Worth reading
87Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
13363
¥ million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationInterim period (second quarter) of the fiscal year ending January 202714 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥136,455 million+10.9%
Operating profit¥3,697 million+7.0%
Ordinary income¥3,768 million+8.1%
Net income¥2,371 million +32.3%interim net income attributable to owners of the parent
Selling, general and administrative expenses¥22,016 million
Gross Profit Margin
Rate18.84
Year-on-year change (points)-0.58
Operating profit margin
Rate2.71
Year-on-year change (points)-0.1
Results for the three months of the current quarterFigures for revenue and operating profit for the standalone second quarter are included in the quarterly trend chart. The main figures in the consolidated income statement are cumulative for the interim period.
Full-year earnings forecast
Net Sales
¥280,000 million
Operating profit
¥8,200 million
Ordinary income
¥8,300 million
Profit attributable to owners of the parent
¥4,800 million
Earnings per share
¥150.54
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。
Net Sales48.7
Operating profit45.1
Ordinary income45.4
Profit attributable to owners of the parent49.4
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net SalesSales increased in DTB (existing domestic operations), DTB companies newly added to the Group (三協食鳥), C&C (overseas), C&C (existing operations), FSL new stores, store closures, franchises and e-commerce, and sales to the foodservice industry.
Operating profit
Increase in gross profitNo individual amount for the increase is shown in the chart.
Increase in personnel expensesNo individual amount for the increase is shown in the chart.
Increase in freight and packing costsNo individual amount for the increase is shown in the chart.
Increase in rent and lease expensesNo individual amount for the increase is shown in the chart.
Increase in depreciation expenseNo individual amount for the increase is shown in the chart.
Increase in other costsNo individual amount for the increase is shown in the chart.
Change in operating profit243
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Inbound demand and strong activity in the foodservice industry are expected to continue. Numerical assumptions for foreign exchange rates, raw material prices and other factors are Not disclosed.New initiatives
- New A-Price store openings and store renovations in the second half
- Strengthening sales of business support systems
- Sales of a HACCP-compliant temperature-recording subscription service using the proprietary FMIP core for the original internal temperature gauge
- Strengthening private-brand products, expanding the C&C business, expanding overseas operations, and continuing M&A and alliances
Key KPIsA metric the company considers important as a management benchmark.
- Private-label product sales¥23,396 million
- Private-brand product sales mix10.37 %
- Domestic foodservice wholesale market size¥4,358,400 million
- The Group's DTB + C&C market share (nationwide)5.4 %
- Consolidated number of employees4,088 people
Segment results
Distributor business
Net Sales
¥107,425 million+13.6%
Operating profit
¥3,025 million+19.7%
Cash-and-Carry business
Net Sales
¥22,409 million+1.6%
Operating profit
¥534 million-18.7%
Food Solutions business
Net Sales
¥6,621 million+2.6%
Operating profit
¥133 million-50.6%
Medium-term management plan targets
Fiscal year ending January 2027
Net Sales¥280,000 million
Net income for the current fiscal year¥4,800 million
Profit unit¥ million
ROEAt least 10.0%
PBRAt least 1.0x
Fiscal year ending January 2030
Net Sales¥300,000 million
Financial targets
ROEFiscal year ending January 2027: 10.0% or higher (target); fiscal year ended January 2026: 14.0% actual
PBRFiscal year ending January 2027: 1.0x or higher (target)
ROIC9.8% actual (fiscal year ended January 2026)
WACCApproximately 5.5%
Cost of shareholders’ equityApproximately 8.1%
Market Size / Share
Market Size
Nationwide¥4,358,400 million
Market share
Nationwide5.4 %
Kanto3.3 %
Tokai1.4 %
Kinki9.1 %
Chugoku and Shikoku6.4 %
Kyushu and Okinawa20.6 %
Number of stores and locations
End of period96 A-Price and other stores, 81 domestic locations, 89 DTB sites and 30 FSL sites (as of the end of July 2026)
Number of store openings and closures during the periodPlans for new A-Price store openings and store renovations are provided. The total number of store openings and closures during the period is Not disclosed.
