Worth reading
65In 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
17
Millions of yen (year-on-year increase in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationSecond quarter of the fiscal year ending September 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥9,571 million+93.3%
Operating profit¥144 million+113.6%
Ordinary income¥106 million+114.4%
Net income¥88 million+110.2%
Selling, general and administrative expenses¥231 million
Gross Profit Margin
Rate3.9%
Year-on-year change (points)Unchanged from 3.9% in the year-earlier period
Operating profit margin
Rate1.5%
Year-on-year change (points)Improved by 0.3 percentage points from 1.2% in the year-earlier period
Results for the three months of the current quarter
Net Sales¥4,698 million
Gross profit¥177 million
Selling, general and administrative expenses¥115 million
Operating profit¥61 million
Ordinary income¥44 million
Quarterly net income¥37 million
Full-year earnings forecast
Net Sales¥25,052 million
Cost of sales¥24,273 million
Gross profit¥778 million
Selling, general and administrative expenses¥488 million
Operating profit¥290 million
Ordinary income¥228 million
Net income for the current fiscal year¥182 million
Earnings per share¥94.36
Dividend per share¥0.00
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 Sales38.2%
Cost of sales37.9%
Gross profit48.3%
Selling, general and administrative expenses47.4%
Operating profit49.9%
Ordinary income46.6%
Net income for the current fiscal year48.6%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net SalesFood Products Department: ¥1,288 million increase; Agricultural Products Department: ¥293 million decrease; China Development Department: ¥752 million decrease; Lifestyle Industries Department: ¥924 million decrease
Selling, general and administrative expensesPersonnel expenses: ¥55 million; travel and transportation expenses: ¥8 million; rent: ¥4 million; professional fees: ¥19 million; depreciation: ¥1 million; stock-related expenses: ¥0 million; stock compensation expense: ¥1 million; other: ¥23 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The company assumes that a challenging operating environment will continue, including higher resource prices, foreign exchange volatility and a prolonged Russia-Ukraine situation as of November 2025. Specific foreign exchange rates, resource prices and other figures: not disclosedNew initiatives
- Issuance of and fundraising through the sixth series of share acquisition rights by way of a third-party allotment
- Promotion of new businesses, including cross-border e-commerce
- Promotion of the Chinese subsidiary's business and expansion of the China business
- Overseas expansion of the ramen brand
- Plan to increase the number of sales employees by approximately 2 per fiscal year for about 3 years from the fiscal year ending September 2026
Key KPIsA metric the company considers important as a management benchmark.
- Gross margin3.9%Year on year against the same period last yearBroadly unchanged year on year
- EBITDA¥147 millionYear on year against the same period last year¥17 million increase
- Equity ratio12.6%Year on year against the same period last yearImproved by 1.0 percentage point from the end of the previous fiscal year
- Working capital turnover period3.59 monthsYear on year against the same period last yearShortened by 0.13 months from the end of the previous fiscal year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Transaction volumes increased for beef, imported chicken, domestic chicken and processed foods in the Food Products Department. Volumes declined for certain products in the Agricultural Products Department, China Development Department and Lifestyle Industries Department. Specific volume and unit-price figures: not disclosedSegment results
Food Products Department
Net Sales¥5,434 million (131.1% of the year-earlier level)
Gross profit¥232 million (111.8% of the year-earlier level)
Agricultural Products Department
Net Sales¥1,002 million (77.3% of the year-earlier level)
Gross profit¥40 million (99.3% of the year-earlier level)
China Development Department
Net Sales¥2,998 million (79.9% of the year-earlier level)
Gross profit¥93 million (74.2% of the year-earlier level)
Lifestyle Industries Department
Net Sales¥136 million (12.9% of the year-earlier level)
Gross profit¥10 million (41.6% of the year-earlier level)
Medium-term management plan targets
Gross Profit MarginTargeting 4% or higher
Equity ratioTargeting 20.0%
Financial targets
Equity ratio
Target20.0%
Actual results12.6% (at the end of the second quarter of the fiscal year ending September 2026)
Market Size / Share
The materials state that the overseas-store ratio of major Japanese restaurant chains exceeded 40% for the first time in fiscal 2023Number of employees
Number of Employees29 (as of 31 March 2026)
Change during the periodThe number of permanent employees declined from 31 at the end of the fiscal year ended September 2025 to 29 at the end of March 2026
Capital expenditures
¥0 million property, plant and equipment and intangible assets
Annual Dividend
Annual Dividend¥0.00
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending September 2026 |
| Net Sales | ¥9,571 million (YoY +93.3%) |
| Operating profit | ¥144 million (YoY +113.6%) |
| Ordinary income | ¥106 million (YoY +114.4%) |
| Net income | ¥88 million (YoY +110.2%) |
| Gross Profit Margin | Rate 3.9% / Year-on-year change (points) Unchanged from 3.9% in the year-earlier period |
