Profit growth through margin improvement despite lower revenue
First written in FY2017-Q1. 6 of 38 entries say "Reframed", first in FY2017-Q3. Latest entry: 2026-11-13.
The whole theme swung hardest in 2020: 32 of 126 companies on the "Worse" side.
7 other companies' latest entry also says "Reframed".
- FY2026Full-year revenue and profit growth, but lower profit in the wholesale businessAnnual report
「Revenue for the consolidated fiscal year was ¥158,598 million, up 5.8% year on year. Operating profit was ¥3,273 million, up 1.4%, and ordinary profit was ¥3,746 million, up 6.8%.」
Overall, revenue, operating profit, ordinary profit and profit attributable to owners of the parent increased. The seafood wholesale business saw lower profit due to higher raw material costs and distribution and selling expenses, while the refrigerated warehousing business posted higher profit. - 2026-05-15ReframedResults
「営業利益は3,273百万円（前年同期比1.4％増）、経常利益は3,746百万円（前年同期比6.8％増）となりました。」
2026年3月期は、前年中間期の減益から、通期では営業利益・経常利益が前年同期を上回る内容へ変化した。 - FY2026-H1Higher revenue but lower operating, ordinary and net profitAnnual report
「As a result, the group’s revenue was ¥76,996 million, up 5.5% year on year. Operating profit was ¥1,837 million, down 11.6%, and ordinary profit was ¥2,087 million, down 7.0%. Interim profit attributable to owners of the parent was ¥1,214 million, down 15.6%.」
Compared with higher revenue and profit in the previous interim period, the current interim consolidated period saw revenue increase while operating profit, ordinary profit and interim profit attributable to owners of the parent fell below the corresponding figures for the previous year. - FY2025AdvancedAnnual report
「Revenue for the consolidated fiscal year was ¥149,902 million, up 9.0% year on year. Operating profit was ¥3,229 million, up 31.0%, and ordinary profit was ¥3,508 million, up 36.2%. As a result, profit attributable to owners of the parent was ¥2,901 million, up 35.9%.」
Following nearly flat revenue in the previous year, revenue increased in the current year, while operating profit, ordinary profit and profit attributable to owners of the parent also increased significantly. - FY2025-H1AdvancedAnnual report
「As a result, the group’s revenue was ¥73,012 million, up 13.5% year on year. Operating profit was ¥2,079 million, up 74.6%, and ordinary profit was ¥2,246 million, up 69.6%. Interim profit attributable to owners of the parent was ¥1,438 million, up 23.8%.」
Following higher revenue and profit in the previous full year, revenue also increased in the current interim consolidated period, while operating profit, ordinary profit and interim profit attributable to owners of the parent all significantly exceeded the corresponding figures for the previous year. - FY2024AdvancedAnnual report
「Revenue for the consolidated fiscal year was ¥137,588 million, up 0.1% year on year. Operating profit was ¥2,465 million, up 22.4%, and ordinary profit was ¥2,576 million, up 21.1%. As a result, profit attributable to owners of the parent was ¥2,134 million, up 53.8%.」
Although revenue was almost unchanged from the previous year, operating profit, ordinary profit and profit attributable to owners of the parent increased, marking a progression from improved margins despite lower revenue to higher full-year revenue and profit. - FY2024-Q3Operating and ordinary income growth and accelerating net income growth despite lower revenueAnnual report
「As a result, our group's revenue was ¥106,776 million, down 0.9% year on year, operating income was ¥2,079 million, up 1.6%, and ordinary income was ¥2,286 million, up 2.6%. Quarterly net income attributable to owners of the parent was ¥1,758 million, up 30.8%.」
From lower revenue and operating profit in the first half, the nine-month period saw revenue continue to decline, while operating and ordinary profit increased and the increase in quarterly profit attributable to owners of the parent widened. - FY2024-Q2Net income growth despite first-half revenue and operating income declinesAnnual report
「As a result, our group's revenue was ¥64,313 million, down 1.6% year on year, operating income was ¥1,191 million, down 5.8%, and ordinary income was ¥1,324 million, down 4.6%. Interim net income attributable to owners of the parent was ¥1,161 million, up 29.3%.」
Although the trend of lower revenue and profit in the first quarter continued into the first half, quarterly profit attributable to owners of the parent exceeded the corresponding figure for the previous year. - FY2024-Q1First-Quarter Revenue and Profit DeclineAnnual report
「As a result, our group's revenue was ¥32,561 million, down 0.3% year on year, operating income was ¥624 million, down 11.8%, and ordinary income was ¥770 million, down 16.6%. Net income attributable to owners of the parent was ¥471 million, down 24.7%.」
Following higher revenue and profit in the previous full year, the first quarter saw lower revenue and profit, indicating a change in the composition of overall performance. - FY2023Higher full-year revenue and profit, but lower marginsAnnual report
