Kakiyasu Honten Co.,Ltd.
2294・Prime Market・Foods
Business
Kakiyasu Honten Co., Ltd. was founded in 1871 (Meiji 4) in Kuwana City, Mie Prefecture as a gyu-nabe (beef hot pot) restaurant, and was incorporated in 1968. It is now a comprehensive food company operating five businesses: meat retail, prepared foods (deli), Japanese confectionery, restaurants, and food products. Its three pillars are specialty meat stores centered on Matsusaka beef and its proprietary brand "Mie Kakiyasu Beef" (38.3% of sales composition), prepared food manufacturing and retail for department stores and commercial facilities (35.5%), and the Japanese confectionery brand "Koufukudo" (18.4%), mainly located in shopping centers and station buildings. The company covers the entire range of home-cooked meals, prepared meals (nakashoku), and dining out, with department stores, shopping centers, and highway service areas nationwide as its main sales channels. It transitioned to the Prime Market of the Tokyo Stock Exchange in April 2022.
Business Model
Through an in-house integrated system for carcass processing and procurement from carefully selected contract farms, the company achieves stable sourcing and quality control of Matsusaka beef and other branded beef. It operates manufacturing and retail of meat, prepared foods, and Japanese confectionery across department stores, shopping centers, and station buildings and other high-traffic facilities, capturing seasonal, limited-edition, and gift demand. Online sales are also expanding through the web reservation systems "Niku Yoyaku" and "Kaki Yoyaku" and the e-commerce site "Kakiyasu Online Store." The company is also working to improve the profitability of existing channels through the rollout of multi-format stores.
Company Strengths
Established the "Kakiyasu" brand as a long-established company founded in 1871. Centered on the proprietary "Mie Kakiyasu Gyu" Matsusaka beef brand, the company maintains an integrated in-house system from procurement at carefully selected contract farms through carcass processing. By developing high value-added products using beef purchased at the Matsusaka Beef Carcass Competitive Exhibition and Sale, it maintains differentiation from competitors and price competitiveness.
In FY2025 (ended April 2025), the Meat Products business generated ¥13,809 million (38.3% of sales), the Prepared Foods business ¥12,817 million (35.5%), and the Japanese Confectionery business ¥6,634 million (18.4%), together accounting for over 92% of total sales. This diversified structure, which avoids reliance on a single business, forms a stable earnings base by allowing each business to complement the others' seasonal demand fluctuations.
At the end of FY2025 (ended April 2025), total net assets stood at ¥15,044 million, while total liabilities were only ¥4,152 million against total assets of ¥19,196 million. The company held ¥7,995 million in cash and cash equivalents, maintaining sound financial health that enables it to fund new store openings and store renovations from operating cash flow without relying on interest-bearing debt.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥43,910 million in FY2023 (ending April 2023) and declined for three consecutive fiscal years, reaching ¥36,072 million in FY2026 (ending April 2026), a 0.1% year-on-year decrease, remaining roughly flat. Operating profit deteriorated rapidly from ¥3,509 million in FY2023 to ¥2,200 million in FY2024, ¥1,500 million in FY2025, and ¥1,426 million in FY2026, a 59% decline from the peak. External factors such as surging raw material prices, labor shortages, and household frugality have continuously pressured earnings. Net income for FY2026 recovered to ¥811 million (up 15.7% year on year), but this was due to a reduction in extraordinary losses (from ¥321 million to ¥110 million) rather than an improvement in core earnings power. Operating cash flow (¥1,541 million) declined from the prior period (¥1,746 million), while investing cash flow (-¥657 million) improved substantially from the prior period (-¥2,954 million).
Growth Strategy
Rebuilding the earnings structure through improved existing-store profitability, strengthened brand products, and closure of unprofitable stores
Special sales events held in FY2026 (ending April 2026) generated a strong response, leading to an expansion of participating stores and a decision to hold such events on a regular basis. Synergy with the Matsusaka beef brand contributed to a 31.3% year-on-year increase in Meat segment profit, reaching ¥1,020 million. This initiative directly contributes to raising average customer spend and improving profit margins through high-value-added products.
In FY2026 (ending April 2026), 3 new stores were opened while 15 stores were closed (including 5 in the Restaurant business). Some closures were associated with department store closures, but the company is proceeding with fixed cost reductions through the streamlining of unprofitable stores. However, losses in the Restaurant business have widened, indicating the continued need for a fundamental business review.
Multiple sales initiatives were implemented, including new arranged products in the Prepared Foods business (such as Jumbo Shrimp Mayo with Genovese Sauce), seasonal items in the Japanese Confectionery business (such as Strawberry Sakura and Strawberry Daifuku (Sakura)), the second installment of the bottled goods series in the Food business (8 additional varieties), and product lineups featuring popular anime designs. Prepared Foods segment sales were flat year-on-year, while Japanese Confectionery segment sales grew 3.3%.
The company is actively pursuing initiatives such as leveraging the web reservation system "Niku Yoyaku" (used for Meat Day events, etc.), generating sales through the "Kakiyasu Online Store" e-commerce site, and developing corporate sales channels. By strengthening digital channels, the company aims to reduce reliance on physical stores and build a stable earnings base.
Last updated: July 17, 2026