Kewpie Corporation
2809・Prime Market・Foods
Retail
Kewpie's core segment offering seasonings, salads, and prepared foods for the domestic household market
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (H1 FY2026, ending November 2026) | ¥95,620 million | ¥94,573 million (H1 FY2025, ending November 2025) | ↑ |
| Operating income (H1 FY2026, ending November 2026) | ¥8,374 million | ¥5,737 million (H1 FY2025, ending November 2025) | ↑ |
| Net sales (Full year FY2025, ended November 2025) | ¥189,823 million | — | — |
| Operating income (Full year FY2025, ended November 2025) | ¥12,577 million | — | — |
| Segment assets (FY2025, ended November 2025) | ¥118,908 million | — | — |
| Depreciation and amortization (FY2025, ended November 2025) | ¥5,447 million | — | — |
| Capital expenditures (FY2025, ended November 2025) | ¥4,248 million | — | — |
Business Details
This segment manufactures and sells mayonnaise and dressings, pasta sauces, salads, prepared foods, packaged salads, baby food, and nursing care food for the retail (household) market. Business is conducted primarily through Kewpie Corporation, with Kepack Co., Ltd. and Dispensepack Japan Co., Ltd. (seasonings), Deria Foods Co., Ltd. and Shunsai Deli Co., Ltd. (salads and prepared foods), and Salad Club, Inc. (packaged salads) also playing key roles. Net sales to external customers for FY2025 (ended November 2025) totaled ¥189,823 million, accounting for approximately 37% of consolidated net sales, making it the largest segment.
Recent Overview
H1 operating income up 46.0% year on year on price revision penetration and shift to higher value-added products
In the Retail segment for H1 FY2026 (December 2025 to May 2026, ending November 2026), net sales reached ¥95,620 million (up ¥1,047 million, +1.1% year on year) and operating income reached ¥8,374 million (up ¥2,637 million, +46.0% year on year), achieving a substantial increase in profit. Revenue increased due to higher unit prices for seasonings, increased sales volume of dressings, and a shift toward higher value-added prepared foods. The effects of price revisions for seasonings and cut vegetables, together with stable raw material prices for cut vegetables, significantly boosted profitability.
Key Products
Growth Drivers
- Higher unit prices for seasonings and cut vegetables as price revisions take hold in the market
- Increased sales volume of dressings
- Shift to higher value-added products in prepared foods and salads
- Expanding demand for cut vegetables (growth of the packaged salad market)
- Improved profitability through production automation via robot introduction and SCM efficiency gains
- Cost improvement from stable raw material prices for cut vegetables
Risks
- Rising raw material costs due to surging egg and vegetable prices
- Persistent consumer thrift consciousness amid prolonged food price increases
- Risk of fluctuations in vegetable prices due to poor weather conditions
- Risk of unstable egg supply due to highly pathogenic avian influenza
- Rising logistics costs
Last updated: February 24, 2026