「Revenue for the consolidated fiscal year was ¥137,482 million, up 12.8% year on year. Operating profit was ¥2,014 million, up 1.6%, and ordinary profit was ¥2,127 million, up 4.7%.」
While the higher revenue and profit through the third quarter continued into the full year, the operating margin declined from 1.63% to 1.47%, reflecting the impact of the gross profit margin and expenses. - FY2023-Q3RestatedAnnual report
「As a result, the group’s revenue was ¥107,712 million, up 14.0% year on year. Operating profit was ¥2,046 million, up 8.3%, and ordinary profit was ¥2,229 million, up 9.3%. Profit attributable to owners of the parent was ¥1,344 million, up 45.8%.」
Following the second quarter, revenue, operating profit, ordinary profit and quarterly profit attributable to owners of the parent all exceeded the corresponding figures for the previous year, resulting in higher revenue and profit. - FY2023-Q2RestatedAnnual report
「As a result, the group’s revenue was ¥65,361 million, up 17.2% year on year. Operating profit was ¥1,264 million, up 51.7%, and ordinary profit was ¥1,388 million, up 56.8%. Profit attributable to owners of the parent was ¥898 million, up 282.4%.」
Following the first quarter, revenue, operating profit, ordinary profit and quarterly profit attributable to owners of the parent all exceeded the corresponding figures for the previous year, resulting in higher revenue and profit. - FY2023-Q1Progress toward higher revenue and profitAnnual report
「As a result, the group’s revenue was ¥32,655 million, up 17.5% year on year. Operating profit was ¥708 million, up 76.2%, and ordinary profit was ¥923 million, up 89.9%. Profit attributable to owners of the parent was ¥626 million, up 151.0%.」
Compared with the previous quarter, when operating profit increased under the accounting standards applied in the corresponding period of the previous year, the current quarter delivered higher revenue and profit, with revenue, operating profit, ordinary profit and quarterly profit attributable to owners of the parent all increasing. - FY2022Higher full-year operating margin despite lower revenueAnnual report
「The group’s management indicators and operating profit margin also increased year on year.」
Although revenue declined due to the application of the accounting standards for revenue recognition, full-year operating profit was ¥1,981 million and the operating margin was 1.63%, up from ¥1,422 million and 0.76%, respectively, in the previous year. - FY2022-Q3Nine-month profit growth under the new accounting standardsAnnual report
「As a result, the group’s revenue was ¥94,509 million, operating profit was ¥1,890 million, up 38.9% year on year, and ordinary profit was ¥2,040 million, up 29.8%. Profit attributable to owners of the parent was ¥921 million, up 7.4%.」
Although year-on-year comparisons of revenue are not made straightforwardly due to the application of the accounting standards for revenue recognition and other standards, operating profit, ordinary profit and quarterly profit attributable to owners of the parent all exceeded the corresponding figures for the previous year. - FY2022-Q2Operating and ordinary profit growth under the new accounting standards, but lower net profitAnnual report
「As a result, the group’s revenue was ¥55,772 million following the application of the accounting standards for revenue recognition and other standards. Operating profit was ¥833 million, up 38.2% year on year, and ordinary profit was ¥885 million, up 27.5%. Profit attributable to owners of the parent was ¥234 million, down 40.1%, due to a loss on the sale of shares in an affiliated company.」
Although revenue comparisons are difficult due to the application of the accounting standards for revenue recognition, operating and ordinary profit increased, while profit attributable to owners of the parent fell below the previous year’s level due to a loss on the sale of shares in an affiliated company. - FY2022-Q1Operating profit growth under the new accounting standardsAnnual report
「As a result, the group’s revenue was ¥27,782 million following the application of the accounting standards for revenue recognition and other standards. Operating profit was ¥402 million, up 103.6% year on year, and ordinary profit was ¥486 million, up 60.8%. Profit attributable to owners of the parent was ¥249 million, up 6.2%.」
Although year-on-year comparisons of revenue are not straightforward due to the application of the accounting standards for revenue recognition, operating profit, ordinary profit and profit attributable to owners of the parent all exceeded the corresponding figures for the previous year. - FY2021RestatedAnnual report
「The Group’s revenue was ¥187,697 million, down 3.2% from the previous fiscal year due to lower sales to business customers in the seafood wholesale business. Profit increased as a result of improved gross profit margins, with operating profit rising 29.8% to ¥1,422 million and ordinary profit rising 41.2% to ¥1,707 million.」
