NAKAMURAYA CO., LTD.
2204・Standard Market・Foods
Confectionery Business
Nakamuraya's core segment, manufacturing and selling Japanese/Western confectionery and Chinese-style steamed buns, accounting for approximately 70% of sales.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥26,220 million | ¥26,834 million | ↓ |
| Segment operating income | ¥2,673 million | ¥2,545 million | ↑ |
| Segment assets | ¥20,280 million | ¥20,741 million | ↓ |
| Depreciation and amortization | ¥1,555 million | ¥1,264 million | ↑ |
| Capital expenditures (increase in tangible and intangible fixed assets) | ¥977 million | ¥494 million | ↑ |
Business Details
This core business manufactures and sells Japanese-style confectionery, Western-style confectionery, bread, and Chinese-style steamed buns (chuka-man). Its mainstay products are Chinese-style steamed buns (pork buns, sweet bean buns, pizza buns, etc.) sold through mass retailers and convenience stores, along with gift confectionery, daily confectionery, and baked confectionery. The segment also operates "Sweets & Deli Bonna" inside the Shinjuku Nakamuraya Building and the caramel sweets specialty store "CARAMEL MONDAY." In FY2026 (ending March 2026), net sales declined 2.3% year on year, but operating income increased 5.0% thanks to reduced manufacturing costs and leveling of factory utilization rates.
Recent Overview
Although sales declined 2.3% year on year, operating income grew 5.0% thanks to cost improvements.
In the Confectionery Business for FY2026 (ending March 2026), net sales were ¥26,220 million (down ¥613 million, or 2.3%, year on year). While confectionery sought to increase revenue through the dorayaki renewal and the "Tsuki no Ka" specification change, overall sales declined. On the other hand, as a result of reviewing raw material procurement methods, product pricing and specifications, and reducing manufacturing costs and leveling factory utilization rates through narrowing product items, operating income was ¥2,673 million (up ¥128 million, or 5.0%, year on year), reflecting improved profitability. Capital expenditures rose substantially to ¥977 million from ¥494 million in the prior period, indicating expanded investment for the future.
Key Products
Growth Drivers
- Expansion of the customer base through improvements to core Chinese-style steamed bun products for the convenience store channel, expanded variety offerings, and character collaborations
- Strengthening year-round sales of Chinese-style steamed buns by emphasizing the convenience of microwave-ready individual packaging, reducing dependence on seasonal demand
- Revenue growth through quality improvements to daily confectionery (dorayaki renewal, etc.) and cultivation of next-generation core products leveraging bean paste-making technology
- Sales expansion by addressing growing casual gift demand (specification change to "Tsuki no Ka" and launch of new products)
- Strengthened profitability through reduced manufacturing costs and leveled factory utilization achieved by narrowing the product item lineup
- Acquisition of new customers through continued "CARAMEL MONDAY" pop-up events and the launch of the sister brand "CARAMEL MONDAY no Asa" for mass retail channels
Risks
- Continued upward pressure on manufacturing costs due to rising raw material prices and transportation costs
- Stagnation in gift and daily confectionery demand due to sluggish personal consumption and weak growth in real wages
- Risk of high dependence on specific customers within the convenience store sales channel
- Seasonal demand fluctuation risk, with demand concentrated in winter due to the nature of mainstay products (seasonal variation in performance between the first and second halves)
- Risk that capital expenditures, which roughly doubled year on year, may not generate returns as planned
- Risk of profit pressure from increased depreciation and amortization (up approximately 23% year on year)
Last updated: June 23, 2026