A challenging operating environment due to labor shortages and surging personnel costs
First written in FY2018-Q1. 11 of 20 entries say "Worsened", first in FY2019-Q1. Latest entry: FY2027-H1.
Toho moved to the "Worse" side of this theme in 2021, 1 year after the typical company in this theme (2020).
The whole theme swung hardest in 2025: 36 of 59 companies on the "Worse" side.
36 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「Although the foodservice market, our group’s main market, continued to perform steadily, supported by inbound demand and other factors, the challenging environment persisted due to increasingly severe labor shortages and rising raw material and other operating costs.」
The foodservice market was described as steady, while the difficult operating environment caused by increasingly severe labor shortages and rising raw material and other operating costs continued to be disclosed. - 2026-06-11RestatedEarnings
「The situation continued to warrant caution due to consumers’ increasingly frugal spending amid rising prices, increasingly severe labor shortages, and higher raw-material prices and other expenses.」
Continued to describe labor shortages as “increasingly severe,” together with higher raw-material prices and other expenses, as an ongoing burden. - FY2026-H1WorsenedAnnual report
「The difficult situation continued, including consumers' increasing inclination to economize amid rising prices, worsening labor shortages, and higher expenses such as logistics costs.」
Labor shortages continued to be described as becoming increasingly severe, while increases in various costs, including logistics costs, were identified as an ongoing burden. - FY2025-H1WorsenedAnnual report
「The foodservice wholesale industry in which our group operates also continued to perform steadily as the foodservice market expanded. However, the operating environment surrounding the business remained difficult to view optimistically, as labor shortages were becoming increasingly severe and logistics and other operating costs were expected to continue rising.」
The disclosure continued to describe labor shortages as becoming increasingly severe and stated that logistics and other operating costs were expected to continue rising. - FY2025-Q1WorsenedAnnual report
「In the foodservice wholesale industry in which our group operates, labor shortages are expected to become increasingly severe, while logistics and other operating costs are also expected to rise, leaving an operating environment that cannot be viewed optimistically.」
Labor shortages were described as becoming increasingly severe, and the disclosure stated that logistics and other operating costs were expected to continue rising. - FY2024WorsenedAnnual report
「Meanwhile, the challenging and uncertain operating environment continued, due not only to food price increases driven by soaring raw material and resource costs, but also to increases in personnel, freight and other costs associated with labor shortages.」
The disclosure stated that the burden continued, including rising personnel costs caused by labor shortages and increases in freight and other costs. - FY2024-Q2WorsenedAnnual report
「Food price increases continued during the fiscal year under review, while labor shortages and rising costs, including electricity and transportation costs, added to the uncertainty surrounding the outlook.」
In addition to labor shortages, increases in various costs, including electricity and freight costs, were explicitly identified as burdens on the operating environment. - FY2021WorsenedAnnual report
「Many employees are engaged in delivery and in-store sales across our group’s businesses. As Japan’s declining birthrate and aging population continue to advance, competition to secure personnel may intensify. If staffing does not progress as planned, there is a risk that normal business operations will be disrupted or costs will rise substantially.」
The description was made more specific, changing from a general recognition of labor shortages and rising personnel costs to a risk disclosure explicitly addressing intensifying competition for talent and business disruption and cost increases if plans are not achieved. - FY2020RestatedAnnual report
「As a result, revenue in this business segment rose 9.6% from the previous fiscal year to ¥156.863 billion, supported by the contribution from M&A and solid performance by existing operating companies. Operating profit, affected by higher logistics costs and other factors, was ¥1.240 billion, down 13.4%.」
The situation in which rising logistics costs depressed operating profit in the distributor business continued, with operating profit declining 13.4% year on year. - FY2020-Q3WorsenedAnnual report
「As a result, revenue in this business segment, supported by the contribution from M&A, rose 10.0% year on year to ¥114.934 billion, while operating profit, affected by higher logistics costs and other factors, was ¥767 million, down 14.5%.」
In the distributor business, higher logistics costs and other factors reduced operating profit by 14.5% year on year, quantifying the impact of rising costs. - FY2020-Q2WorsenedAnnual report
「As a result, revenue in this business segment was ¥76.034 billion, up 10.1% year on year, while operating profit, affected by higher purchase prices and logistics costs, was ¥605 million, down 19.7%.」
