Worth reading
62In 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
4519
¥ million (year-on-year increase in revenue for the fiscal year ending March 2027)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 2026, full year13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥116,838 million+5.2%
Operating profit¥10,410 million-4.5%
Ordinary income¥10,702 million-5.4%
Net income¥7,470 million -7.5%net income attributable to owners of the parent
Operating profit margin8.9%; year-on-year comparison not disclosed
Selling, general and administrative expensesThe company cited other SG&A expenses of -¥980 million and higher personnel expenses of -¥2,820 million as factors contributing to the increase. The SG&A expense-to-revenue ratio was Not disclosed.
Results for the three months of the current quarterFourth quarter of the fiscal year ended March 2026: revenue ¥29,560 million, gross profit ¥19,970 million, operating income ¥2,783 million, ordinary income ¥2,835 million and net income attributable to owners of the parent ¥2,261 million
Full-year earnings forecastPlan for the fiscal year ending March 2027: revenue ¥121,357 million, gross profit ¥81,581 million, operating income ¥10,951 million, ordinary income ¥11,036 million, net income attributable to owners of the parent ¥7,096 million and earnings per share of ¥135.09
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Actual results for the fiscal year ended March 2026 versus the initial plan: revenue -2.4%, operating income -7.6%, ordinary income -6.3% and net income -7.6%Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Revenue: dine-in customer volume +¥1,160 million, average dine-in spend per customer +¥4,780 million, takeaway and delivery customer volume -¥1,820 million, takeaway and delivery average spend per customer +¥1,180 million, increase in franchise shipment revenue +¥460 million and increase in overseas revenue +¥20 million. Operating income: dine-in customer volume +¥790 million, average dine-in spend per customer +¥4,780 million, takeaway and delivery customer volume -¥1,240 million, takeaway and delivery average spend per customer +¥1,180 million, franchise shipment impact +¥320 million, rising food costs and other factors -¥2,520 million, higher personnel expenses -¥2,820 million and other SG&A expenses -¥980 million
New initiatives
Formulation of a policy for refurbishing existing stores; 18 new store openings in the fiscal year ending March 2027; the first food-court-style store in a commercial facility in the Kansai region; establishment of a new hiring, education and cooking-training center in Nihonbashi-Hamacho; introduction of AI demand forecasting; factory automation and equipment upgrades; establishment of an overseas business office; and time-of-day menu offeringsKey KPIsA metric the company considers important as a management benchmark.
Record-high same-month sales for 49 consecutive months, 1.32 million Gyoza Club members, 13 consecutive quarters of positive free cash flow, 31 customer service trainers, and restricted stock grants to 2,469 employeesUnit price and quantity metricsThese figures show sales broken down by price and volume.
Existing-store revenue 104.4% of the prior-year level, existing-store customer volume 99.2% and existing-store average spend per customer 105.3%. Full-year changes in existing-store revenue, customer volume and average spend per customer were +4.4%, -0.8% and +5.3%, respectively.Medium-term management plan targets
The company plans to make its overseas business one of the pillars of its medium-term management plan. Specific medium-term targets and target years were Not disclosed.Financial targets
Actual ROE was 10.7%. The target was Not disclosed.Number of stores and locations
728 stores at the end of the fiscal year ended March 2026. For the fiscal year ending March 2027, the company plans 18 new store openings, 2 closures and 744 stores at fiscal year-endNumber of employees
Restricted stock grants were made to 2,469 employees. The number of university graduates joining in April 2026 was 154% of the prior-year level. In-year change in headcount was Not disclosed.Capital expenditures
¥7,962 millions plan for the fiscal year ending March 2027
Annual Dividend
¥112 for the fiscal year ended March 2026 (¥56 interim, ¥56 year-end). Forecast of ¥112 for the fiscal year ending March 2027 (¥56 interim, ¥56 year-end)Payout ratio
Payout ratio of 41.5% and DOE of 4.4% for the fiscal year ended March 2026. Forecast payout ratio of 39.8% and DOE of 4.4% for the fiscal year ending March 2027Acquisition of treasury shares
Share repurchases in May 2025. Cash outlays for repurchases during the fiscal year ended March 2026 were ¥14,490 million. The number of shares and repurchase period under the authorization were Not disclosed.| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥116,838 million (YoY +5.2%) |
| Operating profit | ¥10,410 million (YoY -4.5%) |
| Ordinary income | ¥10,702 million (YoY -5.4%) |
| Net income | ¥7,470 million (net income attributable to owners of the parent) (YoY -7.5%) |
| Operating profit margin | 8.9%; year-on-year comparison not disclosed |
