Q1 profit is ahead of schedule, but consistency with the full-year plan for lower profit will be checked at H1

In Q1 of FY2027/2, operating revenue was ¥3,755 million, operating income was ¥397 million, ordinary income was ¥399 million, and net income attributable to owners of the parent was ¥118 million. Year on year, these increased by 2.8%, 15.2%, 15.4% and 18.0%, respectively, with profit growing faster than revenue. Calculated simply against the full-year forecasts, progress was 24.9% for operating revenue, 29.8% for operating income, 29.8% for ordinary income and 39.3% for net income.

Although profit progress is ahead of revenue progress, Q1 represents only 25% of the fiscal year, so seasonality and the cost burden in the second half must be taken into account. In particular, against full-year forecasts of ¥15,100 million for operating revenue, ¥1,330 million for operating income, ¥1,340 million for ordinary income and ¥300 million for net income, the company expects operating income, ordinary income and net income to decline by 6.0%, 6.2% and 21.5%, respectively, from the previous year's results. Based on Q1 results alone, there is a substantial gap relative to the forecast declines in profit.

In the previous fiscal year, FY2026/2, operating income rose to ¥1,414 million, ordinary income to ¥1,428 million and net income to ¥382 million, while the plan for FY2027/2 calls for lower profit levels. The company attributed Q1 performance to sales promotion, customer traffic, average daily sales per store, counter-service fast food, beverages and ice cream, but did not disclose the revenue or profit contribution of these factors. The full-year forecasts were also not revised as of Q1, and no standalone Q1 statement of cash flows was prepared.

At the next H1, ¥7,550 million for operating revenue, ¥665 million for operating income, ¥670 million for ordinary income and ¥150 million for net income will serve as simple benchmarks for half-year progress, and the level reached by actual results should be assessed. In addition, it will be necessary to determine whether the improvement in profit margins indicated in Q1 continues through H1 or whether profit momentum slows in the second half as personnel, energy and logistics costs rise, together with the reasons for maintaining or revising the full-year forecasts.