SAN-A CO.,LTD.
2659・Prime Market・Retail Trade
Business
SAN-A CO., LTD. was established in 1970 and is a comprehensive retail and convenience store operating group with Okinawa Prefecture as its sole business base. In its retail segment, the company operates in groceries, apparel, home goods, and dining out, running numerous stores including large-scale commercial facilities such as Naha Main Place (sales floor area of 37,110 square meters) and San-A Urasoe Nishikaigan PARCO CITY (sales floor area of 58,361 square meters). In its CVS segment, the company operates the Lawson franchise system within Okinawa Prefecture through Lawson Okinawa, Inc. (equity stake of 51%). Including four subsidiaries, the group as a whole functions as a core regional distribution company that captures a wide range of demand, from the daily consumption of Okinawa residents to tourist demand. Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The Retail segment's primary revenue sources are direct sales of groceries, apparel, household goods, and food service, with operating revenue of ¥236,191 million and segment profit of ¥14,864 million for FY2026 (ending February 2026). The CVS segment centers on franchise royalty income through Lawson Okinawa, boasting a high profit margin with segment profit of ¥2,205 million against operating revenue of ¥9,356 million. Working capital is funded through internal funds, and the company maintains a financial structure that is nearly debt-free.
Company Strengths
Since its founding in 1970, the company has concentrated its operations in Okinawa Prefecture, building a comprehensive distribution infrastructure covering groceries, apparel, household goods, dining, and CVS (convenience stores), centered on large-scale commercial facilities such as Naha Main Place (sales floor area of 37,110 square meters) and San-A Urasoe Nishikaigan PARCO CITY (sales floor area of 58,361 square meters). It possesses a regionally embedded business foundation that competitors cannot easily replicate.
The CVS business, operated through Lawson Okinawa (51% equity stake), achieved a net increase of 6 stores in FY2026 (ending February 2026), with impairment losses significantly reduced from ¥231 million to ¥23 million. The segment profit margin, at approximately 23.6%, substantially exceeds that of the retail segment, contributing high profitability that supports the stability of the consolidated earnings structure.
As of the end of FY2025 (ended February 2025), the company held net assets of ¥154,546 million and cash and cash equivalents of ¥59,843 million. It maintains a financial policy of covering basic working capital with its own funds, sustaining management that does not rely on financial leverage. The ordinary profit margin reached 8.0%, exceeding the target of 7% or higher, achieving both earnings capacity and financial soundness.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has continued to grow consistently, from ¥190,506 million (FY2022) to ¥225,485 million (FY2026). Operating profit, however, has slowed in growth, at ¥16,464 million (FY2024), ¥16,923 million (FY2025), and ¥17,070 million (FY2026), reflecting an ongoing plateau in profitability. In Q1 of FY2027 (ending February 2027), operating revenue reached ¥63,769 million (+8.0% YoY) and operating profit ¥4,644 million (+13.2% YoY), achieving both revenue and profit growth. External tailwinds included an increase in the number of visitors to Okinawa, strong sales of seasonal goods driven by elevated temperatures, and increased demand for food products ahead of an approaching typhoon. On the other hand, rising procurement costs, higher personnel expenses, and various other cost increases amid ongoing inflation continue to constrain margin improvement. The full-year operating profit forecast of ¥17,527 million (+2.7% YoY) remains at a conservative level.
Growth Strategy
Sustainable growth through the integrated strengthening of human capital, operational systems, and product competitiveness, combined with revitalization of existing stores and expansion of the CVS network
In Q1 FY2027 (ending February 2027), three stores were renovated: V21 Shokuhinkan Makiminato (Urasoe City), Nishihara City (Ginowan City), and Tomigusuku Wing City (Tomigusuku City). The company aims to maintain and improve customer traffic and average spending per customer through revitalization of existing stores, continuing to differentiate itself from competitors.
Actively introducing full self-checkout registers and electronic shelf labels at Shokuhinkan (grocery stores), and tablet ordering systems and delivery robots at dining restaurants. The company is building a system that addresses labor shortages while improving service quality, achieving sales growth while restraining the increase in selling, general and administrative expenses.
In May of FY2027 (ending February 2027), San-A Net Supermarket opened through collaboration with Amazon.co.jp. A new online sales channel was established for Amazon members, aiming to establish a new revenue source that complements the existing store network.
Promoting sales of private brand and differentiated products such as Kurashi Moa, Lawson original products, and Seijo Ishii products, boosting sales volume through active sampling promotions, and strengthening the assortment of Okinawa-specific products such as Kariyushi wear. The company aims to boost existing store sales through differentiation from other companies.
In Q1 FY2027 (ending February 2027), two franchise stores closed and one new store opened. Against the backdrop of strong performance at existing stores, the company aims to maintain and expand the revenue base of the highly profitable CVS segment. Segment profit achieved growth of +15.5% year-on-year, exceeding the growth rate of the retail business.
Last updated: July 17, 2026