B-R 31 ICE CREAM CO.,LTD.
2268・Standard Market・Foods
Business
B-R 31 Ice Cream Co., Ltd. is the operating company of a specialty ice cream store chain that has manufactured and sold ice cream and conducted franchise operations in Japan under license from Baskin-Robbins USA since its establishment in 1973. The company manufactures products in-house at two plants—the Fuji Oyama Plant and the Kobe Miki Plant—and operates 1,066 domestic stores (as of the end of FY2025) from Hokkaido to Okinawa, with total sales locations, including Taiwan and Hawaii, reaching 1,556. Its primary customers are a broad range of consumers centered on families, children, and younger age groups, and it also offers specialty desserts such as ice cream cakes. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The Company manufactures ice cream products at its own factories and sells them wholesale to franchisees, while receiving royalties and advertising cost-sharing fees calculated as a fixed percentage of franchisees' in-store retail sales. Sales results for fiscal year 2025 consisted of product sales of ¥26,598 million, royalty income of ¥5,325 million, and store equipment-related income of ¥2,361 million. Meanwhile, the Company pays a fixed percentage of sales as royalties to Baskin-Robbins in the United States.
Company Strengths
As of the end of FY2025, the number of domestic franchise and directly-operated stores reached 1,066 (a net increase of 21 stores from the previous fiscal year-end), and combined with 439 domestic portion cup sales locations and 51 overseas stores in Taiwan and Hawaii, the total number of sales locations reached 1,556 (an increase of 82 locations from the previous fiscal year-end), establishing the company's position as Japan's largest ice cream specialty store chain.
Membership in the membership-based app "31Club" has surpassed 10 million, with member purchases accounting for 43.2% of total sales. The company is promoting the use of mobile ordering to improve customer convenience and store productivity, achieving increased store visits and customer retention through digital marketing.
Net sales increased approximately 55.6% from ¥22,038 million in FY2022 to ¥34,286 million in FY2025, while operating profit expanded from ¥1,709 million in FY2022 to ¥2,768 million in FY2025. Net income attributable to owners of parent of ¥1,771 million also marked a new record high. ROE reached 12.4%, significantly exceeding the target level of 8%.
ENVALITH's Perspective
Performance Trend
Revenue increased 76.8% over five periods, from ¥19,388 million in FY2021 to ¥34,286 million in FY2025, and cumulative 1Q FY2026 revenue reached a record ¥7,471 million. Meanwhile, operating profit came to ¥403 million in cumulative 1Q FY2026, down from ¥420 million in the same period a year earlier, compared with ¥2,768 million for full-year FY2025, as cost increases from rising raw material prices and yen depreciation—external factors—pressured profitability. The full-year operating profit forecast of ¥2,830 million represents only a 2.2% increase year on year, below the projected revenue growth rate of 4.5%. Although the SG&A expense ratio has been kept in check relative to the previous year, a rising cost of sales ratio continues to constrain margin improvement.
Growth Strategy
Advancing the sixth term of the long-term plan through four pillars: brand, digitalization, Smart31, and expansion of sales locations
Monthly rollout of new flavors, expansion into the new "31 Patisserie" category, and collaboration products with popular characters such as Sanrio Characters have stimulated purchasing interest across a broad customer base. Promotions aligned with the demand strategy achieved domestic total retail sales of ¥14,484 million (Q1 FY2026, a record high).
Membership in the "31Club" membership app exceeded 11 million, achieving a member purchase ratio of 44.1%. Mobile ordering (including reservation functionality) has been promoted to improve customer convenience and store productivity. The company continues to promote streamlining of store operations through the introduction of digital signage.
The company is pursuing cost increase containment through supply chain management optimization, work-style reforms via remote work and enhanced employee benefits, energy efficiency improvements at offices, factories, and stores, and reductions in food waste and electricity usage at two factories. Despite rising raw material costs and a weak yen environment, the company secured a gross profit margin of 48.2%.
In addition to strengthening openings in new commercial facilities, the company continues to expand into diverse locations such as roadside sites, business districts, areas near train stations, entertainment districts, university cafeterias, service areas, and airports. As of the end of Q1 FY2026, the company achieved 1,078 domestic stores (a net increase of 40 stores year-on-year) and 1,561 total sales locations (an increase of 88 year-on-year). Supply capacity is being strengthened through investment to expand production capacity at the Fuji Oyama Plant (construction in progress of ¥1,160 million).
Last updated: July 17, 2026