SHINOZAKIYA,INC.
2926・Standard Market・Foods
Business
Shinozakiya Co., Ltd. is a "tofu-industry SPA (manufacturing retail)" company that plans, develops, and sells soybean-based processed foods such as tofu and soy milk. In its core Retail Business, the company operates 30 directly managed stores under the "Sandaime Mozo" brand, targeting health-conscious consumers as its primary customer base. In Other Businesses, the company engages in wholesale and sales guidance for franchise stores (389 stores), wholesale to commercial customers, and mail order sales (via Yahoo! Shopping and Amazon). Founded in 1987, the company listed on the Tokyo Stock Exchange Mothers market in 2003 and transitioned to the Standard Market in 2022. Through a vertically integrated model that manages everything from manufacturing to sales, the company pursues both brand value and profitability.
Business Model
Of net sales of ¥2,940 million, the retail business accounted for ¥2,611 million (88.8%), with sales of high-value-added products at directly operated stores forming the core of earnings. While managing procurement and manufacturing costs, the company achieved continued price revisions in per-customer spending (108.6% year on year) and an improvement in gross margin (from 28.3% to 30.5%). Other businesses (¥329 million) comprise wholesale to franchise stores, wholesale for business use, and mail order, functioning as a means of expanding brand recognition and as a complementary source of revenue. Funding is mainly covered by operating cash flow, maintaining financial discipline.
Company Strengths
In FY2025 (ending September 2025), the average spend per customer rose to 108.6% of the previous fiscal year, and the gross profit margin improved by 2.2 points, from 28.3% in the previous fiscal year to 30.5%. The ratio of selling, general and administrative expenses to net sales also declined from 28.7% to 28.4%, and the operating profit margin recovered by 2.3 points, from △0.3% to 2.0%.
In addition to 30 directly managed stores, the company operates a nationwide network of 389 franchise stores (as of the end of FY2025, ending September 2025). The development of high-value-added products at directly managed stores enhances brand strength, which in turn extends to the wholesale and sales guidance provided to franchise stores, forming a dual-channel structure. The company has a track record of offsetting the impact of a net decrease in franchise stores (3 stores) by securing new business at large commercial facilities.
Cash and deposits at the end of FY2025 (ending September 2025) stood at ¥609 million (up ¥91 million year on year). Cash flow from financing activities consisted only of ¥1 thousand for the acquisition of treasury shares, indicating virtually no reliance on interest-bearing debt. Financial soundness is high, with net assets of ¥1,049 million against liabilities of ¥316 million.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥3,023 million in FY2021, then contracted to ¥2,680 million in FY2023, before recovering to ¥2,786 million in FY2024 and ¥2,940 million in FY2025. In the first half (interim period) of FY2026 (ending September 2026), revenue was ¥1,657 million (up 8.7% year on year), operating profit was ¥70 million (up 19.4% year on year), and interim net profit was ¥66 million (up 67.8% year on year), continuing the trend of higher revenue and higher profit. Amid ongoing external factors such as elevated inflation, the revision of product specifications improved gross profit margin, and efficiency gains in SG&A expenses also contributed. Interim net profit per share improved to ¥4.70 (versus ¥2.80 in the same period of the previous year). Total assets stood at ¥1,493 million, net assets at ¥1,115 million, and the equity ratio was 74.7%.
Growth Strategy
Sustainable growth through strengthened profitability of the tofu SPA (Specialty store retailer of Private label Apparel) model and expansion of special event and franchise channels
Continued expansion of proprietary products themed around 'health' and ongoing review of specifications for existing products. Development of new products in affordable price ranges to prevent customer attrition while improving profit margins through optimization of product specifications. Gross profit margin improvement was already achieved in the interim period of FY2026 (ending September 2026).
Increased visit frequency among highly motivated customer segments through the 'Asaichi' (morning market) held from opening until noon and a major overhaul of in-store product offerings. Expanded real-world non-store sales through special event sales at well-located venues such as Kokubunji Marui and Keio Seiseki Sakuragaoka stores. Achieved average customer count per store of 102.6% year-on-year.
Promoted improved productivity per store through thorough information sharing with sales staff via remote meetings. Number of customer transaction items improved to 101.6% year-on-year, reflecting the effectiveness of these initiatives in the numbers.
The number of franchised stores saw a net decrease in the current interim period (from 389 to 387 stores), but 10 new franchisees were acquired. Continued efforts to offset the decrease in existing franchised stores by securing new business with large-scale facility operators. Sales in other businesses contracted to ¥159 million (down 2.8% year-on-year), with achieving a net increase remaining a challenge.
In January 2026, capital stock was reduced from ¥1,000 million to ¥100 million, and other capital surplus and legal reserve were transferred to retained earnings brought forward, completing the elimination of accumulated deficit. Retained earnings turned positive at ¥66 million, achieving normalization of the financial base. Clarifying future dividend policy remains the next challenge.
Last updated: July 17, 2026