BOURBON CORPORATION
2208・Standard Market・Foods
Business
Bourbon Corporation is a food manufacturer founded in 1924, headquartered in Kashiwazaki City, Niigata Prefecture. Its core business centers on confectionery such as biscuits, chocolate, candy, rice crackers, snacks, and bean-based snacks, and it also handles beverages, foods, frozen desserts, and alcoholic beverages (Echigo Beer). Domestically, the company has sales offices across all 47 prefectures and sells nationwide through wholesalers such as Mitsubishi Shokuhin, Confex, and Takayama. Overseas, it has established local subsidiaries in China (Bolomeng Group), the United States, and Vietnam to advance its global expansion. The group, which includes 4 consolidated subsidiaries and 1 equity-method affiliate, achieved record-high consolidated net sales of ¥120,303 million in FY2026 (ending March 2026).
Business Model
Bourbon owns multiple in-house factories, mainly in Niigata Prefecture, and manufactures confectionery and beverage/food products on a build-to-forecast basis. Products are supplied to retailers nationwide primarily through major wholesalers such as Mitsubishi Shokuhin, Confex, and Takayama, while the company also operates direct sales channels including vending machine operations, mail order, and concept shops. Confectionery accounts for approximately 95.8% of sales, with the remainder consisting of beverages, food, frozen desserts, and other items. Through ongoing productivity improvements and cost reductions, the company maintains a structure capable of securing profits even in an environment of persistently high raw material prices.
Company Strengths
The company owns multiple long-nurtured brands such as Lumonde, Alfort, Petit Series, and Fettuccine Gummy, with a product lineup diversified across biscuits, chocolate, candy, bean snacks, and snacks. Confectionery (biscuits, chocolate, candy, bean snacks, snacks, rice crackers, desserts, etc.) sales in FY2026 (ending March 2026) reached a record high of ¥115,244 million (105.8% year on year), dispersing the risk of dependence on specific items.
In addition to the group of factories in Niigata Prefecture, including Kashiwazaki, Niigata, Nagaoka, Joetsu, Murakami, Shibata, Gosen, and Uonuma, the company opened the Echigo Beer Nasu Plant in November 2025. It continues to develop proprietary equipment such as multiple filling technology, freeze-dry coating devices, and AI image inspection cameras. In FY2026 (ending March 2026), total capital expenditure reached ¥4,761 million, and R&D expenses reached ¥1,473 million (118.0% year on year).
At the end of FY2026 (ending March 2026), the equity ratio stood at 66.3% (versus 64.2% in the previous period), and the interest-bearing debt to cash flow ratio was an extremely low 0.3 years. Operating cash flow increased significantly to ¥9,280 million (142.2% year on year), and cash and cash equivalents secured amounted to ¥20,826 million. The company maintains a stable financial foundation based primarily on internal funds.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive fiscal years, from ¥94,451 million in FY2022 (ended March 2022) to ¥120,303 million in FY2026 (ending March 2026). Operating profit recovered from a trough of ¥1,613 million in FY2023 (ended March 2023) to a record ¥7,496 million in FY2026 (ending March 2026). Net income also reached a record ¥5,913 million. However, the year-on-year increase in operating profit was limited to ¥26 million (+0.3%), indicating that profit growth has slowed relative to revenue growth. External factors such as persistently high raw material procurement costs and rising logistics costs have pushed up cost of sales and SG&A expenses, and operating profit is projected to decline sharply to ¥5,800 million (-22.6% year on year) in FY2027 (ending March 2027). The profitability improvement trend has reached a plateau.
Growth Strategy
Under the new medium-term management plan (FY2027–FY2029, ending March 2027–2029), the company is promoting new product development, brand cultivation, and business expansion
Brand awareness has been enhanced through the relaunch of Rubella, expansion of the Petit series, participation in the Tokyo Okashi Land pop-up event, and store openings for the concept shop "Un BOURBON" at events outside Niigata Prefecture. In FY2026 (ending March 2026), total confectionery sales of ¥115,244 million (+5.8% YoY) were achieved.
The company is expanding its lineup of functional foods, including the Slow Bar series (such as Slow Bar Baked Chocolate Cake) and Shittori Soft Cookies, to respond to consumers' growing preference for high value-added products. This is positioned as a response to the polarizing consumption environment, where value-consciousness and demand for high value-added products coexist.
The company is pursuing capturing demand for mineral water stockpiling, expanding the Le Monde ice cream series, implementing measures to increase mail-order repeat customers, improving per-unit profitability of vending machines, and expanding exports of Echigo Beer. In FY2026 (ending March 2026), sales of beverages, food, frozen desserts, and other products totaled ¥5,058 million (+12.0% YoY).
A new medium-term management plan covering the period from FY2027 (ending March 2027) to FY2029 (ending March 2029) has been formulated. Under the principle of quality assurance first, the company plans to promote stable supply of safe and reliable products, as well as strengthen product development and brand cultivation to meet consumer needs with high-quality, affordably priced products. Specific numerical targets have not been disclosed in the earnings report.
Last updated: July 19, 2026