ROCK FIELD CO.,LTD
2910・Prime Market・Foods
Business
Rock Field Co., Ltd. was founded in 1972 and originated in Kobe as a specialized prepared foods company. It operates seven brands—RF1 (R.F.1), Green Gourmet, Itohan, Kobe Croquette, Yuugo, Vegeteria, and RFFF—with stores nationwide, mainly through department stores and station buildings as key channels. As of April 2025, the company operated 301 domestic stores (134 RF1 (R.F.1) stores, 69 Green Gourmet stores, etc.). It adopts an integrated production-and-sales model, handling everything from manufacturing to sales at its three factories in Kobe, Shizuoka, and Tamagawa. Through a consolidated subsidiary, it also operates a prepared foods business in China (Shanghai). Its main customers are consumers, primarily middle-aged and older individuals, who use department stores and commercial facilities, and in recent years the company has also been working to expand its customer base through frozen foods, e-commerce, and wholesale channels.
Business Model
Manufactures prepared foods (delicatessen items) at three factory locations in Kobe, Shizuoka, and Tamagawa, and sells them through directly operated stores in department stores, station buildings, and similar locations, forming a vertically integrated business model. The cash-centric sales approach at directly operated stores enables early cash collection. The gross profit margin remains high at 57.4% (FY2025, ending April 2025), but the SG&A ratio is also high at 55.0%, keeping the operating profit margin at just 2.4%. In recent years, the company has been promoting revenue diversification through external sales (wholesale), e-commerce, and frozen food channels.
Company Strengths
Since its founding in 1972, the company has developed six business formats—RF1, Green Gourmet, Itohan, Kobe Croquette, Fusion, and Vegeteria—deployed across department stores and station buildings. As of April 2025, it operates 301 domestic stores, establishing a multi-brand strategy that covers a wide range of categories including Western prepared foods, Japanese prepared foods, Asian cuisine, and fresh juice.
Through an integrated production-and-sales model in which manufacturing through sales is managed consistently across three factories in Kobe, Shizuoka, and Tamagawa, the company maintained a gross profit margin of 57.4% in FY2025 (ended April 2025). It has established a system for the continuous development of value-added products utilizing seasonal ingredients, investing ¥136 million in R&D expenses with 12 R&D personnel.
As of the end of FY2025 (ended April 2025), the equity ratio stood at 81.9%, with total net assets of ¥28,908 million and cash and cash equivalents of ¥13,195 million. The company has low reliance on interest-bearing debt, and its revenue structure, centered on cash sales at directly operated stores, enables stable cash generation. It possesses the financial soundness to fund capital expenditures and new store openings with its own capital.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥47,119 million in FY2022 (ending April 2022) to ¥51,357 million in FY2024 (ending April 2024), before leveling off at ¥51,184 million in FY2025 (ending April 2025) and ¥51,096 million in FY2026 (ending April 2026). Meanwhile, operating profit declined 64% over five fiscal years, from ¥2,155 million in FY2022 (ending April 2022) to ¥780 million in FY2026 (ending April 2026), with the operating margin falling to 1.5%. In FY2026 (ending April 2026), the company recorded extraordinary losses of ¥249 million in impairment losses and ¥53 million in losses on liquidation of affiliated companies, resulting in net income of ¥98 million (down 69.9% year on year), the lowest level in the past five fiscal years. External factors include continued increases in raw material prices, energy costs, and labor costs, compounded by sluggish sales at rural and suburban stores amid consumers' growing thrift consciousness. Operating cash flow increased year on year to ¥2,315 million, supported by depreciation expense of ¥1,924 million.
Growth Strategy
In the second phase of "Vision 2030," the company is promoting improved profitability in existing business formats and expansion into new market areas.
The company aims to improve gross profit margin through product design and pricing reviews and manufacturing process improvements. In FY2026 (ending April 2026), certain effects were achieved, but these were insufficient to absorb increases in personnel expenses and depreciation. In FY2027 (ending April 2027), the company will continue to pursue improving the quality of business and operations, optimizing resource allocation through selection and focus, and standardizing resources.
In October 2025, the company opened its first store under the new brand "Umi & Yama Kitchen" at Grand Front Osaka. In the external sales (wholesale) channel, the company is expanding its product lineup for frozen food brands such as "RFFF (Rufufu)" and "Kobe Korokke" as well as kit salads, and pursuing new business partnerships, achieving external sales of ¥833 million in FY2026 (ending April 2026), up 113.2% year on year. However, this remains limited in scale, accounting for 1.6% of total sales.
The company is promoting a culture that encourages challenge-taking and creating a rewarding work environment, including through the use of an internal job-posting system. This is positioned as part of building the management foundation during the medium-term management plan period, with FY2027 (ending April 2027) defined as "a year to steadily build the foundation for growth."
Regarding its consolidated subsidiary, Iwata (Shanghai) Catering Management Co., Ltd., the Board of Directors resolved at its meeting held on May 19, 2026 to dissolve and liquidate the subsidiary in response to a decline in personal consumption caused by China's severe employment and income environment. In FY2026 (ending April 2026), the company recorded an extraordinary loss of ¥53 million for loss on liquidation of affiliated company and ¥5 million for provision of allowance for doubtful accounts.
During the medium-term management plan period, the company has adopted a progressive dividend policy under which it will continuously maintain or increase dividends, in addition to targeting a consolidated dividend payout ratio of 40% or more. The annual dividend for FY2026 (ending April 2026) was ¥24 per share (up ¥1 year on year), and the same ¥24 per share is planned for FY2027 (ending April 2027). The consolidated dividend payout ratio for FY2026 (ending April 2026) was high at 633.7% due to low net income, but the dividend level is being maintained under the progressive dividend policy.
Last updated: July 17, 2026