Despite lower revenue due to a decline in sales to commercial customers, the full-year results confirm a performance structure in which improvements in gross profit margin drive increases in operating and ordinary profit. - FY2021-Q3Expanding profit growth despite lower revenueAnnual report
「As a result, the Group’s revenue was ¥143,448 million, down 4.2% year on year, while improved gross profit margins caused operating profit to rise 37.6% to ¥1,361 million and ordinary profit to rise 40.6% to ¥1,571 million. Profit attributable to owners of the parent for the quarter rose 80.5% to ¥858 million due to the recognition of gains on sales of fixed assets.」
Although revenue fell below the year-earlier period, operating profit and ordinary profit increased substantially as a result of improved gross profit margins, and profit attributable to owners of the parent also increased, including gains on sales of fixed assets. - FY2021-Q2Recovery of profit growth despite lower revenueAnnual report
「As a result, the Group’s revenue was ¥85,765 million, down 7.3% year on year, but the improved gross profit margin contributed to an increase in gross profit. Along with lower selling, general and administrative expenses, this caused operating profit to rise 15.6% to ¥603 million and ordinary profit to rise 17.0% to ¥694 million. Profit attributable to owners of the parent for the quarter rose 83.3% to ¥391 million due to the recognition of gains on sales of fixed assets.」
The performance structure has returned from lower revenue and lower operating profit in the first quarter to one in which operating profit and ordinary profit increase as a result of improved margins and lower selling, general and administrative expenses, although revenue remains below the year-earlier period. - FY2021-Q1Lower revenue and lower operating profit due to the impact of COVID-19Annual report
「As a result, the Group’s revenue was ¥40,313 million, down 14.6% year on year. Although the gross profit margin improved, the decline in gross profit resulting from lower revenue caused operating profit to fall 28.5% to ¥197 million and ordinary profit to fall 18.4% to ¥302 million. Profit attributable to owners of the parent for the quarter rose 31.6% to ¥235 million due to the recognition of gains on sales of fixed assets.」
The overall profit growth seen in the previous fiscal year as a result of improved margins and lower selling, general and administrative expenses shifted this quarter to a decline in operating profit and ordinary profit due to lower revenue resulting from the COVID-19 pandemic. Meanwhile, profit attributable to owners of the parent for the quarter increased due to gains on sales of fixed assets. - FY2020Recovery to profit growth across all segmentsAnnual report
「Profit increased in all segments due to lower provisions for doubtful accounts, lower collection and selling expenses, and lower costs associated with the relocation to the Toyosu Market and other factors. Operating profit rose 154.2% from the previous fiscal year to ¥1,095 million, and ordinary profit rose 127.7% to ¥1,209 million.」
The performance structure recovered from lower revenue and lower operating profit in the previous fiscal year to profit growth across all segments, with operating profit up 154.2% and ordinary profit up 127.7%. - FY2020-Q3Continued and accelerating profit growth through margin improvement and lower selling, general and administrative expensesAnnual report
「As a result, our group’s revenue was ¥149,778 million, up 0.1% year on year. Due to an improvement in the gross profit margin and a substantial decrease in selling, general and administrative expenses, operating profit was ¥988 million, up 434.1% year on year, ordinary profit was ¥1,118 million, up 301.2% year on year, and quarterly net income attributable to owners of the parent was ¥475 million, compared with a quarterly net loss attributable to owners of the parent of ¥62 million in the previous year.」
Although revenue was roughly in line with the year-earlier period, the substantial increase in operating profit and ordinary profit resulting from improved margins and a significant reduction in selling, general and administrative expenses continued and expanded through the cumulative third quarter, with profit attributable to owners of the parent also shifting from a loss in the year-earlier period to a profit. - FY2020-Q2Significant profit growth through margin improvementAnnual report
「As a result, the Group’s revenue was ¥92,557 million, down 0.6% year on year. Although selling, general and administrative expenses exceeded the previous year, improved margins caused operating profit to rise 194.3% to ¥521 million and ordinary profit to rise 192.9% to ¥593 million. Profit attributable to owners of the parent for the quarter was ¥213 million, compared with ¥8 million in the year-earlier period.」
