based on the Ministry of Internal Affairs and Communications and Ministry of Economy, Trade and Industry, "2021 Economic Census for Business Activity" |
| Risks identified | Risk that growth in the food e-commerce market will not progress as expected, Risks related to food safety, Risk of system failures, Risks related to earnings seasonality, Risks related to market conditions, Risk of the cancellation of permits and licenses required to operate the business, Risk of Failing to Keep Pace with Technological Innovation, Risk that the recruitment and development of talented personnel will not progress as planned |
| Publication date | June 2026 |
Items this document does not state (9)
Plan periodROE targetROIC targetPayout ratio / DOE policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorDate 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 plans to make growth investments with discipline in order to execute its growth strategy centered on BtoB commerce. The changes to the medium-term target ranges reflect trends in the fiscal year ending March 2026. The reasons cited are a decline in HR's share of revenue and higher costs due to inflation for the gross margin, and disciplined business operations for the OPEX ratio.
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