Kanemi Co.,Ltd.
2669・Standard Market・Retail Trade
Business
Kanemi Foods Co., Ltd., founded in 1971, is a prepared-foods (nakashoku) specialist manufacturer operating two businesses: the tenant business, which operates delicatessen and sushi shops within supermarkets and other retailers, and the external sales business, which manufactures and supplies boxed lunches and prepared foods to convenience stores and the PPIH group. Its main customers are Uny Co., Ltd. (31.8% of net sales) and FamilyMart Co., Ltd. (37.1% of net sales), which together account for roughly 70% of total net sales. In March 2023, the company entered into a business alliance agreement with Pan Pacific International Holdings Corporation (PPIH), another affiliated company, positioning collaboration with the PPIH group as a core pillar of its growth strategy. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In the tenant business, the company utilizes the store network of the PPIH Group (Uny, UD Retail, Don Quijote, Nagasakiya) to sell high-value-added prepared foods and sushi through face-to-face sales. In the external sales business, the company manufactures and delivers bento boxed meals and prepared foods at its own factories to FamilyMart franchise stores and others. By promoting in-house production at its own factories, the company deepens the linkage between the two businesses, creating a structure aimed at improving factory utilization rates and reducing lost sales opportunities. The company's basic policy is debt-free management, funding working capital and capital expenditures with its own funds.
Company Strengths
In March 2023, the company concluded a business alliance agreement with PPIH. It has expanded tenant store openings utilizing the store networks of Uny, UD Retail, Don Quijote, and Nagasakiya, achieving tenant business sales of ¥45,884 million (up 4.8% year on year) in FY2025 (ended February 2025). Reorganization of the four dedicated external-sales factories for the PPIH group has also been completed.
As of the end of FY2025 (ended February 2025), the equity ratio stood at 77.7%, and cash and cash equivalents at fiscal year-end totaled ¥18,925 million. The company has not raised funds from financial institutions in either the previous or current fiscal year, maintaining debt-free management in which capital expenditure and working capital are covered entirely by internal funds.
In FY2025 (ended February 2025), the company's "Dera Umai! Shiso Kaoru Mune Shio Karaage" won the top gold award at the "15th Karaage Grand Prix®," and its "Noukou Demi no Shiawase Hamburg to Kani Koro Gozen" received an excellence award at the "Delicatessen & Bento Grand Prix 2025," among other external product accolades that have contributed to increased sales volumes.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods expanded from ¥77,630 million in FY2022 to ¥90,481 million in FY2025, but turned to a decline in FY2026 at ¥86,654 million, with operating profit also falling from its FY2024 peak of ¥3,162 million to ¥2,757 million in FY2026. In Q1 FY2027, there was a sharp recovery, with revenue of ¥22,008 million (up 3.7% year on year) and operating profit of ¥751 million (up 148.1% year on year). While external cost pressures from raw materials, energy, logistics, and labor continued, strong performance at existing tenant business stores (revenue up 4.1%, profit up 10.3%) and the turnaround to profitability at previously loss-making locations in the external sales business drove the improvement in margins. The gross profit margin improved from 15.8% in the same period of the prior year to 18.2%, indicating that the strengthening of the earnings structure is beginning to show up in the numbers.
Growth Strategy
Expansion of top-line growth in the prepared foods market through deepened collaboration with PPIH, expansion of external sales facilities, and rollout of new business formats
The Company continues to prioritize store openings within PPIH Group stores such as Don Quijote and UNY. In the first quarter of FY2027 (ending February 2027), two new eashion stores and two new Re'z deli stores were opened, and floor space expansion/renovation was carried out at nine existing stores. The Company also actively participates in product development for PPIH's new business formats to expand the scale of its business.
Three existing stores were converted to the new business format "Robin Hood," and sales effects beyond expectations were confirmed. The Company aims to increase customer traffic and average spend per customer through products that move customers emotionally and eye-catching new initiatives. Product renewals, challenges in new categories, and strengthening of promotional materials are also being pursued in parallel.
The Company is promoting stabilization and efficiency of its production system through the start of deliveries of frozen products to new business partners and expansion of sales to PPIH. While capturing inbound demand for railway-affiliated convenience stores, the Company is also diversifying its sales channels to offset the decline in sales to major convenience store chains. The external sales business achieved profitability in the first quarter of FY2027 (ending February 2027).
The Aichi Fuso Factory, scheduled to begin operation in March 2028, will substantially strengthen production capacity, building a supply base capable of responding to increasing demand in both the tenant business and the external sales business. The Company aims to improve utilization rates and profit margins by optimizing the division of roles with existing factories.
Last updated: July 17, 2026