Although revenue declined slightly, improved margins caused operating profit and ordinary profit to reach approximately 2.9 times their year-earlier levels, while profit attributable to owners of the parent for the quarter also increased from ¥8 million to ¥213 million. - FY2020-Q1Recovery to Higher Revenue and ProfitAnnual report
「As a result, the Group’s revenue was ¥47,204 million, up 0.9% year on year. Although personnel expenses and depreciation increased, operating profit rose 69.0% to ¥276 million due to higher gross profit, ordinary profit rose 103.3% to ¥370 million, and profit attributable to owners of the parent for the quarter rose 121.8% to ¥178 million.」
The performance structure has shifted from the trend of declining revenue and lower operating profit through the previous fiscal year to one in which revenue, operating profit, ordinary profit and profit attributable to owners of the parent for the quarter exceed the year-earlier period. - FY2019Full-year revenue and operating profit declined, but net profit increasedAnnual report
「Revenue fell 2.1% from the previous fiscal year to ¥195,732 million due to sluggish growth in the core seafood wholesale business. Profit was affected by lower revenue in the seafood wholesale business, intensifying competition with other companies in the refrigerated warehousing business, and higher infrastructure-related costs associated with the relocation to the Toyosu Market. Operating profit fell 50.6% to ¥431 million and ordinary profit fell 52.2% to ¥531 million. Profit attributable to owners of the parent rose 34.0% to ¥438 million due to gains on sales of fixed assets.」
For the full year, revenue, operating profit and ordinary profit declined, while profit attributable to owners of the parent increased due to gains on sales of fixed assets, resulting in a full-year profit after the net loss recorded at the quarterly stage. - FY2019-Q3Declining revenue and widening net lossAnnual report
「Under these circumstances, the Group’s revenue was ¥149,636 million, down 2.8% year on year. Sales of key products from autumn through year-end, including Pacific saury, domestically farmed bluefin tuna, dried whitebait and domestically produced sea urchin, were strong, but handling volumes of imported products such as frozen salmon and frozen shrimp and domestic salmon roe declined. Operating profit fell 69.7% to ¥185 million due to higher selling, general and administrative expenses, including relocation costs to the Toyosu Market and distribution costs. Ordinary profit fell 66.7% to ¥278 million due to the recognition as a non-operating expense of fees related to borrowings to fund construction of the Kawashima Distribution Centre, among other factors. As a result, the loss attributable to owners of the parent for the quarter was ¥62 million, compared with profit of ¥143 million in the year-earlier period.」
The trend of lower revenue and lower profit through the second quarter continued, with operating profit and ordinary profit declining sharply, while profit attributable to owners of the parent moved from a profit of ¥143 million in the year-earlier period to a loss of ¥62 million. - FY2019-Q2Widening decline in revenue and profitAnnual report
「Under these circumstances, the Group’s revenue was ¥93,127 million, down 4.1% year on year, as handling volumes of key products such as frozen salmon and frozen shrimp declined amid intensifying competition for overseas purchases, while unstable supplies of fresh fish, particularly commonly consumed species, were affected by unfavourable weather. Gross profit fell 5.6% to ¥5,152 million due to declines in both the seafood wholesale business and the refrigerated warehousing business. Although the Group worked to reduce collection and selling expenses, personnel expenses and other costs, operating profit fell 53.1% to ¥177 million due to lower gross profit, ordinary profit fell 60.5% to ¥202 million, and profit attributable to owners of the parent for the quarter fell 80.4% to ¥8 million.」
Following the first quarter, revenue, gross profit, operating profit, ordinary profit and profit attributable to owners of the parent all fell below the year-earlier period, with the decline in revenue and profit progressing further. - FY2019-Q1RestatedAnnual report
「Under these circumstances, unstable landings of marine products resulted in sales of ¥46,797 million, down 5.9% year on year. Despite efforts to reduce collection and selling expenses, personnel expenses and other costs, operating profit fell 39.3% year on year to ¥163 million, ordinary profit fell 52.3% to ¥182 million, and profit attributable to owners of the parent fell 56.9% to ¥80 million, owing to the decline in gross profit.」
Revenue, operating profit, ordinary profit and profit attributable to owners of the parent all fell below the year-earlier period, reaffirming the performance structure of lower revenue and lower profit that has continued from the previous fiscal year. - FY2018Full-Year Revenue and Profit DeclineAnnual report
