Y's table corporation
2798・Standard Market・Retail Trade
Business
Y's Table Corporation is a restaurant company founded in 1987 and listed on the Tokyo Stock Exchange (currently the Standard Market) in 2004. It operates on two axes: the XEX Group, centered on the upscale multi-concept restaurant "XEX", and a casual restaurant group centered on "PIZZA SALVATORE CUOMO". As of the end of FY2025 (ended February 2025), the company operated 47 directly managed stores and 30 franchise stores, covering a wide range of trade areas from urban high-value-added formats capturing inbound demand to suburban shopping centers, hotels, and airport locations. As a subsequent event, the company made Yamanoue Hotel Co., Ltd. a subsidiary and has also begun strengthening its Japanese cuisine business.
Business Model
The XEX Group secures high per-customer spending through directly operated high-end restaurants (10 locations), with inbound demand and corporate party demand serving as its primary revenue sources. The casual restaurant group operates 37 directly managed stores in addition to 30 franchise (FC) stores, combining royalty income with directly operated revenue. Both groups have a structure of accumulating sales through multiple channels, including enhancing the value-added of lunch buffets, delivery, and catering.
Company Strengths
The company operates a dual-axis structure with "XEX" (sales of ¥4,897 million for FY2025 (ending February 2025)) and "PIZZA SALVATORE CUOMO" (sales of ¥7,224 million for the same period), capturing a wide range of customers from high-income inbound visitors to domestic family segments. While diversifying the risk of dependence on a single business format, the company has achieved total sales of ¥12,121 million.
The XEX Group has strengthened partnerships with luxury hotels and travel agencies, increasing referrals of inbound foreign visitors. In FY2025 (ending February 2025), XEX Group sales rose 7.2% year on year to ¥4,897 million, and operating profit increased 5.5% year on year to ¥418 million, directly translating the benefits of inbound demand into business performance.
The Casual Restaurant Group leverages 30 franchise (FC) stores to expand its store network while limiting its own capital investment. By flexibly combining format changes, franchising, and direct management conversions for directly-operated stores, the Casual Restaurant Group maintained high profitability in FY2025 (ending February 2025), with operating profit of ¥722 million (an operating margin of approximately 9.4%).
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, from ¥8,149 million in FY2022 to ¥13,046 million in FY2026. Cumulative Q1 of FY2027 (ending February 2027) reached ¥3,549 million (up 6.3% year on year), maintaining the revenue growth trend. Operating profit continued to improve, reaching ¥198 million (up 9.9% year on year), but the operating profit margin remained low at 5.6%. Ordinary profit declined slightly to ¥170 million (down 2.2% year on year) due to an increase in non-operating expenses (¥50 million, up 77% year on year), including costs related to the acquisition of Yama-no-ue Hotel. External factors such as rising raw material and energy prices and labor shortages persist, keeping cost pressures elevated. The full-year forecast calls for substantial increases in both revenue and profit, with revenue of ¥15,446 million and operating profit of ¥405 million.
Growth Strategy
Pursuing growth through four pillars: enhancing value-added offerings, capturing inbound demand, strengthening Japanese cuisine, and expanding casual Italian dining
Yamanoue Hotel Co., Ltd. was made a wholly owned subsidiary effective March 31, 2026 (acquisition cost: ¥289 million). High-end tempura brands such as "Tempura Yamanoue" have been incorporated into the XEX Group, strengthening appeal to upper-tier and inbound customer segments. Consolidation of the performance of the 4 directly-operated restaurants is expected to gain momentum from the second quarter onward.
Deeper utilization of external delivery services has kept delivery sales at a high level compared with the same period of the previous year. "The TRATTORIA SALVATORE CAFE BASEGATE Yokohama Kannai" was newly opened in March 2026, expanding the network to 39 directly-operated stores and 31 franchise stores. Revenue contributions from newly opened stores and stores that underwent format changes are gaining momentum, driving a 16.8% year-on-year increase in segment operating income.
The Company is working to enhance brand strength through planning initiatives and to increase inbound customer referrals through partnerships with luxury hotels and travel agencies. Cumulative XEX Group net sales for the first quarter of FY2027 (ending February 2027) were ¥1,372 million (up 0.7% year on year), a modest increase, as strong performance in March offset the decline in corporate demand seen in April and May.
Both segments continue to pursue value enhancement and price optimization. Menu value-added improvements and price revisions have been implemented to offset rising raw material costs and increased personnel-related expenses. At the Casual Restaurant Group, the effect of increased sales has absorbed higher costs, achieving an improvement in the operating margin.
Last updated: July 17, 2026