ENVALITH
株式会社久世 logo

KUZE CO., LTD.

2708・Standard Market・Wholesale Trade

Official website
株式会社久世 logo
KUZE CO., LTD.2708

Business

Kuze Co., Ltd. was founded in 1950 and is listed on the Standard Market of the Tokyo Stock Exchange as a wholesaler of foodservice ingredients. Its core business is the food ingredient wholesale segment (net sales of ¥66,433 million), which sells ingredients and materials to the foodservice and prepared-food (nakashoku) industries mainly in the greater Tokyo metropolitan area as well as the Kanto, Chubu, and Kansai regions. The company also operates a high-value-added ingredient manufacturing business (net sales of ¥6,920 million) through its consolidated subsidiary Kisco Foods Co., Ltd., which produces bouillon, soups, sauces, and similar products. The group comprises 5 consolidated subsidiaries and 4 affiliated companies, including Asahi Suisan Co., Ltd. (a seafood intermediate wholesaler within the Toyosu Market), Kuze Fresh One (fresh vegetable procurement), and Saito Shogyo Co., Ltd. (operating in the Boso region of Chiba). Through a capital and business alliance with Kokubu Group Corporation, the company is strengthening its financial base and business synergies.

Business Model

In the core food ingredient wholesale business, the company provides full-line supply of commercial-use ingredients and materials to restaurant and prepared-food operators, together with proposal-based sales, generating revenue from purchasing margins. In the food manufacturing business, Kisco Foods manufactures and sells highly specialized bouillons, soups, sauces, and other products, earning manufacturing margins. The company also operates an EC business through its proprietary EC site "Pro Depo" and collaboration with major platform operators, as well as a logistics outsourcing business, giving it multiple revenue channels. Its target management indicators are an operating margin of 2% and an equity ratio of 30%; in FY2026 (ending March 2026), it achieved an operating margin of 3.0% and an equity ratio of 39.1%.

Company Strengths

Multiple logistics bases including Toda DC, Hasuda DC, Second Toda DC, Yokohama DC, and Osaka DC have been developed to build a delivery network covering the Kanto, Chubu, and Kansai regions. The company has continuously expanded its logistics capacity, opening Hasuda DC in August 2024 and Second Toda DC in April 2025, and this stable supply system for restaurant and prepared-food customers serves as a barrier to competitive entry.

The company operates an integrated group structure encompassing food ingredient wholesale (Kuze, Kuze Fresh One), seafood intermediary wholesale (Asahi Suisan), high-value-added food manufacturing (Kisco Foods), and regional wholesale (Saito Shogyo). In FY2026 (ending March 2026), the food manufacturing segment's operating profit reached ¥869 million (up 96.5% year on year), reflecting expanding profit contribution from the manufacturing division, giving the group value-added proposal capabilities that would be difficult to achieve through wholesale operations alone.

In March 2022, the company entered into a capital and business alliance with Kokubu Group Corporation, strengthening its equity capital through a third-party allotment of new shares. As of the end of FY2026 (ending March 2026), the equity ratio stood at 39.1%, substantially exceeding the 30% target and ensuring solid financial health. The company has also optimized resource allocation across the group, including transferring an 80% equity stake in its Chinese affiliate to Kokubu Group.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales were ¥73,503 million (up 7.2% year-on-year) and operating profit was ¥2,199 million (up 19.1% year-on-year), confirming five consecutive years of sales growth and a recovery trend in operating profit as well. However, the company's forecast for FY2027 (ending March 2027) anticipates net sales of ¥75,000 million (up 2.0% year-on-year) against operating profit of ¥2,000 million (down 9.1% year-on-year), implying a combination of higher sales and lower profit. This reflects a structure in which upfront investments—such as reorganization of logistics bases, securing personnel costs, and system development—are expected to weigh on profit, suggesting a shift toward an investment phase.

The equity ratio has continued to improve, rising from 15.7% in FY2022 (ended March 2022) to 39.1% in FY2026 (ended March 2026). Cash flow from operating activities expanded roughly 1.8-fold, from ¥664 million in the previous fiscal year to ¥1,223 million, confirming a strengthening of the financial base. On the other hand, income tax payments surged to ¥957 million (from ¥181 million in the previous fiscal year), and it should be noted that the increase in taxable income has constrained the upside in operating cash flow.

The food ingredient wholesale business accounts for approximately 90% of net sales, and the structure whereby performance is heavily influenced by trends in the food-service and prepared-meal (takeout) markets remains unchanged. As an external factor, rising raw material prices and continued yen depreciation have kept procurement costs elevated, and freight costs in FY2026 (ended March 2026) increased significantly to ¥5,465 million (from ¥4,630 million in the previous fiscal year). The company itself has explicitly cited the risk of prolonged stagnation in Middle East conditions (crude oil price spikes, difficulty procuring packaging materials, rising energy costs), and achievement of the FY2027 (ending March 2027) forecast is premised on stabilization of the external environment.

Growth Strategy

Sustainable qualitative growth centered on the Kanto region through logistics facility reorganization, promotion of EC/DX, and M&A

Continuing to promote facility reorganization to improve logistics efficiency and capacity. Also advancing responses to legal amendments such as the Act on Improving Transaction Terms for Specified Subcontracting and the Logistics Efficiency Act, aiming to improve the cost structure and establish a competitive advantage. Planned to continue as advance investment in FY2027 (ending March 2027) as well.

Officially launched the proprietary EC site "Pro Depo" in November 2025. Also promoting collaboration with major platform providers, aiming to acquire new customers through digital channels and improve convenience for existing customers.

Acquired DX certification from the Ministry of Economy, Trade and Industry in November 2025. Promoting the systematization of internal operations, workplace environment improvement, and system development, aiming to improve productivity and address labor shortages. Investment in system development is planned to continue in FY2027 (ending March 2027) as well.

In October 2025, Saito Shogyo Co., Ltd. (Kamogawa City, Chiba Prefecture) became a group company, expanding the sales network in the areas surrounding the greater Tokyo metropolitan area. Together with strengthening the sales development department's organizational structure, the company continues to promote market development centered on the greater Tokyo area.

Continuing to control manufacturing costs through review of raw material purchasing and improvement of manufacturing processes. Aiming to expand sales through proactive product proposals to customers, segment profit rapidly expanded in FY2026 (ending March 2026) to ¥869 million, up 96.5% year on year. Strengthening the high-value-added product line contributes to improving profit margins across the group as a whole.

Last updated: July 19, 2026