FUJIO FOOD GROUP INC.
2752・Prime Market・Retail Trade
Business
Fujio Food Group Inc. is a restaurant group holding company founded in 1979. It operates diverse formats including "Maido Ookini Shokudo," "Kagura Shokudo Kushi Ya Monogatari," "Mengano Sho Tsurumaru," "Sachifukuya," "Tempura Ebinoya," and "Kissaten Pinocchio," running a total of 702 stores comprising 393 domestic directly-managed stores, 5 overseas directly-managed stores, 80 domestic consigned stores, 205 domestic franchise stores, and 19 overseas franchise stores. Its main customer base spans a broad range of age groups seeking everyday and casual dining, with the Kansai region accounting for approximately 61% of directly-managed store sales. The company moved to the Prime Market of the Tokyo Stock Exchange in April 2022. Its basic policy is to "become Japan's No. 1 restaurant company in the casual dining category."
Business Model
The company accumulates store operation know-how through its directly-operated business (net sales of ¥30,341 million), which accounts for approximately 95% of total sales, and transfers that know-how to the franchise (FC) business (net sales of ¥1,590 million, segment profit margin of 72.4%) to generate highly profitable, recurring-type revenue—a two-tier structure. In the FC business, revenue is earned across four categories: franchise fees, royalties, initial fees, and running fees. The company is actively pursuing conversion of directly-operated stores to franchises and outsourcing of store operations, adopting a strategy to diversify its revenue base while spreading fixed-cost risk.
Company Strengths
Operates 11 business formats including "Maido Ookini Shokudo," "Kagura Shokudo Kushi Yamonogatari," and "Mennosho Tsurumaru," mitigating the impact of external factors by diversifying brands, locations, and price ranges. The company holds a network of 702 stores in total—393 domestic directly-operated stores, 5 overseas directly-operated stores, and 304 franchise stores—structurally avoiding the risk of dependence on a single business format.
The franchise business segment achieved an extremely high segment profit margin of 72.4% (segment profit of ¥1,151 million against revenue of ¥1,590 million). A stock-type business model has been established that generates stable revenue from royalties and franchise fees across a total of 304 stores—205 domestic franchise stores, 19 overseas franchise stores, and 80 domestic consigned stores—functioning to complement fluctuations in the directly-operated business's performance.
With over 45 years of operating history since its founding in 1979, the company has a strong regional base, with the Kansai region accounting for approximately 61% of directly-operated sales. "Maido Ookini Shokudo," launched in 1988, has expanded to 271 stores including franchises. In 2022, the company moved to the Prime Market, establishing credibility in the capital markets as well.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal periods, revenue bottomed out at ¥25,453 million in FY2021 and has since expanded to ¥31,932 million in FY2025. In Q1 of FY2026 (ending December 2026), revenue was ¥8,106 million (up 2.2% year-on-year), maintaining a revenue growth trend. However, on the profit side, SG&A expenses ballooned due to external factors such as rising food and energy prices and increased labor costs, causing operating profit to deteriorate sharply to ¥277 million (down 26.0% year-on-year). Full-year operating profit for FY2025 also declined significantly to ¥725 million from ¥1,217 million in FY2024, and the downward trend in profit margins continues. The full-year forecast calls for revenue of ¥32,653 million (up 2.3% year-on-year) and operating profit of ¥510 million (down 29.7% year-on-year), indicating a pattern of revenue growth alongside profit decline.
Growth Strategy
Aiming to become Japan's No. 1 in popular dining through three pillars: improving profitability of existing stores, expanding franchising, and developing new business formats.
The company is implementing seasonal fair campaigns, SNS utilization, brand recognition enhancement measures, and cosmetic renovations of existing stores, centered on "Maido Ohkini Shokudo" and "Kagura Shokudo Kushiya Monogatari". In Q1 of FY2026 (ending December 2026), "Kagura Shokudo Kushiya Monogatari" recorded sales of ¥2,148 million (up 10.3% year on year), confirming improvement in the mainstay business format.
The strategy is to actively promote the sale of directly-operated stores and management outsourcing, thereby expanding high-margin franchise (FC) business revenue. In Q1 of FY2026 (ending December 2026), the FC business segment profit margin remained at a high level of 73.4%, but FC business sales decreased to ¥368 million (down 9.7% year on year), indicating that accelerating the pace of conversion remains a challenge.
The company is promoting cost reduction through shift control based on time-of-day sales analysis and product development utilizing ABC analysis. However, in Q1 of FY2026 (ending December 2026), selling, general and administrative expenses increased 3.7% year on year to ¥4,898 million, and the cost reduction effect has remained limited against external factors such as rising ingredient, energy, and labor costs.
Last updated: July 17, 2026