Kotobuki Spirits Co., Ltd.
2222・Prime Market・Foods
Shukurei (Shukurei Group)
A high-value-added gift confectionery manufacturing and sales segment centered on the greater Tokyo area and international terminals
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥37,054 million | ¥34,698 million | ↑ |
| Operating profit | ¥7,087 million | ¥6,797 million | ↑ |
| Operating margin | 19.1% | 19.6% | ↓ |
| Segment assets | ¥15,408 million | ¥15,959 million | ↓ |
| Capital expenditures (increase in tangible/intangible fixed assets) | ¥1,238 million | ¥2,527 million | ↓ |
| Depreciation and amortization | ¥880 million | ¥759 million | ↑ |
Business Details
Centered on Shukurei Co., Ltd., this segment operates multiple shop brands including "Tokyo Milk Cheese Factory," "The Maple Mania," and "Francais." Following the April 2025 organizational restructuring (corporate split), the former "Kujukushima Group" was integrated to form the newly organized "Shukurei Group." Department stores, in-station locations, and international terminals serve as the main channels, actively capturing inbound demand. This is the largest segment, accounting for approximately 47% of consolidated group net sales.
Recent Overview
Net sales rose 6.8% year-on-year to ¥37,054 million, but operating margin slightly declined to 19.1%
In FY2026 (ending March 2026), the segment achieved net sales of ¥37,054 million (up 6.8% year-on-year) and operating profit of ¥7,087 million (up 4.3% year-on-year). As an inbound measure, sales staff were increased mainly at international terminals, and sales of "Matcha Chitose" were expanded. A total of 10 new stores were opened (including the Newoman Takanawa flagship store, Soltra, Vanista, and Hello Maypuri), while a total of 7 stores closed (including 3 stores due to renovation work inside Tokyo Station). Increased costs outpaced the increase in sales, causing the operating margin to decline from 19.6% in the prior period to 19.1%.
Key Products
Growth Drivers
- Capturing inbound demand centered on international terminals (increased sales staff, expanded sales of inbound-oriented products such as Matcha Chitose)
- Enhanced brand value and awareness through the opening of the "Tokyo Milk Cheese Factory" flagship store
- Expansion of department store channel sales through new brands such as "Soltra," "Vanista," and "Hello Maypuri"
- Promotion of repeat purchases and brand appeal through continuous introduction of seasonal limited products
- Promotion of Value Up in product strength, sales floor strength, and sales capability under the medium- to long-term management target "Value Up Vision 2030"
Risks
- Downward pressure on profit margins from rising raw material and energy prices (operating margin for the current period declined 0.5 percentage points year-on-year to 19.1%)
- Risk of impact on inbound sales from slowing growth in visitors to Japan or a shift toward yen appreciation
- Decline in domestic gift demand due to intensifying consumer thrift amid continued price increases
- Temporary loss of sales opportunities due to renovation work and store closures at key locations such as inside Tokyo Station
- Risk of reduced profitability from increased upfront investment and fixed costs associated with new brand store openings
- Occurrence of impairment losses associated with store closures (¥3 million recorded for the Shukurei Group in FY2026, ending March 2026)
Last updated: June 23, 2026