| Operating profit margin | Rate 1.5% / Year-on-year change (points) Improved by 0.3 percentage points from 1.2% in the year-earlier period |
| Selling, general and administrative expenses | ¥231 million |
| Results for the three months of the current quarter | Net Sales ¥4,698 million / Gross profit ¥177 million / Selling, general and administrative expenses ¥115 million / Operating profit ¥61 million / Ordinary income ¥44 million / Quarterly net income ¥37 million |
| Full-year earnings forecast | Net Sales ¥25,052 million / Cost of sales ¥24,273 million / Gross profit ¥778 million / Selling, general and administrative expenses ¥488 million / Operating profit ¥290 million / Ordinary income ¥228 million / Net income for the current fiscal year ¥182 million / Earnings per share ¥94.36 / Dividend per share ¥0.00 |
| Progress against full-year forecast | Net Sales 38.2% / Cost of sales 37.9% / Gross profit 48.3% / Selling, general and administrative expenses 47.4% / Operating profit 49.9% / Ordinary income 46.6% / Net income for the current fiscal year 48.6% |
| Segment results | Food Products Department Net Sales ¥5,434 million (131.1% of the year-earlier level) / Gross profit ¥232 million (111.8% of the year-earlier level) / Agricultural Products Department Net Sales ¥1,002 million (77.3% of the year-earlier level) / Gross profit ¥40 million (99.3% of the year-earlier level) / China Development Department Net Sales ¥2,998 million (79.9% of the year-earlier level) / Gross profit ¥93 million (74.2% of the year-earlier level) / Lifestyle Industries Department Net Sales ¥136 million (12.9% of the year-earlier level) / Gross profit ¥10 million (41.6% of the year-earlier level) |
| Breakdown of Factors Affecting the Change | Net Sales Food Products Department: ¥1,288 million increase; Agricultural Products Department: ¥293 million decrease; China Development Department: ¥752 million decrease; Lifestyle Industries Department: ¥924 million decrease / Selling, general and administrative expenses Personnel expenses: ¥55 million; travel and transportation expenses: ¥8 million; rent: ¥4 million; professional fees: ¥19 million; depreciation: ¥1 million; stock-related expenses: ¥0 million; stock compensation expense: ¥1 million; other: ¥23 million |
| Key KPIs | Indicator name Gross margin / Value 3.9% / Year on year against the same period last year Broadly unchanged year on year, Indicator name EBITDA / Value ¥147 million / Year on year against the same period last year ¥17 million increase, Indicator name Equity ratio / Value 12.6% / Year on year against the same period last year Improved by 1.0 percentage point from the end of the previous fiscal year, Indicator name Working capital turnover period / Value 3.59 months / Year on year against the same period last year Shortened by 0.13 months from the end of the previous fiscal year |
| Unit price and quantity metrics | Transaction volumes increased for beef, imported chicken, domestic chicken and processed foods in the Food Products Department. Volumes declined for certain products in the Agricultural Products Department, China Development Department and Lifestyle Industries Department. Specific volume and unit-price figures: not disclosed |
| Number of employees | Number of Employees 29 (as of 31 March 2026) / Change during the period The number of permanent employees declined from 31 at the end of the fiscal year ended September 2025 to 29 at the end of March 2026 |
| Assumptions Underlying the Business Outlook | The company assumes that a challenging operating environment will continue, including higher resource prices, foreign exchange volatility and a prolonged Russia-Ukraine situation as of November 2025. Specific foreign exchange rates, resource prices and other figures: not disclosed |
| Medium-term management plan targets | Gross Profit Margin Targeting 4% or higher / Equity ratio Targeting 20.0% |
| Financial targets | Equity ratio Target 20.0% / Actual results 12.6% (at the end of the second quarter of the fiscal year ending September 2026) |
| Annual Dividend | Annual Dividend ¥0.00 / Interim and Year-End Breakdown Not disclosed |
| Capital expenditures | ¥0 million (property, plant and equipment and intangible assets) |
| Market Size / Share | The materials state that the overseas-store ratio of major Japanese restaurant chains exceeded 40% for the first time in fiscal 2023 |
| New initiatives | Issuance of and fundraising through the sixth series of share acquisition rights by way of a third-party allotment, Promotion of new businesses, including cross-border e-commerce, Promotion of the Chinese subsidiary's business and expansion of the China business, Overseas expansion of the ramen brand, Plan to increase the number of sales employees by approximately 2 per fiscal year for about 3 years from the fiscal year ending September 2026 |
Items this document does not state (7)
Self-assessment against the planNumber of stores and locationsRisk amount incorporated into the outlookPayout ratioAcquisition of treasury sharesOrders 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.Revenue and transaction volumes declined in the Imported Pork business of the Lifestyle Industries Department, exports to China and triangular transactions in the China Development Department, and the Agricultural Products Department, while the Food Products Department posted higher revenue. SG&A expenses declined due to lower stock-related expenses associated with shareholder benefits, resulting in higher operating profit and all subsequent profit figures.
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