ENVALITH
株式会社SANKO MARKETING FOODS logo

SANKO MARKETING FOODS CO.,LTD.

2762・Standard Market・Retail Trade

Official website
株式会社SANKO MARKETING FOODS logo
SANKO MARKETING FOODS CO.,LTD.2762

Business

SANKO MARKETING FOODS Co., Ltd. is a food and beverage company operating popular izakaya (Japanese pub) and casual dining formats such as Akamaruya, Yakiniku Banri, and Kin no Kura, mainly in the greater Tokyo metropolitan area. Since 2020, the company has been advancing a full-scale marine products sixth-industrialization strategy, building a vertically integrated supply chain that spans fishing via its own fishing fleet (four SANKO fleet vessels), distribution through Toyosu wholesaler Sogo Shokuhin and Hamamatsu intermediate wholesaler SANKO Kaisho, and sales at its directly operated restaurants. The company also undertakes contracted operation of government office cafeterias and e-commerce sales, positioning food culture proposals and the revitalization of production regions at the core of its business under the slogan "Catch, Sell, Make — All of It, SANKO." Revenue for FY2025 (ending June 2025) was ¥9,679 million, with the marine products business accounting for approximately 57% of revenue.

Business Model

Through bulk purchase and direct shipment of the entire catch of fish landed fresh each morning by the SANKO fishing fleet, the company eliminates multi-stage distribution costs, and processes low-utilization and underutilized fish into commercial products using state-of-the-art equipment such as 3D instant freezers at its Numazu processing plant. It has a multi-layered revenue structure comprising wholesale revenue through the Toyosu wholesale operation (Sogo Shokuhin) and the Hamamatsu intermediate wholesale operation (SANKO Kaisho), retail and dining revenue from directly-operated restaurants, contract operation revenue from government and public office cafeterias (which requires no fixed capital investment), and revenue from EC and private-brand product sales.

Company Strengths

In November 2021, the company made SANKO Kaisho a subsidiary, and in July 2022 acquired one of only seven major wholesalers/comprehensive food companies at Toyosu Market. Combined with the SANKO fleet of 4 vessels including the company's own fishing boats (monthly catch target of 3 tons), it has achieved an integrated supply chain from fishing ports to Toyosu Market and restaurants that is rare within the industry.

The company operates a cafeteria management outsourcing business centered on government office cafeterias, including MAFF's "Afu Shokudo" and the Ministry of Defense's "Sakana to Meshi." Cafeteria management outsourcing revenue for FY2025 (ended June 2025) was ¥627 million (up 127.3% year on year), with the model requiring no large fixed investment contributing to stable earnings.

The company sells private-brand products developed by SANKO Kaisho, such as tuna gyoza, tuna menchi katsu, and tuna croquettes, on its e-commerce site, and in February 2025 won Rakuten Ichiba's "Monthly MVP Rakuten Shop of the Month" award and the "Seafood Genre Award." These awards triggered increased recognition, leading to a dramatic rise in sales.

ENVALITH's Perspective

Cumulative net sales for the nine months of FY2026 (ending June 2026) were ¥8,142 million (up 8.9% year on year), maintaining growth, but operating loss stood at ¥460 million (versus ¥443 million in the same period last year), and quarterly net loss attributable to owners of the parent was ¥529 million (versus ¥446 million in the same period last year), with the loss widening. Upfront costs including new store openings, store closures, business format conversions, and formation of the SANKO fleet have piled up, expanding SG&A expenses to ¥3,140 million (versus ¥2,928 million in the same period last year). The full-year earnings forecast has already been revised from the figures announced in August 2025, and the pace of earnings improvement is falling short of the initial plan.

Net assets as of the end of March 2026 stood at ¥186 million (versus ¥320 million at the end of the previous fiscal year), and the equity ratio declined to 7.1% (versus 13.0% at the end of the previous fiscal year). Retained earnings remain in deficit at -¥688 million. Material events raising going concern doubt have been disclosed, and while capital has been replenished through the exercise of the 7th series stock acquisition rights (raising ¥240 million) and a third-party allotment of new shares (raising ¥160 million), depletion of financial capacity is unavoidable as long as losses continue to be recorded. The sharp increase in impairment loss to ¥59 million (versus ¥7 million in the same period last year) also warrants close attention.

The strategic shift toward partial withdrawal from and scaling back of the fishery and marine processing businesses—which carry high earnings volatility—transitioning to partnership arrangements, and concentrating management resources on restaurant openings and M&A, is rational. On the other hand, the fact that some new stores opened in the first half of FY2026 (ending June 2026) became unprofitable due to labor shortages and changes in the business environment, forcing store suspensions, closures, and business format conversions, indicates execution risk in the store-opening acceleration strategy. External factors such as persistently high raw material and energy prices and uncertainty over U.S. trade policy could also hinder earnings recovery.

Growth Strategy

Restructuring of the fisheries sixth industrialization framework and concentration of management resources on new restaurant format openings and M&A

Progressing the partial withdrawal from and downsizing of fishery and seafood processing operations with high earnings volatility risk, shifting to partnership arrangements, and concentrating management resources on restaurant openings and M&A that can maximize utilization of the group's seafood supply chain. The SANKO fleet changed its contract from a fixed-rate to a usage-based system starting February 2026, improving the cost structure.

Successively opened stores such as "Tobikkiri Sengyo" (Yamato, Kashiwada), "Maguro to Sushi to Sengyo" (Nakamurabashi), and "Mamettai Sushi" (Minami-Machida) in the second half of 2025. The policy is to enhance investment efficiency through a low-investment model utilizing vacated properties (ikinuki). Some stores have become unprofitable and are undergoing closure, suspension, or format conversion.

Building on award-winning results on Rakuten Ichiba, the company is promoting brand awareness and sales contribution for the PB brand "Fiiiiimo," primarily through its official online shop "Hitoma." This initiative simultaneously achieves food loss reduction and value enhancement by maximizing the value of low- and under-utilized fish.

Through alliances with Tsuda Foods Co., Ltd. (Chiba-area logistics, July 2024), Carry On Co., Ltd. (SNS marketing and operational support for "Uo Ichiban," March 2025), and Daiji Co., Ltd. (fruit and vegetable delivery network and cold chain, December 2025), the company is rapidly acquiring functions that would be difficult to build on its own.

Starting in January 2026, RPA (Robotic Process Automation) has been introduced for paper slip processing and other tasks in the seafood business area. This automates paper-based document processing unique to seafood markets, promoting a reduction in head-office indirect costs. Curbing SG&A expenses of ¥3,140 million (versus ¥2,928 million in the same period of the previous year) is an urgent priority.

Successively opened "Afu Shokudo" in Saitama Shintoshin Joint Government Building No. 2 (July 2025), "Uo to Meshi" in Building No. 1 (September 2025), and "Sky View Cafe & Restaurant Keyaki" (October 2025). This contract-based model, which requires no large fixed investment, builds up stable earnings and diversifies portfolio risk previously concentrated in alcohol-serving establishments.

Last updated: July 17, 2026