Rock Field (2910): FY2025 Results Summary — Operating Profit Down 37.2% on Higher Personnel and Other Costs

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

Note: Rock Field 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. The company’s most recently completed fiscal year, which this site classifies as FY2025, is labelled by the company as the fiscal year ended April 2026 (May 1, 2025 to April 30, 2026).

Rock Field’s consolidated results for the fiscal year ended April 2026 (full year) were net sales of 51,096 million yen (△88 million yen, or △0.2%, year on year), operating profit of 780 million yen (△461 million yen, or △37.2%), ordinary profit of 800 million yen (△500 million yen, or △38.5%) and net profit of 98 million yen (△230 million yen, or △69.9%). Although the results fell below the previous fiscal year, net sales, operating profit, ordinary profit and net profit all finished above the revised forecast for the fiscal year ended April 2026. For the fiscal year ending April 2027, the company plans operating profit of 531 million yen (△249 million yen versus the fiscal year ended April 2026 actual), factoring in increases in personnel expenses and packaging material costs.

Consolidated Results (Full-Year Actual)

The cost of sales ratio was 42.7% (up 0.1pt from 42.6% in the previous fiscal year), and selling, general and administrative expenses were 28,518 million yen (55.8% of net sales, widening from 55.0% in the previous fiscal year). The decline in operating profit was driven mainly by higher personnel expenses (△230 million yen) and higher other expenses (△140 million yen); lower net sales (△50 million yen), a higher materials cost ratio (△20 million yen) and higher labor costs (△50 million yen) also contributed to the decline, while restrained manufacturing expenses (+50 million yen) provided support.

Item	FY Ended April 2025	FY Ended April 2026	Year-on-Year Change
Net sales	51,184 million yen	51,096 million yen	△88 million yen (△0.2%)
Cost of sales	21,795 million yen	21,796 million yen	+0 million yen
Selling, general and administrative expenses	28,145 million yen	28,518 million yen	+372 million yen
Operating profit	1,242 million yen	780 million yen	△461 million yen (△37.2%)
Ordinary profit	1,301 million yen	800 million yen	△500 million yen (△38.5%)
Net profit	329 million yen	98 million yen	△230 million yen (△69.9%)

Results by Business Format

By business format, net sales for the fiscal year ended April 2026 showed mainstay RF1 securing higher sales at 31,683 million yen (+398 million yen year on year), while Green gourmet at 9,751 million yen (△439 million yen), Itohan at 3,613 million yen (△5 million yen), Kobe Croquette at 2,972 million yen (△1 million yen), Yugo at 889 million yen (△37 million yen) and VEGETERIA at 824 million yen (△64 million yen) all came in below the previous fiscal year. Wholesale grew to 833 million yen (+98 million yen). The number of stores was 305 at the end of the fiscal year (303 at the beginning of the fiscal year, with 8 openings and 6 closures).

Business Format	FY Ended April 2026 Net Sales	Cost of Sales Ratio	FY Ended April 2025 Net Sales
RF1	31,683 million yen	41.9%	31,285 million yen
Green gourmet	9,751 million yen	43.5%	10,190 million yen
Itohan	3,613 million yen	43.2%	3,618 million yen
Kobe Croquette	2,972 million yen	38.0%	2,973 million yen
Yugo	889 million yen	44.9%	926 million yen
VEGETERIA	824 million yen	35.6%	888 million yen
Wholesale	833 million yen	66.1%	735 million yen
Other	528 million yen	63.9%	566 million yen
Total	51,096 million yen	42.7%	51,184 million yen

Full-Year Forecast (Fiscal Year Ending April 2027)

The consolidated plan for the fiscal year ending April 2027 calls for net sales of 52,160 million yen (+1,064 million yen versus the fiscal year ended April 2026 actual), operating profit of 531 million yen (△249 million yen), ordinary profit of 582 million yen (△218 million yen) and net profit of 313 million yen (+215 million yen). While net sales are expected to increase, operating profit is planned below the fiscal year ended April 2026 actual, reflecting higher personnel expenses accompanying a review of the salary structure centered on younger employees (△520 million yen) and higher expenses including rising unit prices for packaging materials (△120 million yen).

Item	FY Ending April 2027 Plan	FY Ended April 2026 Actual
Net sales	52,160 million yen	51,096 million yen
Cost of sales	22,201 million yen (42.6%)	21,796 million yen (42.7%)
Selling, general and administrative expenses	29,427 million yen (56.4%)	28,518 million yen (55.8%)
Operating profit	531 million yen (1.0%)	780 million yen (1.5%)
Ordinary profit	582 million yen (1.1%)	800 million yen (1.6%)
Net profit	313 million yen (0.6%)	98 million yen (0.2%)

Shareholder Returns

For the fiscal year ended April 2026, the company plans to pay a year-end dividend of 15 yen (24 yen for the full year). Over the medium-term management plan period covering the fiscal years ending April 2026 through April 2028, the company will continue a dividend policy based on a payout ratio of 40% or more together with progressive dividends, and for the fiscal year ending April 2027 it plans an annual dividend of 24 yen and total dividends of 620 million yen.

Item	FY Ended April 2026 (Actual)	FY Ending April 2027 (Plan)
Annual dividend per share	24 yen	24 yen
Year-end dividend	15 yen	―
Total dividends	―	620 million yen
Dividend policy	Payout ratio of 40% or more plus progressive dividends	Payout ratio of 40% or more plus progressive dividends

Management Issues and Initiatives toward Vision 2030

As management issues for the fiscal year ending April 2027, the company cites the widening gap between weekday and weekend sales that accompanies structural changes in demand, deteriorating profitability due to fixed-cost-type operations, and delays in improving profits in the wholesale business. In light of this, in May 2026 the company restructured its organization, placing the Corporate Planning Division under the direct control of the President, assigning the IR function to the Corporate Planning Division and newly establishing a Human Resources Division. At the same time, on May 19, 2026 the company disclosed that it had decided to dissolve and liquidate its consolidated subsidiary Iwata (Shanghai) Restaurant Management Co., Ltd. (established in August 2012, engaged in the manufacture and sale of prepared foods in Shanghai), because there is no prospect of improvement in the business environment against a backdrop of sluggish consumption and intensified competition since the COVID-19 pandemic.

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.