「Revenue was ¥199,915 million, down 0.6% from the previous fiscal year, due to sluggish growth in the core seafood wholesale business. In addition to a decline in the gross profit margin, higher expenses, including the allowance for doubtful accounts, entertainment expenses for the 70th anniversary celebration and outsourcing fees associated with improvements to the operating systems, caused operating profit to fall 11.2% to ¥871 million and ordinary profit to fall 11.5% to ¥1,111 million. Profit attributable to owners of the parent for the fiscal year fell 30.6% to ¥327 million.」
For the full year, revenue, operating profit, ordinary profit and profit attributable to owners of the parent all fell below the previous year. The factors behind the decline in profit included lower margins, the allowance for doubtful accounts and operating systems improvement costs. - FY2018-Q3RestatedAnnual report
「Under these circumstances, the Group’s revenue was ¥153,870 million, up 0.9% year on year, but operating profit fell 18.6% to ¥610 million and ordinary profit fell 14.2% to ¥835 million due to higher expenses, including the allowance for doubtful accounts and outsourcing fees associated with improvements to the operating systems. Profit attributable to owners of the parent for the quarter fell 65.4% to ¥143 million.」
Although revenue increased slightly, the decline in operating profit, ordinary profit and profit attributable to owners of the parent has continued because of higher expenses, including the allowance for doubtful accounts and outsourcing fees associated with improvements to the operating systems. - FY2018-Q2ReframedAnnual report
「Under these circumstances, the Group’s revenue was ¥97,156 million, up 2.3% year on year, but operating profit fell 43.0% to ¥377 million and ordinary profit fell 35.8% to ¥512 million due to higher general and administrative expenses and other costs. Profit attributable to owners of the parent for the quarter fell 88.8% to ¥42 million.」
Although revenue increased, operating profit, ordinary profit and profit attributable to owners of the parent declined due to higher general and administrative expenses and other costs, indicating a performance structure different from the previous trend of profit growth through margin improvement. - FY2018-Q1ReframedAnnual report
「Under these circumstances, the Group’s revenue was ¥49,717 million, up 4.3% year on year, while operating profit fell 44.7% to ¥268 million and ordinary profit fell 37.3% to ¥383 million due to higher collection and selling expenses, general and administrative expenses and other costs. Profit attributable to owners of the parent for the quarter fell 49.4% to ¥186 million.」
The performance structure shifted from the previous pattern of profit growth through improved margins despite lower revenue: revenue increased, but operating profit, ordinary profit and profit attributable to owners of the parent declined due to higher collection and selling expenses, general and administrative expenses and other costs. - FY2017-Q3ReframedAnnual report
「Under these circumstances, the Group’s revenue was ¥152,485 million, up 0.3% year on year, and gross profit rose 3.4% to ¥8,581 million as a result of improved margins. Operating profit fell 24.0% to ¥750 million due to higher selling, general and administrative expenses, ordinary profit fell 14.7% to ¥973 million, and profit attributable to owners of the parent for the quarter fell 45.5% to ¥415 million.」
The performance structure shifted from the previous pattern of profit growth through improved margins despite lower revenue: revenue rose slightly and gross profit increased, but operating profit, ordinary profit and profit attributable to owners of the parent declined due to higher selling, general and administrative expenses. - FY2017-Q2AdvancedAnnual report
「Revenue was ¥94,973 million, down 1.5% year on year, but gross profit rose 8.9% to ¥5,502 million as a result of improved margins. Selling, general and administrative expenses increased, including transportation and other collection and selling expenses, but operating profit rose 39.3% to ¥663 million and ordinary profit rose 40.3% to ¥798 million. Profit attributable to owners of the parent for the quarter was ¥375 million, down 4.7%.」
Although revenue declined, the cumulative second quarter also confirmed the trend of higher gross profit, operating profit and ordinary profit resulting from improved margins. However, profit attributable to owners of the parent for the quarter declined. - FY2017-Q1First statedAnnual report
「Revenue was ¥47,676 million, down 2.6% year on year, while gross profit rose 13.4% to ¥2,772 million as a result of improved margins. Despite a decrease in the reversal of the allowance for doubtful accounts and other factors, operating profit rose 29.7% to ¥486 million and ordinary profit rose 27.0% to ¥610 million. Profit attributable to owners of the parent for the quarter was ¥369 million, up 7.5%.」
Although revenue was below the year-earlier period, gross profit, operating profit, ordinary profit and profit attributable to owners of the parent all increased as a result of improved margins.