Number of employees
Number of Employees4,088 people
Record date31 July 2026
Breakdown2,572 full-time employees and 1,516 part-time and other employees
Capital expenditures
2,751 Million yen full-year plan for the fiscal year ending January 2027
Annual Dividend
Annual¥61
Interim¥30
End of period¥31
Payout ratio
40.5Acquisition of treasury shares
Share repurchases of ¥300 million in the fiscal year ended January 2026. The repurchase limit and period for the current fiscal year are Not disclosed.| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Interim period (second quarter) of the fiscal year ending January 2027 |
| Net Sales | ¥136,455 million (YoY +10.9%) |
| Operating profit | ¥3,697 million (YoY +7.0%) |
| Ordinary income | ¥3,768 million (YoY +8.1%) |
| Net income | ¥2,371 million (interim net income attributable to owners of the parent) (YoY +32.3%) |
| Gross Profit Margin | Rate 18.84 / Year-on-year change (points) -0.58 |
| Operating profit margin | Rate 2.71 / Year-on-year change (points) -0.1 |
| Selling, general and administrative expenses | ¥22,016 million |
| Results for the three months of the current quarter | Figures for revenue and operating profit for the standalone second quarter are included in the quarterly trend chart. The main figures in the consolidated income statement are cumulative for the interim period. |
| Full-year earnings forecast | Net Sales ¥280,000 million / Operating profit ¥8,200 million / Ordinary income ¥8,300 million / Profit attributable to owners of the parent ¥4,800 million / Earnings per share ¥150.54 |
| Progress against full-year forecast | Net Sales 48.7 / Operating profit 45.1 / Ordinary income 45.4 / Profit attributable to owners of the parent 49.4 |
| Segment results | Distributor business Net Sales ¥107,425 million (YoY +13.6%) / Operating profit ¥3,025 million (YoY +19.7%) / Cash-and-Carry business Net Sales ¥22,409 million (YoY +1.6%) / Operating profit ¥534 million (YoY -18.7%) / Food Solutions business Net Sales ¥6,621 million (YoY +2.6%) / Operating profit ¥133 million (YoY -50.6%) |
| Breakdown of Factors Affecting the Change | Net Sales Sales increased in DTB (existing domestic operations), DTB companies newly added to the Group (三協食鳥), C&C (overseas), C&C (existing operations), FSL new stores, store closures, franchises and e-commerce, and sales to the foodservice industry. / Operating profit Increase in gross profit No individual amount for the increase is shown in the chart. / Increase in personnel expenses No individual amount for the increase is shown in the chart. / Increase in freight and packing costs No individual amount for the increase is shown in the chart. / Increase in rent and lease expenses No individual amount for the increase is shown in the chart. / Increase in depreciation expense No individual amount for the increase is shown in the chart. / Increase in other costs No individual amount for the increase is shown in the chart. / Change in operating profit 243 |
| Key KPIs | Indicator name Private-label product sales / Value ¥23,396 million, Indicator name Private-brand product sales mix / Value 10.37 %, Indicator name Domestic foodservice wholesale market size / Value ¥4,358,400 million, Indicator name The Group's DTB + C&C market share (nationwide) / Value 5.4 %, Indicator name Consolidated number of employees / Value 4,088 people |
| Number of stores and locations | End of period 96 A-Price and other stores, 81 domestic locations, 89 DTB sites and 30 FSL sites (as of the end of July 2026) / Number of store openings and closures during the period Plans for new A-Price store openings and store renovations are provided. The total number of store openings and closures during the period is Not disclosed. |
| Number of employees | Number of Employees 4,088 people / Record date 31 July 2026 / Breakdown 2,572 full-time employees and 1,516 part-time and other employees / Changes during the period and hiring plan Not disclosed |
| Assumptions Underlying the Business Outlook | Inbound demand and strong activity in the foodservice industry are expected to continue. Numerical assumptions for foreign exchange rates, raw material prices and other factors are Not disclosed. |
| Medium-term management plan targets | Fiscal year ending January 2027 Net Sales ¥280,000 million / Net income for the current fiscal year ¥4,800 million / Profit unit ¥ million / ROE At least 10.0% / PBR At least 1.0x / Fiscal year ending January 2030 Net Sales ¥300,000 million |
| Financial targets | ROE Fiscal year ending January 2027: 10.0% or higher (target); fiscal year ended January 2026: 14.0% actual / PBR Fiscal year ending January 2027: 1.0x or higher (target) / ROIC 9.8% actual (fiscal year ended January 2026) / WACC Approximately 5.5% / Cost of shareholders’ equity Approximately 8.1% |
| Annual Dividend | Annual ¥61 / Interim ¥30 / End of period ¥31 |
| Payout ratio | 40.5 |
| Acquisition of treasury shares | Share repurchases of ¥300 million in the fiscal year ended January 2026. The repurchase limit and period for the current fiscal year are Not disclosed. |
| Capital expenditures | 2,751 Million yen (full-year plan for the fiscal year ending January 2027) |
| Market Size / Share | Market Size Nationwide ¥4,358,400 million / Market share Nationwide 5.4 % / Kanto 3.3 % / Tokai 1.4 % / Kinki 9.1 % / Chugoku and Shikoku 6.4 % / Kyushu and Okinawa 20.6 % |
| New initiatives | New A-Price store openings and store renovations in the second half, Strengthening sales of business support systems, Sales of a HACCP-compliant temperature-recording subscription service using the proprietary FMIP core for the original internal temperature gauge, Strengthening private-brand products, expanding the C&C business, expanding overseas operations, and continuing M&A and alliances |
Items this document does not state (5)
Self-assessment against the planUnit price and quantity metricsRisk amount incorporated into the outlookOrders received and order backlogKey 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.The existing domestic distributor business performed steadily, supported by strong inbound demand and the contribution from 三協食鳥, which joined the Group in September of the previous fiscal year. Operating profit increased as the rise in gross profit from higher revenue absorbed increases in freight, packing and other costs. Net profit increased due to the absence of the overseas subsidiary goodwill impairment loss and loss on disposal of fixed assets recorded in the same period of the previous year.
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