Kakiyasu Honten (2294): FY2025 Results Summary — Lower Sales and Operating Profit, Net Income Up 15.7%

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: the company labels this period the fiscal year ended April 30, 2026; it is classified as FY2025 on this site, while the labels in the text and tables below follow the source materials. Note: Kakiyasu Honten does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. Kakiyasu Honten announced its consolidated results for the fiscal year ended April 30, 2026. Net sales came to 36,072 million yen (△0.1% year on year), roughly level with the previous year, while operating profit was 1,426 million yen (△4.9% year on year) and ordinary profit was 1,473 million yen (△4.2% year on year), both declining on factors such as higher raw material prices. Profit attributable to owners of parent, by contrast, rose to 811 million yen (+15.7% year on year).

Consolidated Results (FY Ended April 2026, Actual)

Net sales were roughly flat at △0.1% year on year (△32 million yen), but came in 0.9% (△328 million yen) below the initial forecast. Cost of sales rose +1.3% year on year (+212 million yen) on higher raw material prices, equivalent to 46.4% of net sales. Operating profit was 1,426 million yen, △4.9% year on year (△74 million yen), and ordinary profit was 1,473 million yen, △4.2% year on year (△65 million yen). Profit attributable to owners of parent, on the other hand, was 811 million yen, +15.7% year on year (+110 million yen).

Item	FY Ended April 2026 (Actual)	YoY Change	Change vs. Initial Forecast
Net sales	36,072 million yen	△0.1% (△32 million yen)	△0.9% (△328 million yen)
Cost of sales	16,737 million yen (46.4% of net sales)	+1.3% (+212 million yen)	+0.8% (+137 million yen)
SG&A expenses	17,908 million yen (49.6% of net sales)	△0.9% (△171 million yen)	△2.1% (△392 million yen)
Operating profit	1,426 million yen (4.0% of net sales)	△4.9% (△74 million yen)	△4.9% (△74 million yen)
Ordinary profit	1,473 million yen (4.1% of net sales)	△4.2% (△65 million yen)	△4.9% (△77 million yen)
Profit attributable to owners of parent	811 million yen (2.2% of net sales)	+15.7% (+110 million yen)	△4.5% (△39 million yen)

As a factor behind the decline in profit, the company cites higher raw material prices, at △385 million yen, as the largest negative, set against higher profit at existing stores. It also explains that the impact of store openings, renovations and closures was +155 million yen, factory-related factors were +71 million yen, indirect divisions were △2 million yen and other items were △17 million yen.

Segment Results

In the Dressed Meat business, net sales were 13,573 million yen (△1.7% year on year) and segment profit was 1,020 million yen (+31.3% year on year), an increase in profit. In the Delicatessen business, net sales were 12,821 million yen (+0.1% year on year) and segment profit was 916 million yen (△21.8% year on year), a decrease in profit. In the Japanese confectionery business, net sales were 6,852 million yen (+3.3% year on year) and segment profit was 388 million yen (△0.2% year on year), roughly unchanged. In the Restaurant business, net sales were 1,298 million yen (△3.4% year on year) and the segment recorded a loss of △21 million yen (against a loss of △1 million yen in the previous year), a widening of the loss. In the Foods business, net sales were 1,525 million yen (+2.1% year on year) and segment profit was 99 million yen (△30.6% year on year).

Segment	Net Sales (FY Ended April 2026)	Segment Profit (FY Ended April 2026)	YoY Change (Profit)
Dressed Meat business	13,573 million yen	1,020 million yen	+31.3% (+243 million yen)
Delicatessen business	12,821 million yen	916 million yen	△21.8% (△256 million yen)
Japanese confectionery business	6,852 million yen	388 million yen	△0.2% (△1 million yen)
Restaurant business	1,298 million yen	△21 million yen	– (△20 million yen)
Foods business	1,525 million yen	99 million yen	△30.6% (△44 million yen)
Total	36,072 million yen	1,426 million yen	△4.9% (△74 million yen)

Store Openings, Closures and Renovations

In the fiscal year ended April 30, 2026, the company opened 3 stores, closed 15 stores and renovated 6 stores, ending the period with 325 stores. Under the plan for the fiscal year ending April 30, 2027, it intends to open 5 stores, close 2 stores and renovate 7 stores, for a planned period-end total of 328 stores.

Category	Business	Openings	Closures	Renovations	Stores at Period-End
FY ended April 2026 (Actual)	Dressed Meat business	1	3	–	38
FY ended April 2026 (Actual)	Delicatessen business	1	4	3	89
FY ended April 2026 (Actual)	Japanese confectionery business	1	3	2	178
FY ended April 2026 (Actual)	Restaurant business	–	5	–	11
FY ended April 2026 (Actual)	Foods business	–	–	1	9
FY ended April 2026 (Actual)	Total	3	15	6	325
FY ending April 2027 (Plan)	Dressed Meat business	1	–	–	39
FY ending April 2027 (Plan)	Delicatessen business	1	–	4	90
FY ending April 2027 (Plan)	Japanese confectionery business	3	1	1	180
FY ending April 2027 (Plan)	Restaurant business	–	1	2	10
FY ending April 2027 (Plan)	Foods business	–	–	–	9
FY ending April 2027 (Plan)	Total	5	2	7	328

Full-Year Forecast (FY Ending April 2027)

For the fiscal year ending April 30, 2027, the consolidated earnings forecast calls for net sales of 36,000 million yen (△0.2% year on year), operating profit of 1,400 million yen (△1.9% year on year), ordinary profit of 1,450 million yen (△1.6% year on year) and profit attributable to owners of parent of 800 million yen (△1.4% year on year).

Item	FY Ending April 2027 (Forecast)	Difference vs. Previous Year	YoY Change
Net sales	36,000 million yen	△72 million yen	△0.2%
Cost of sales	16,720 million yen (46.4% of net sales)	△17 million yen	△0.1%
SG&A expenses	17,880 million yen (49.7% of net sales)	△28 million yen	△0.2%
Operating profit	1,400 million yen (3.9% of net sales)	△26 million yen	△1.9%
Ordinary profit	1,450 million yen (4.0% of net sales)	△23 million yen	△1.6%
Profit attributable to owners of parent	800 million yen (2.2% of net sales)	△11 million yen	△1.4%

Future Initiatives

For growth, the company presents “eight strategies,” setting out “improving profitability of existing businesses,” “strengthening the ryotei (Japanese restaurant) format,” “challenging new store formats,” “expanding sales channels,” “expanding the wholesale business” and “strengthening the e-commerce site” as short-term initiatives, and overseas expansion and M&A over the medium to long term. In new store formats, it is opening outlets at expressway service areas and parking areas, developing Kakijiro (Japanese confectionery plus boxed lunches), grill and delicatessen stores at locations such as EXPASA Gozaisho, Ebina and Ashigara, and Pasar Moriya and Makuhari. In the wholesale business, it has launched the second series of its bottled products and is expanding sales channels for its “Premium Curry Series,” while for the e-commerce site it cites measures such as special sales of gyunabe bento and “Mie Kakiyasu Beef” at the Kakiyasu Online Store and customer expansion using social media.

155th Anniversary of Founding

As an initiative for the 155th anniversary of its founding, the company sets out the renewed strengthening of its own brands, saying it will promote the rarity and added value of “Mie Kakiyasu Beef” and “Premium Agu” and strengthen its selling power.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.