Revenue is on plan, but H1 will confirm whether the increase in sales is sustainable

First-quarter revenue was ¥19,973 million, up 4.7% year on year. The FY2027 full-year revenue forecast is ¥77,400 million, up 3.1% year on year, putting first-quarter progress at 25.8%. This is 0.8 percentage points above the simple 25% benchmark after three months, so at least in terms of revenue, the year has not started significantly below the initial plan.

The increase in revenue included a 161,000-case year-on-year increase in cases sold and a ¥704 million increase in revenue from tuna and related products. The company cited higher sales of Sea Chicken, pouch products and food products for commercial use by convenience stores, but the first-quarter disclosure did not separately quantify the revenue increase for all of these product groups. Accordingly, in H1 it will be necessary to reconfirm from both cases sold and revenue by product group whether revenue growth was driven by volume or by price revisions and product mix.

On a simple half-year basis, ¥38,700 million, equivalent to 50% of the full-year forecast of ¥77,400 million, is one benchmark for H1. However, the company has not provided a half-year plan reflecting seasonality, so this amount should not be treated as a mechanical achievement threshold. In the next results release, we will check cumulative revenue, changes in cases sold, the breakdown of tuna and related products, pouch products and commercial-use food products, as well as whether the ¥77,400 million full-year revenue forecast has been revised.