| Selling, general and administrative expenses | The company cited other SG&A expenses of -¥980 million and higher personnel expenses of -¥2,820 million as factors contributing to the increase. The SG&A expense-to-revenue ratio was Not disclosed. |
| Results for the three months of the current quarter | Fourth quarter of the fiscal year ended March 2026: revenue ¥29,560 million, gross profit ¥19,970 million, operating income ¥2,783 million, ordinary income ¥2,835 million and net income attributable to owners of the parent ¥2,261 million |
| Full-year earnings forecast | Plan for the fiscal year ending March 2027: revenue ¥121,357 million, gross profit ¥81,581 million, operating income ¥10,951 million, ordinary income ¥11,036 million, net income attributable to owners of the parent ¥7,096 million and earnings per share of ¥135.09 |
| Self-assessment against the plan | Actual results for the fiscal year ended March 2026 versus the initial plan: revenue -2.4%, operating income -7.6%, ordinary income -6.3% and net income -7.6% |
| Breakdown of Factors Affecting the Change | Revenue: dine-in customer volume +¥1,160 million, average dine-in spend per customer +¥4,780 million, takeaway and delivery customer volume -¥1,820 million, takeaway and delivery average spend per customer +¥1,180 million, increase in franchise shipment revenue +¥460 million and increase in overseas revenue +¥20 million. Operating income: dine-in customer volume +¥790 million, average dine-in spend per customer +¥4,780 million, takeaway and delivery customer volume -¥1,240 million, takeaway and delivery average spend per customer +¥1,180 million, franchise shipment impact +¥320 million, rising food costs and other factors -¥2,520 million, higher personnel expenses -¥2,820 million and other SG&A expenses -¥980 million |
| Key KPIs | Record-high same-month sales for 49 consecutive months, 1.32 million Gyoza Club members, 13 consecutive quarters of positive free cash flow, 31 customer service trainers, and restricted stock grants to 2,469 employees |
| Unit price and quantity metrics | Existing-store revenue 104.4% of the prior-year level, existing-store customer volume 99.2% and existing-store average spend per customer 105.3%. Full-year changes in existing-store revenue, customer volume and average spend per customer were +4.4%, -0.8% and +5.3%, respectively. |
| Number of stores and locations | 728 stores at the end of the fiscal year ended March 2026. For the fiscal year ending March 2027, the company plans 18 new store openings, 2 closures and 744 stores at fiscal year-end |
| Number of employees | Restricted stock grants were made to 2,469 employees. The number of university graduates joining in April 2026 was 154% of the prior-year level. In-year change in headcount was Not disclosed. |
| Medium-term management plan targets | The company plans to make its overseas business one of the pillars of its medium-term management plan. Specific medium-term targets and target years were Not disclosed. |
| Financial targets | Actual ROE was 10.7%. The target was Not disclosed. |
| Annual Dividend | ¥112 for the fiscal year ended March 2026 (¥56 interim, ¥56 year-end). Forecast of ¥112 for the fiscal year ending March 2027 (¥56 interim, ¥56 year-end) |
| Payout ratio | Payout ratio of 41.5% and DOE of 4.4% for the fiscal year ended March 2026. Forecast payout ratio of 39.8% and DOE of 4.4% for the fiscal year ending March 2027 |
| Acquisition of treasury shares | Share repurchases in May 2025. Cash outlays for repurchases during the fiscal year ended March 2026 were ¥14,490 million. The number of shares and repurchase period under the authorization were Not disclosed. |
| Capital expenditures | ¥7,962 millions (plan for the fiscal year ending March 2027) |
| New initiatives | Formulation of a policy for refurbishing existing stores; 18 new store openings in the fiscal year ending March 2027; the first food-court-style store in a commercial facility in the Kansai region; establishment of a new hiring, education and cooking-training center in Nihonbashi-Hamacho; introduction of AI demand forecasting; factory automation and equipment upgrades; establishment of an overseas business office; and time-of-day menu offerings |
Items this document does not state (8)
Gross Profit MarginProgress against full-year forecastSegment resultsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookOrders received and order backlogMarket Size / ShareKey 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.For the fiscal year ended March 2026, growth in dine-in sales and an increase in franchise shipment revenue drove higher revenue. However, rising food costs, higher personnel expenses and increased other SG&A expenses exceeded the increase in gross profit, resulting in lower operating income. The company said the increase in personnel expenses also reflected the decision to bring forward investments in human capital. For the fiscal year ending March 2027, the company plans to grow through new stores, refurbishments and reforms at existing stores.
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