Higher purchase prices and logistics costs depressed operating profit in the distributor business, which declined 19.7% year on year. - FY2020-Q1WorsenedAnnual report
「In the food-service industry, the main customer base of the wholesale industry for food products for commercial use in which our group operates, rising labor costs due to labor shortages and higher raw material costs were squeezing profits. In the food retail industry, the operating environment also remained challenging, as consumers continued to economize on everyday spending and competition across industry boundaries intensified.」
The company explicitly stated that rising labor costs due to labor shortages and higher raw material costs were squeezing profits in the food-service industry. - FY2019WorsenedAnnual report
「During the current consolidated fiscal year, from 1 February 2018 to 31 January 2019, Japan’s economy continued to recover gradually, supported by improvements in corporate earnings and employment conditions. However, uncertainty in overseas economies, rising domestic labor and logistics costs, and a succession of natural disasters left the outlook uncertain.」
In addition to rising labor costs resulting from labor shortages, logistics costs continued to rise, and operating profit in the distributor business declined 22.3% year on year. - FY2019-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, from 1 February 2018 to 31 October 2018, Japan’s economy continued to recover gradually, supported by improvements in corporate earnings and employment conditions. However, labor and logistics costs rose due to labor shortages and high crude oil prices, while a succession of large-scale natural disasters also occurred, leaving the outlook uncertain.」
In addition to rising labor costs due to labor shortages, logistics costs continued to rise against a backdrop of high crude oil prices, and large-scale natural disasters were also cited as factors contributing to uncertainty in the operating environment. - FY2019-Q2RestatedAnnual report
「In the wholesale industry for food products for commercial use and the food retail industry in which our group operates, the tendency to economize on everyday consumption remained strong, while competition across industry boundaries intensified. As a result, the operating environment remained challenging and unpredictable.」
The challenging operating environment, including rising labor costs due to labor shortages and rising logistics costs, has continued. In the distributor business, rising logistics costs were cited as a factor depressing operating profit. - FY2019-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, from 1 February 2018 to 30 April 2018, Japan’s economy continued to recover gradually, supported by improvements in corporate earnings and employment conditions. At the same time, rising labor and logistics costs due to labor shortages were beginning to affect corporate earnings.」
In addition to the previously cited labor shortages and rising labor costs, rising logistics costs were explicitly identified as a factor affecting corporate earnings. - FY2018RestatedAnnual report
「Consumers remained strongly focused on conserving household spending in response to concerns about the future, while labor shortages and the resulting rise in labor costs also persisted. As a result, the operating environment remained unpredictable.」
Consumers’ focus on conserving household spending, labor shortages and rising labor costs are cited as factors behind the continued challenging operating environment. - FY2018-Q3RestatedAnnual report
「In the wholesale industry for food products for commercial use and the food retail industry in which our group operates, personal consumption was gradually recovering. However, consumers remained strongly focused on conserving household spending in response to concerns about the future, while labor shortages and the resulting rise in labor costs also persisted. As a result, the operating environment remained unpredictable.」
Labor shortages and rising labor costs continue to be cited, together with consumers’ focus on conserving household spending, as factors behind the challenging operating environment. - FY2018-Q2RestatedAnnual report
「In the wholesale industry for food products for commercial use and the food retail industry in which our group operates, some consumption showed signs of recovery. However, consumers remained strongly focused on conserving household spending in response to concerns about the future, while labor shortages and the resulting rise in labor costs also persisted. As a result, the operating environment remained unpredictable.」
Labor shortages and the resulting rise in labor costs continue to be cited, together with consumers’ focus on conserving household spending, as factors behind the challenging operating environment. - FY2018-Q1First statedAnnual report
「In the wholesale industry for food products for commercial use and the food retail industry, some consumption showed signs of recovery. However, consumers remained strongly focused on conserving household spending in response to concerns about the future, while labor shortages and the resulting rise in labor costs also persisted. As a result, the operating environment remained unpredictable.」
Labor shortages and the resulting rise in labor costs are cited independently for the first time as operating environment risks, alongside consumers’ focus on conserving household spending.